Australian media and news empire, News Corp, is turning its attention towards the huge business opportunity that the sports betting industry in Australia provides. It’s an ambitious and very entrepreneurial approach, with the intention being to disrupt one of the oldest and most well-established betting markets in the world. Overcoming challenges, building the right product to fit the current dynamics of a very particular market, and walk the tightrope of legality and regulatory compliance will be the main priorities for the team before their launch date.
The team are already in brand building mode, and despite the already pre-existing FOX Bet brand being a subsidiary of the News Corp umbrella, there is little appetite to build on top of that company. Instead the joint-venture have indicated that they will establish a new brand with a working title of BetR. This new brand will have the hallmarks of a modern sportsbook, with an emphasis on fan experience, cross-platform functionality, and meaningful promotions that drive engagement whilst creating value for regular customers.
It’s not every day that one of the world’s largest media consortiums turns its attention towards the betting industry. With News Corp entering the sports betting market all companies that are already operating in the space will best watch out and make sure that they continue to innovate at a rapid pace, or be swallowed up by the incumbent. The consortium have established a joint-venture with experienced financiers and executives within the betting industry, namely the Las Vegas based Tekkorp Capital and industry veteran Matthew Tripp. Other partners and service providers in the project are BetMakers Technology, a software development firm focused on pushing forward the boundaries of digital betting platforms – they have joined the joint-venture as a betting partner.
There are a major set of improvements that have been identified and cited from the current crop of sportsbooks serving the Australian sportsbook industry – the opportunity to innovate and provide a 10x customer experience is too big to ignore. Traditionally, things in the betting industry move at a slow pace, and it can be incredibly tedious to establish a new company in a highly-regulated jurisdiction. That’s why the news breaking with regards to BetR has taken many people by surprise, and indeed, has put local competitors on high-alert.
New Company to be Announced this Week
In a bid to move quickly and turn this into a market ready product before the start of the summer, the consortium is poised to announce their market entry with a powerhouse of partners backing the vision and ambition of the project. Unveiling the team of partners and presenting the product will be a huge step in terms of marketing, and winning the trust of the early investing backing the project with cold hard cash.
The tentative launch date that everyone is currently aiming for has been set in part due to the running of the popular Melbourne Cup horse race, this once per year event is the absolute highlight of the Australian racing calendar, and it remains the most sought after event in terms of broadcasting rights, and exclusive sports betting sponsorship. By launching BetR just in time for the start of this event, it means the sportsbook will be ready in time for the Australian horse racing spring season, running from late August to early November, epitomized by the Melbourne Cup.
NewsCorp is well-poised to utilize its broadcasting might to promote the new venture, over the course of the first couple of months the marketing campaign is expected to ramp up significantly to acquire and win new customers. This includes daily newspaper spreads, and a broad network of blogs that the service can implement with digital marketing techniques to ensure the brand receives maximum visibility. Secondary to this, there are also a wide range of streaming shows, and sports-business subscription television services that will be implemented.
The venture to launch BetR is clearly the work of a young Australian betting entrepreneur, the architect of the project who has already established for himself a SPAC, Tekkorp Digital. The former executive of CrownBet, Sportsbet, and BetEasy has a wealth of experience launching these types of venture, with success when it comes to the liquidation events, too. In 2018, as a major shareholder of NYX Gaming Group, he was able to navigate an exit and sell the company for $680 million.
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