The launch of gambling startup Betr was supposed to be the next strategic play for News Corp. Just four months after launch and $75 million later, it was out.
News Corp has descended into finger-pointing and blame-shifting as senior executives reckon with how the media company burned through tens of millions of dollars on online bookmaker Betr.
Mr Murdoch knew a lot about gambling. Sports betting was steadily being legalised in the US, and he had already taken a punt with the launch of Fox Bet, a joint venture with Canadian gambling company The Star Group, in 2019. Mr Tripp was the son of Alan Tripp, a bookmaker who first took bets at the Wentworth Park greyhound racetrack in the 1990s. In other words, News Corp Australia execs believed he could be trusted to oversee a challenging, high-profile and high-risk foray into sports betting.
Mr Davey said he pulled out of the group to focus on other business ventures. “We remain incredibly impressed with the results Matt Tripp and the Betr team have achieved with the national launch of a new brand in a highly competitive marketplace,” he said.