Betr to cop $210,000 fine over 100-1 odds promotion

Documents filed with the financial regulator confirmed News Corp’s national executive editor, Peter Blunden, and managing director of the group’s consumer division, Mark Reinke, ceased their board duties on March 9, less than six months after Betr launched its promotion in the thick of spring racing season.

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The start-up is expected to make an announcement unveiling a reconfigured board in the coming weeks but is currently operating with two directors, UK-based Benjamin Shaw and the group’s founder Matthew Tripp, and company secretary Trent Whitney who formerly worked with Tripp as chief financial officer of BetEasy and Crown Bet.

Documents filed with the Australian Securities and Investments Commission (ASIC) this year show the only change to the share structure of Betr has been one injection from founder Matthew Tripp’s company TGW in February, which diluted News Corp’s 47 per cent stake. News Corp, which regularly increased its stake in the business late last year, has not increased its investment in Betr since before Christmas.

The exits of the News Corp executives coincided with Betr’s attempts to secure funding and acquire the Australian business of rival wagering group PointsBet, which recently enlisted financial services firm Barrenjoey.

This is Betr’s second attempt to take over PointsBet, which would provide access to PointsBet’s technology. PointsBet confirmed it was in talks with Betr about a potential acquisition after media speculation in December, but sources familiar with the negotiations said Betr was yet to secure the funds required for the deal, expected to be worth up to $250 million.

Industry sources also said banks remain cautious about committing to a capital raise without the involvement of Betr’s biggest shareholder, News Corporation.

Betr has been approached for comment.

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