Company was chosen as preferred bidder just two weeks ago
According to media reports, Betr has withdrawn its application for the West Australian wagering license just ahead of a state government decision on the winning bidder.
"Tabcorp is now expected to win the license"
Earlier in the application process, Betr was chosen as the preferred bidder for the AU$1 billion WA TAB license ahead of major rivals Tabcorp and Entain. However, a dispute with the state government over branding has led the company to pull out of the race.
As a result of Betr’s withdrawal, Tabcorp is now the most likely bidder to win the license. This is despite the fact that the company has previously stated that it will not overpay for a wagering license. Suggestions are that neither Tabcorp nor Entain will be increasing their bids for the license.
Tabcorp is believed to be the safer option for the state government given its extensive experience running totalisers across Australia.
The Betr bid which was substantially higher than its competitors was backed by three major equity firms — Apollo Global Management, Washington H. Soul Pattinson and Blackstone. The company is separately in discussions with the Victoria state government about its wagering license which is up for renewal in 2024.
Betr was founded earlier this year with the backing of News Corp, Tekkorp Capital, BetMakers Technology, and Matthew Tripp founder of SportsBet and BetEasy.
Source: https://gamblingindustrynews.com/