B&TB&TB&T
  • Advertising
  • Campaigns
  • Marketing
  • Media
  • Technology
  • Regulars
    • Agency Scorecards
    • Best of the Best
    • Campaigns of the Month
    • CMO Power List
    • CMOs to Watch
    • Culture Bites
    • Fast 10
    • New Business Winners
    • Spotlight on Sponsors
  • Jobs
  • Awards
    • 30 Under 30
    • B&T Awards
    • Cairns Crocodiles
    • Women In Media
    • Women Leading Tech
Search
Trending topics:
  • Cairns Crocodiles
  • Nine
  • Seven
  • Cannes Lions
  • NRL
  • WPP
  • B&T Women in Media
  • AFL
  • Thinkerbell
  • Pinterest
  • State of Origin
  • Anthony Albanese
  • imaa
  • Meta
  • ARN
  • AI
  • Spotlight on Sponsors
  • TV Ratings
  • Radio Ratings
  • Sports Marketing

  • About
  • Contact
  • Editorial Guidelines
  • Privacy
  • Terms
  • Advertise
© 2025 B&T. The Misfits Media Company Pty Ltd.
Reading: News Corp Sold Its Shares In Betr Just Four Months After $70m Investment
Share
B&TB&T
Subscribe
Search
  • Advertising
  • Campaigns
  • Marketing
  • Media
  • Technology
  • Regulars
    • Agency Scorecards
    • Best of the Best
    • Campaigns of the Month
    • CMO Power List
    • CMOs to Watch
    • Culture Bites
    • Fast 10
    • New Business Winners
    • Spotlight on Sponsors
  • Jobs
  • Awards
    • 30 Under 30
    • B&T Awards
    • Cairns Crocodiles
    • Women In Media
    • Women Leading Tech
Follow US
  • About
  • Contact
  • Editorial Guidelines
  • Privacy
  • Terms
  • Advertise
© 2025 B&T. The Misfits Media Company Pty Ltd.
B&T > Marketing > News Corp Sold Its Shares In Betr Just Four Months After $70m Investment
Marketing

News Corp Sold Its Shares In Betr Just Four Months After $70m Investment

Staff Writers
Published on: 6th October 2023 at 10:33 AM
Staff Writers
Share
3 Min Read
SHARE

It has been revealed that News Corp quietly sold its shares in gambling startup Betr just four months after it launched, despite its $70 million investment into the burgeoning and bullish bookmaker.

Betr launched in October last year as a three-way partnership between News Corp Australia, Tekkorp and a consortium of investors led by Matthew Tripp. The nascent firm launched with incredibly long odds — up to 100-1 — on a variety of sporting events including the Melbourne Cup, AFL and NRL Grand Finals.

In November, it dodged a $50 million payout on the Melbourne Cup after favourite Deauville Legend lost. But it is now on the hook for a $40 million payout to punters — the largest in sports betting history — after the Panthers won their third consecutive NRL Grand Final.

According to sources close to Betr who spoke to the Australian Financial Review, News Corp’s relationship with the firm ended in February but ASIC filings had not been updated to reflect the change in ownership. A News Corp spokesman declined to comment.

Tripp, however, said in a statement that all the money had been paid to gamblers following the NRL Grand Final and Collingwood’s AFL premiership win and that it had a “clean balance sheet heading into spring”.

“While they’re no longer on our register, we’re appreciative of News’ initial and ongoing support of Betr, and they remain an important partner of ours going forward,” he added.

“We’re now in a position where we are focused on growth and getting to scale – with our eyes fixed firmly on M&A opportunities in a market that is becoming more challenging”.

The sources close to Betr said that the relationship with News Corp had soured and that gambling industry figures had taken comments from News Corp’s chief financial officer Susan Panuccio in February – that she did not expect the multimillion-dollar equity loss caused by Betr to be “the run rate going forward” – as a sign of its view on the start-up.

However, News Corp will continue its relationship with Betr as an advertising partner despite it offering no further financial assistance. When it launched last year, Betr received discounted rates to promote its platform on Foxtel.

News Corp’s decision to step away from Betr reportedly came following a directive from its New York headquarters and is unrelated to chairman Lachlan Murdoch’s desire to explore betting in the US.

Join more than 30,000 advertising industry experts
Get all the latest advertising and media news direct to your inbox from B&T.

No related posts.

TAGGED: News Corp
Share
Staff Writers
By Staff Writers
Follow:
Staff Writers represent B&T's team of award-winning reporters. Here, you'll find articles crafted with industry experience spanning over 50 years. Our team of specialists brings together a wealth of knowledge and a commitment to delivering insightful, topical, and breaking news. With a deep understanding of advertising and media, our Staff Writers are dedicated to providing industry-leading analysis and reporting, both shaping the conversation and setting the benchmark for excellence.

Latest News

NSW Blues & Adidas Kick-Off Game III With ‘House Of Blue’
04/07/2025
TV Ratings (03/07/2025): Nearly 800K Tune In For Joanna Lumley’s ‘Absolutely Fabulous’ Danube Tour
04/07/2025
Google’s Veo 3 Being Used To Create Racist Videos For Social
04/07/2025
Enrichd Group & Greg Inglis Launch ‘Stick With It’ Mental Health Movement
04/07/2025
//

B&T is Australia’s leading news publication magazine for the advertising, marketing, media and PR industries.

 

B&T is owned by parent company The Misfits Media Company Pty Ltd.

About B&T

  • About
  • Contact
  • Editorial Guidelines
  • Privacy
  • Terms
  • Advertise

Top Categories

  • Advertising
  • Campaigns
  • Marketing
  • Media
  • Opinion
  • Technology
  • TV Ratings

Sign Up for Our Newsletter



B&TB&T
Follow US
© 2025 B&T. The Misfits Media Company Pty Ltd. All Rights Reserved.
Welcome Back!

Sign in to your account

Register Lost your password?