CrownBet Breaking Even and On Track for Profits in 2016
Upstart Australian online betting site, CrownBet, has reported that it is now profitable, less than two years after it was launched. The Northern Territory-licensed CrownBet, which is 62 percent owned by Crown Resorts, was established from the remnants of the betting site, BetEzy.
Matthew Tripp, founder and chief executive of the company said they broke even in late last year and have managed to maintain this for four month. Ahead of expectations, the company looks headed to remain profitable going forward.
Tripp established CrownBet in September 2014 and the company is now believed to be comparable in size to William Hill Australia which announced $198.4 million in net revenue for 2015. CrownBet has around 150,000 active customers, an increase of 220 percent from the same time last year.
The company’s focus on horse racing and AFL has helped fuel their growth with the popularity of the National Basketball Association (NBA) in the US among Australian punters adding to the boom. CrownBet plans to expand their focus from the confines of Victoria to further boost their growth.
“We are conscious that we have to do more outside of Victoria so we will be looking at [sponsorship] deals with NRL clubs and we’ve been talking to rugby and soccer clubs as well,” said Tripp.
Tripp also said that CrownBet is eager to join the in-play online betting market if the Australian government legalises it following the outcome of the O’Farrell review.
“We’ve been ready for it for a couple of years and we’re really confident that the technology we have and the offering we would put out there would be very popular,” he said. “We are very confident about the legality of it as well, but we will wait for an indication of where things could head from the report.”
April 16, 2017