Crownbet on track to post profit in 2016, says CEO

Matthew Tripp, founder and chief executive of Australian online betting website Crownbet, said that the company is set to achieve profit this year, despite having suffered losses in the latter part of 2015.

Licensed in the Northern Territory and 62% owned by casino operator Crown Resorts, Crownbet, reported a loss of Aus$9.2 million (€6.2 million/$6.8 million) for its online operations during the six months to December 31.

However, the half-year results include Betfair Australasia and the recently-acquired DGN Games social gaming operation, with Crown not breaking out individual numbers for its digital arms.

In an interview with the Australian Financial Review newspaper, Tripp said that the company “broke even on a monthly basis” in November and has managed to sustain this level of operation in the ensuing three months.

Tripp added that Crownbet is currently “ahead of where we thought it would be” when it first launched in September 2014 and expects the company to post profit this year.

In addition, Tripp said he is keen for Crownbet to enter the in-play market in the country, should the Australian government move to legalise such activities.

The future of this market remains clouded with the government, operators and sports organisation undecided as to whether in-play betting should be widely legalised in Australia.

Related article: Racing Australia chief calls for in-play betting ban