CrownBet CEO says wagering business is already profitable

CrownBet chief executive Matthew Tripp says CrownBet is already performing better than expectations, less than two years after its introduction to the wagering market, according to an interview with the Australian Financial Review

CrownBet was established from the remnants of the BetEzy brand in late 2014. Tripp says the business has about 150,000 active customers, up 220 percent from a year ago.

The wagering boss said the business was performing ahead of expectations, benefitting from its ties with Crown Resorts’ Signature Club membership rewards program, as well as its sponsorship deals with AFL and Racing.com.

“We broke even on a monthly basis in November and have kept that up every month since,” Tripp said in the interview. “While that’s only been four months, I think we will be profitable for the rest of the year. That is ahead of where we thought we would be.”

Tripp also said he plans to pursue in-play betting should the Interactive Gaming Act make in-play betting legal.

“We’ve been ready for it for a couple of years and we’re really confident that the technology we have and the offering we would put out there would be very popular. We are very confident about the legality of it as well, but we will wait for an indication of where things could head from the report.”

 In regards to the sale of WA TAB, for which it was rumoured CrownBet was considering a bid, Tripp said it was unlikely CrownBet would be a contender for the Western Australian wagering business. “We would look at it, but I’m not sure we are geared up enough at this stage to take on a retail operator as you would have to in that situation. Maybe in the future.”