News Corp-backed online wagering group Betr has been hit with a regulatory investigation just two days after its highly anticipated launch, with a key state government authority warning a promotion the outfit ran this week may have breached advertising laws.
Liquor & Gaming NSW on Friday issued Betr a “show cause” notice after the company ran advertisements in News Corp’s tabloid newspapers offering 100-1 odds for bets up to $10 on any horses racing in the Melbourne Cup in November. The regulator said it would investigate the issue and if necessary respond with the “full force” of the law.
Betr, the new venture from veteran gambling entrepreneur Matthew Tripp and former BetEasy executive Andrew Menz, launched this week ahead of the Everest Carnival and Caulfield Cup, two of the biggest horse racing events of the year.
The outfit is backed by News Corp – the owner of a string of prominent newspapers in Australia and controlling shareholder of pay TV giant Foxtel, Las Vegas-based investment firm Tekkorp Capital and ASX-listed BetMakers Technology Group. The Murdoch family, which controls News Corp, has pushed heavily into sports betting in the US after it became legal in certain states in 2018. Betr is the media giant’s first foray into wagering in Australia.
Betr founder Matthew Tripp.Credit:Jesse Marlow
Liquor & Gaming NSW told this mashtead that Betr had until October 20 to respond to its concerns that the advertisements breached the state’s gambling laws. The authority will then “consider what enforcement action, if any, can be taken”.
Print advertising that includes inducements to open betting accounts is prohibited under NSW legislation. About 30 Betr advertisements will be investigated for possible breaches, the regulator said.
Under the Betting and Racing Act of 1998, Betr faces a maximum fine of up to $110,000 for each public ad or prosecution in court if it fails to persuade the regulator it was not in breach.
The Australian Financial Review first reported the suspected breach on Friday morning. Betr declined to comment.
Betr’s app became available on Thursday, a couple of days after the outfit was selected as the preferred bidder for the WA wagering licence. Wagering sources close to the situation said the WA government had granted the new bookmaker two weeks to demonstrate it has the financing required to hold the $1 billion WA TAB.
Originally published at Melbourne News Vine
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