Sportsbet
| Company type | Subsidiary |
|---|---|
| Industry | Online gambling |
| Founded | 1993 in Darwin, Northern Territory, Australia |
| Headquarters | Melbourne , Australia |
Area served | Australia |
Key people | Barni Evans (CEO) |
| Owner | Flutter Entertainment |
Sportsbet is an online gambling operator owned by Flutter Entertainment, predominantly targeting the Australian audience. Established in Darwin, Northern Territory, Sportsbet functions as a licensed corporate bookmaker under the Racing and Betting Act 1993 (NT).
With its main office located in Melbourne, the company adheres to both federal and state legislation regulating products and promotional practices for licensed bookmakers within Australia.
Originally acquired by Paddy Power in December 2010, Sportsbet has been under the ownership of Flutter Entertainment since 2 February 2016.
History
The name Sportsbet Australia was initially registered in 1994, followed by the registration of its domain in 1999.
In May 2009, Paddy Power purchased a 51% share, preserving Sportsbet as an independent brand while broadening its service offerings. This transaction also facilitated Paddy Power’s acquisition of competitor International All Sports Limited for €27.2 million.
By March 2011, Paddy Power had secured complete ownership of Sportsbet.
After the merger agreement on 8 September 2015 between Paddy Power and British competitor Betfair, Sportsbet became part of an entity owned 52% by former Paddy Power shareholders and 48% by former Betfair shareholders. The merger finalized on 2 February 2016, followed by announced workforce reductions in the UK and Ireland.
On 6 March 2019, Paddy Power Betfair rebranded to Flutter Entertainment, effective from 28 May 2019, with no changes to customer-facing brands.
In May 2020, Flutter Entertainment merged with The Stars Group, consolidating Sportsbet and BetEasy as its Australian operations. Barni Evans, CEO of Sportsbet, was appointed to lead the merged business. The BetEasy brand was discontinued after being integrated fully into Sportsbet.
In November 2021, Sportsbet reported losses exceeding $50 million resulting from an error made by its oddsmakers.
Sport
Sportsbet provides wagering options across 24 sports disciplines, including but not limited to American football, Australian rules football, baseball, basketball, boxing, cricket, cycling, darts, golf, ice hockey, motorsports, rugby league, rugby union, snooker, soccer, tennis, and mixed martial arts (MMA).
Politics
The company offers betting markets on elections in various countries, covering Australian federal, state, and territory elections; Canadian federal elections; general elections in New Zealand and the United Kingdom; as well as U.S. presidential elections. Available markets include party leadership contests and predictions on election timing. It has also provided specialized markets related to significant political developments such as leadership transitions within Australian state parties.
Entertainment
Sportsbet features betting markets tied to television programming, encompassing reality TV shows and award ceremonies, reflecting entertainment trends to broaden its product range.
Controversies
During the 2019 Australian federal election, Sportsbet prematurely paid out winnings on bets placed for the Labor Party, which ultimately lost to the incumbent Coalition government, resulting in losses exceeding A$5.2 million. Additionally, it accepted wagers on the defunct Family First Party at odds of 1000/1.
In December 2024, Sportsbet attracted criticism after advertisements were broadcast on Spotify during children’s content from Disney, The Wiggles, and Bluey. In response, the company implemented age restrictions across digital platforms and withdrew its Spotify advertisements. Shortly thereafter, Snapchat filters featuring branded content were found to be shareable with minors despite age controls, prompting condemnation from multiple Australian federal politicians who called for the removal of such promotional material.