Betfair has sold its 50 per cent stake in Betfair Australasia to joint venture partner Crown Resorts.

Betfair has concurrently entered into an agreement with Crown to continue to provide its betting exchange in Australasia under a B2B model and will receive a share of revenues generated by the exchange in those markets.

Under the agreement, customers of Betfair and Crown will continue to benefit from pooled liquidity arrangements. Betfair Australasia was formed in 2004 as a 50/50 joint venture between Crown and Betfair. Commenting on the deal, Betfair CEO Breon Corcoran said: “We are pleased to have signed a long-term agreement that facilitates Betfair’s continued participation in the fast-growing, licensed Australian market alongside a partner with a strong local presence.

“This represents an extension of Betfair’s B2B operations and is a new and profitable operating model for the exchange.”