News Corp-backed Betr closes in on key WA licence as private equity firms circle

Gambling entrepreneur Matthew Tripp’s new wagering group Betr is on the verge of securing its first key wagering licence as three private equity groups fight to finance the News Corp-backed bookmaker.

Wagering sources close to the situation, who spoke on the condition of anonymity, said Betr was the preferred bidder on the coveted West Australian gaming licence and the government had granted the new bookmaker two weeks to demonstrate it has the financing required to hold the $1 billion WA TAB.

Three major private equity firms – Apollo Global Management, Washington H. Soul Pattinson and Blackstone – have offered to finance Betr’s play for the licence, according to the sources. Apollo and Soul Pattinson did not immediately respond to a request for comment. Blackstone declined to comment on the matter.

Betr’s expected victory over Irish wagering giant and Ladbrokes owner Entain and incumbent holder Tabcorp was first reported by The Australian on Monday, and two days before Betr’s formal launch this week. Tabcorp and Entain were notified by the WA government they were not preferred bidders and told the successful candidate would be announced on October 24.

Betr, Tabcorp and Entain would not comment on the WA licence outcome or bidding process. A WA government spokesperson said information about the WA TAB remained commercial-in-confidence and once the process had been “satisfactorily finalised” there would be an announcement.

Tripp, who built the Sportsbet and BetEasy brands in Australia, said his ambitions to launch another wagering company came from the idea of leveraging the assets of media partner News Corp, which owns the cable and streaming company Foxtel as well as mastheads including The Australian and The Daily Telegraph.

The new entity is led by Tripp and former BetEasy executive Andrew Menz and owned by News Corp, Las Vegas-based Tekkorp Capital and ASX-listed BetMakers Technology Group. It is launching this week ahead of the Everest Carnival and Caufield Cup, two of the biggest horse racing events of the year.

Sources said Kerry Stokes-controlled Seven West Media, which is the dominant player in the West Australian media landscape, is not expected to finance the bid despite discussions to do so. It is unclear whether it has plans to invest in Betr at a later date.

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