News Corp would be eyeing Australian sports betting market

Following their investment in US sports bookmaker FOX Bet, Rupert and Lachlan Murdoch’s News Corp would have turned their focus to Australia’s sports betting market, according to Australian Financial Review.

The company is reportedly thinking about ways it could use its dominant sports broadcasting and media position to climb into the wagering world. And similar to offshore, the Murdochs would be keen to do it with a partner that knows the ins and outs of Australia’s wagering market, to reduce the risk, just as it has done offshore.

News Corp, whose board is headed by co-executive chairmen Rupert and Lachlan Murdoch, had gone to Australian sports betting industry types, seeking expressions of interest in exploring a formal partnership and launch of a new business, AFR reports. News Corp HQ would have received the expressions of interest late last year and be mulling its options. It’s expected to investigate taking the plans further later this year.

The biggest player in the country’s $4.7 billion a year horse and sports betting market, Tabcorp, is in play thanks to indicative bids by Ladbrokes owner Entain Group and global PE giant Apollo.