After struggling to turn a profit with Betfair Australia, James Packer is doubling down on the online betting market through new joint venture with bookmaker Matthew Tripp.
Mr Packer's Crown Resorts has announced a tie-up with Mr Tripp's BetEasy to establish an online sports betting business designed to compete with the string of international heavyweights that currently dominate the Australian online betting market.
"This exciting new venture will help build an Australian-owned business that can compete strongly with the largely foreign-owned competitors in our wagering industry," Mr Packer said in a statement on Tuesday.
The joint venture, which will be 67 per cent owned by Crown, will combine BetEasy's sports book business with that of Betfair Australia - a betting exchange business owned by Crown.
Betfair Australia was established by Crown and UK-based parent Betfair Group in 2004 but the business has so far delivered a string of losses.
Crown bought out the UK-based company's remaining stake in the business for just $10 million in August.
The joint venture will be headed by Mr Tripp, who previously drove the expansion of Sportsbet before selling the company to Irish bookmaker Paddy Power.
Mr Tripp bought the struggling BetEasy earlier this year and has since signed up 110,000 new customers as well as an exclusive deal with the AFL.
Meanwhile, Mr Packer has announced the resignation of long-serving Crown director Ashok Jacob from the casino operator's board.
"I would like to thank Ashok for his valuable contribution to Crown over many years," Mr Packer said.
Mr Jacob has been a director of Crown since July 2007 and has had a long association with the Packer family.
He is the chairman and chief investment officer of Ellerston Capital, an investment vehicle set up by the Packers.
