News Corp has divested its shares in Australian gambling startup Betr after an initial investment of AU$70m. Betr, which launched in October 2022, faced regulatory fines of AU$210,000 in April for significant breaches of the law.

According to Betr Chairman Matthew Tripp, News Corp is no longer an investor but has expressed gratitude for their initial and ongoing support. The company initially received an AU$70m investment from News Corp.

Betr’s 100-1 offer, which it is now struggling to fulfill, drew criticism from Liquor & Gaming NSW. The executive director, Jane Lin, stated that the promotions crossed the line and had the potential to harm the community. Such promotions should only be offered to betting account holders who have consciously chosen to receive them.

As a result of its 100-1 promotion, Betr will need to pay over AU$40m to its players. News Corp reported losses of AU$72m related to its investment in Betr and saw senior executives Mark Reinke and Peter Blunden step down from the Betr Board in March.

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