Sportsbet.com.au

Last updated

Sportsbet.com.au
Type Subsidiary
Industry Online gambling
FoundedMay 1993
Headquarters Melbourne, Australia
Key people
Barni Evans, Sportsbet CEO
Owner Flutter Entertainment
Number of employees
Increase2.svg869 [1]
Website sportsbet.com

Sportsbet.com.au, also known as Sportsbet, is an online gambling company owned by Irish conglomerate Flutter Entertainment, primarily targeting the Australian market. Sportsbet is licensed as a corporate bookmaker in the Northern Territory under the Racing and Betting Act 1993 (NT). Sportsbet offers betting services online through its website and its mobile app (on IOS and Android) as well as by telephone, and has more than 1.25 million Australian customers as at the end of 2019.

Contents

Sportsbet is headquartered in Melbourne and operates within the strict boundaries set by multiple Australian regulatory authorities at a federal and state level. This regulation involves varying restrictions on products and promotional activities that can be offered by licensed corporate bookmakers in Australia.

The company was acquired by Paddy Power in December 2010, and since 2 February 2016, it has been owned by Flutter Entertainment plc. [2] [3]

Flutter Entertainment plc (formerly Paddy Power Betfair plc) is a bookmaking business created by the merger of Paddy Power and Betfair. It is listed on the London Stock Exchange, and is a constituent of the FTSE 100 Index. It operates under various brands including Betfair, Paddy Power, Sportsbet, TVG and FanDuel. [4] [5]

History

The business name Sportsbet Australia was first registered in 1994, with the Sportsbet.com.au domain name registered in 1999. In 2005, Matthew Tripp bought all shares of Sportsbet.

In May 2009, 51% of Sportsbet.com.au was acquired by Irish bookmaker Paddy Power. Paddy Power continued the Sportsbet brand name and company operation as a separate entity, while offering additional services. [2] The takeover allowed Sportsbet.com.au to acquire rival betting company International All Sports Limited, for 27.2 million euros. [6]

In March 2011, Paddy Power took full ownership of Sportsbet.com.au, paying A$132.6 million for the remaining 39.2% share, which valued the entire company at A$338 million. [7] [8]

Paddy Power and British rival Betfair agreed terms for a merger on 8 September 2015. The business is owned 52% by the former Paddy Power shareholders and 48% by the former Betfair shareholders. [9] The merger was completed on 2 February 2016. [10] On 5 April 2016, it was announced that 650 jobs in United Kingdom and Ireland would be lost at the company. [11]

On 6 March 2019, Paddy Power Bet Fair announced that it would rebrand as Flutter Entertainment plc, pending shareholder approval at the company's annual general meeting in May. Flutter was originally the name of a betting exchange acquired by Betfair in December 2001. The company stated that the rebrand, which took place on 28 May 2019, would not affect the company's individual customer facing gaming brands. [12]

In May 2020, the global merger between Flutter Entertainment and The Stars Group was finalised following regulatory and shareholder approvals. Sportsbet and BetEasy formed the Australian component of the merger. [13] Incumbent CEO of Sportsbet Barni Evans was appointed to lead the combined Sportsbet and BetEasy businesses, with a decision made to move forward with the sole Sportsbet brand, retiring the BetEasy brand following a period of migration and integration.

Management

Sportsbet's current CEO is Barni Evans. Barni joined Paddy Power in 2001 as Director of Marketing for Paddy Power in Europe. He joined Sportsbet as a non-executive in 2009, and as an executive in 2011, serving in commercial and marketing roles before being appointed CEO in March 2018.[ citation needed ]

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References

  1. ↑ "Sportsbet Bring excitement to life!". LinkedIn.
  2. 1 2 Eddy, Andrew (15 May 2009). "Irish giant snaps up Sportsbet". The Age (Australia). Retrieved 11 April 2013.
  3. ↑ @globalgallop, Shane Anderson -. "Huge Sportsbet result for Paddy Power". RACING.COM. Retrieved 21 June 2017.
  4. ↑ Kate Palmer (4 May 2016). "Paddy Power's Betfair merger pays off with £11m profit boost". The Daily Telegraph . Retrieved 12 June 2017.
  5. ↑ "Online casino NZ". Sunday, March 29, 2020
  6. ↑ "Paddy Power's Sportsbet buys IAS". RTÉ (Ireland). 3 June 2009. Retrieved 10 April 2013.
  7. ↑ "Paddy Power to buy out Sportsbet". BBC. 23 December 2010. Retrieved 10 April 2013.
  8. ↑ Gluyas, Richard (26 December 2010). "Luck of the Irish for Sportsbet founder as bookmaker buys up". The Australian.
  9. ↑ "Paddy Power and Betfair merger agreed". The Guardian . Retrieved 29 January 2016.
  10. ↑ Michael Cogley (2 February 2016). "Paddy Power Betfair begins trading after €8bn merger is completed". Irish Independent . Retrieved 21 September 2018.
  11. ↑ Bill Wilson (5 April 2016). "Paddy Power Betfair to cut 650 jobs in UK and Ireland". BBC News Online . Retrieved 5 April 2016.
  12. ↑ Barber, Bill. "Paddy Power Betfair group to change name to Flutter Entertainment | Horse Racing News | Racing Post". Racing Post . Retrieved 6 March 2019.
  13. ↑ Gallagher, Erin-Marie. "Sportsbet.au to absorb beteasy as part of Flutter-stars merger". SBC News.
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