Matthew Tripp’s fresh sportsbook venture Betr is the front-runner and also the preferred suitor of the Western Australia Gaming and Wagering Commission for the much-anticipated WA TAB operating license. The license is offered by the Western Australia government and it will allow Betr to take over all operating WA TAB betting facilities. Should the prophecy be fulfilled, Betr will leave Entain and Tabcorp behind and start reshaping Australia’s sports betting environment.
Two Weeks to Raise $1 Billion
Betr was given a two-weeks term to gather the $1 billion that will be used as a guarantee that the company will be able to finance its contract. By obtaining the license, Betr would hit the refresh button on the country’s sports betting industry, where Tabcorp’s TAB has been an undeniable leader in the retail sector. Tripp’s third sportsbook venture could receive funding from a number of private equity funds that have already expressed their desire to support the sportsbook. Among them, we can mention Washington H Soul Pattison, Blackstone, and Apollo Global. At the same time, sources close to the company claimed that Seven West Media managed by Kerry Stokes was not expected to offer its support in spite of a series of talks regarding the topic. At this point, it is uncertain whether the leading company in West Australia’s media landscape would, later on, invest in Betr or not.
This spring, Tripp made the announcement that he would make a comeback on the Australian betting markets. He was backed up by News Corp for the launch of the best-in-class operator available on multiple channels serving both online and retail needs. The end goal is to turn Betr into the next mass-market sportsbook brand in the land Down Under.
Betr Has Allegedly Beaten Entain and Tabcorp
Betr’s success over its Irish counterparts Entain and Tabcorp was announced by the Australian media on Monday, just two days prior to Tripp’s sportsbook’s official launch date. The two rivals received notifications from Western Australia’s government, finding out they did not make it on the shortlist of preferred bidders. They were also informed the winning candidate would be later on announced on October 24.
Tripp spoke about the need to obtain the WA TAB license as “a must for us as a start-up,” adding the company did not return “to play second fiddle to anyone.” The spokesperson for the Western Australian government said the coveted WA TAB license has remained commercial-in-confidence and that an announcement would be made once the procedure would be “satisfactorily finalized.”
Betr is also currently engaged in similar talks over a wagering license with Victoria’s government. The said license has a due date set for August 2024.