Betfair sells off Australian shares to Crown Resorts
Formed in 2004 by Betfair and Crown, Betfair Australia offers various services to players in the Australasia region.
The online gambling firm will also receive a share of revenues generated by the change in markets within the region.
Customers of Betfair and Crown will also continue to benefit from pooled liquidity arrangements.
Betfair received USD 9.3 million as consideration for its stake and Betfair Australia repaid Belfair’s shareholder loan earlier than initially scheduled.
Breon Corcoran, chief executive officer of Betfair, said: “We are pleased to have signed a long-term agreement that facilitates Betfair's continued participation in the fast growing, licensed Australian market alongside a partner with a strong local presence.
“This represents an extension of Betfair's B2B operations and is a new and profitable operating model for the exchange.”
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