News Corp Will Help Launch Online Sports-Betting Company in...

News Corp Will Help Launch Online Sports-Betting Company in Australia -- WSJ20/04/2022 6:38AMBy John Stensholt

News Corp is entering the sports-betting market, joining a consortium to launch an online wagering brand in Australia, according to people familiar with the matter.The consortium is joining a competitive field in one of the most mature sports-betting markets in the world. The company has a current working title of BetR, according to one of the people.Tekkorp Capital, a Las Vegas digital sports-gambling investment firm, and Australian betting-industry executive Matthew Tripp are working with News Corp, the people said. BetMakers Technology, which trades on the Australian Securities Exchange, will provide the technology, they said.News Corp is the owner of Dow Jones & Co., the publisher of The Wall Street Journal.A News Corp spokeswoman referred questions to a colleague in Australia, who couldn't immediately be reached for comment.The consortium is set to announce the new company this week, some of the people said. They said it is expected to launch in time for the lucrative Australian spring horse racing season, which begins in late August and lasts through early November with the running of the popular Melbourne Cup.The venture is under a 10-year agreement, one of the people said. It will be promoted via News Corp's media assets that include daily newspapers and news websites, the Foxtel subscription television service and Kayo sports-streaming business.Tekkorp Capital is headed by Matt Davey, an Australia-born betting entrepreneur and the former chief executive and major shareholder of NYX Gaming Group. NYX, a digital gaming and sports platform, was sold to Scientific Games for $630 million in 2018.Mr. Davey has since established Tekkorp Capital and raised $250 million for a gambling-focused SPAC, Tekkorp Digital.Mr. Tripp is a former executive of Australian betting companies Sportsbet, CrownBet and BetEasy.