New Australian sports betting site betr has withdrawn their bid for the billion dollar Western Australian wagering licence, just hours before a decision was expected from the state government.
Betr were considered a front runner, with their bid preferred over Tabcorp and international wagering giant Entain, but as reported in the Sydney Morning Herald, it is understood that a late dispute over branding led to betr withdrawing their bid.
Betr has made a massive splash in the industry in just a couple of weeks of operation, led by former Sportsbet and BetEasy owner Matthew Tripp (pictured), and were looking to spread their wings even further with the WA wagering licence, as well as separate discussions with the Victorian Government over their licence which is due for renewal in 2024.
Betr had been given two weeks to demonstrate financing to hold the $1 billion WA TAB. According to industry sources, three major equity firms - Apollo Global Management, Washington H. Soul Pattinson and Blackstone - had offered to finance the bid.
The betr bid was substantially higher than their competitors, but it is believed that Tabcorp are now the front-runner for the licence, despite declaring that they would not be increasing their bid further.
