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Crown Pays $10M For 100% Of Betfair
James Packer's Crown Resorts has paid $10 million to buy out 50 per cent of online betting exchange Betfair Australasia it didn't already own from Britain's Betfair Group, reports smh.com.au. Betfair Australasia was set up in 2004 as a 50/50 joint venture between Crown and Betfair, but has struggled to turn a profit, losing money in six out of its seven years in operation. The company lost $1.6 million in the 12 months ended April 30, 2013, although it posted a profit of $7 million in the previous corresponding period. Crown has long been keen to take over Betfair because it would give them 100 per cent control of the Tasmanian bookmaking licence the company operates under. This would give Crown the power to change Betfair's business model and push into the lucrative fixed odds segment.