News Corp Sells $70 Million Investment in Betr

Giant media company News Corp has according to reports sold off its $70 million investment in micro betting app Betr after just four months since it invested.

Betr is an aggressive betting style app with very strong style of advertising which only fully launched in Australia four months ago. Some of its strategy was to offer gamblers ridiculous long odds on sports such as the Melbourne Cup, AFL and NRL Grand Finals.

Indeed the betting company while offering 100-1 odds on the favourite in the Melbourne Cup narrowly avoided distaster when that particular favourite lost, it could have cost the firm $50 million ad it won.

However in a reported interview with the Australian Financial Review publication it said that although News Corp invested in Betr in October last year and then sold up its investment in April this year it has only been known in a recent filing by Betr.

It is believed that the relationship between Betr and News Corp became quite poor with the News Corp publisher giving some reported $70 million worth of advertising to Betr to promote the business and with comments from News Corp Financial boss Susan Panuccio signalling her lack of support for the high risk marketing strategy of Betr going forward.