CLAIMS TO FAME
- Former marketing executive at UK betting giant Paddy Power
- Has positioned Sportsbet as clear No.1 in Australia’s competitive sports betting landscape
The Australian sports betting arm of UK giant Flutter Entertainment, Sportsbet has established its place as the clear No 1 in Australia’s competitive online sportsbook scene. But it has also been a victim of its own success.
The company’s rise was driven by the 2020 merger of Flutter, long-time owner of the Sportsbet brand, and The Stars Group, owner of BetEasy, which saw the two sportsbooks combined into one with the clear goal of closing the gap on local giant Tabcorp.
They certainly succeeded, taking what was a combined market share of 26% at the time to almost 50% as of 2023, while Tabcorp has fallen from more than 50% to less than half that in the space of just a few years.
Tabcorp hasn’t fallen quietly, however, and its lobbying to ensure corporate bookmakers pay their “fair share” of tax has proven successful with governments in multiple states increasing the Point of Consumption taxes they charge.
For Sportsbet that means higher costs – reporting a 2% decline in revenue to £601 million (US$765 million) in 1H23 but a 28% decline in Adjusted EBITDA to £158 million (US$201 million).
The company has described this as “a period of disruption” for the Australian market and it will be fascinating to see how Barni Evans – who has served more than 10 years with Sportsbet including the last five as CEO – responds in the months ahead.
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