According to a report in the Wall Street Journal, the Rupert Murdoch family-controlled News Corp (NWSA) has joined a consortium that is planning to launch a sports betting platform in Australia.
The platform will be called BetR and is scheduled for launch over the next few months
News Corp’s interest in the sports betting market comes as no surprise as the company looks to diversify its portfolio following the sharp decline of its print media business over the last 2-3 years.
However, the company will face stiff competition in a mature Australian sports betting market. That market is currently led by Sportsbet, which holds a 50% market share and handled $15.6 billion in wagers in 2021 alone. This means that News Corp will be targeting a market with a value of around $31.2 billion.
News Corp Joins Consortium with Plans to Launch Australian Sports Betting Platform