Betfair in Packer pact Down Under
INTERNET betting platform Betfair is poised for rapid expansion after signing a deal with entrepreneur Kerry Packer, who will take a 50% stake in the UK group's Australian and New Zealand operations.
The deal with Packer's A$8.7bn (£3.4bn) media and gaming empire follows a decision last week by the Australian federal government not to ban betting exchanges despite intense lobbying by state governments and the country's totalisator companies.
Betfair's spokesman Mark Davies confirmed the deal but would not disclose its value.
The addition of Packer's considerable muscle is a tremendous boost for Betfair, which has been seeking a licence to operate in Australia for several years.
It has faced hostility from state governments which say betting exchanges such as Betfair would add to Australia's considerable gambling problem.
The joint venture with Packer could revolutionise the industry in a country notorious for its betting enthusiasm.
Betfair was already working on deals with major Australian sporting bodies outside of racing, such as Cricket Australia, the Australian Football League and the National Rugby League.
