Sportsbet is Australia’s oldest licensed sports bookmaker and has operated in Australia since 1993. Sportsbet is licensed in the Northern Territory by the Northern Territory Racing Commission (NTRC).
Our Chairman Matt Tripp has been one of the driving forces in the Australian wagering industry in the last 20 years working in many of the most successful operations in that period, including his father Alan’s business Number One Betting Shop, Sportingbet Australia and Sportsbet, where he was CEO from 2005 to 2011. During his time at Sportsbet, Matt grew the business from a small operation to be the market leader in online betting, setting a benchmark for the industry to aspire to. Following the successful sale of the business to Paddy Power, Matt became our Chairman.
Our Chief Executive Officer (CEO), Cormac Barry, has worked in the online betting industry for over 10 years. Cormac joined Paddy Power PLC in 2000 and was part of the team that set up paddypower.com and made it one of the most successful online betting and gaming operations in the UK and Ireland. Prior to moving to Melbourne to join Sportsbet, he was employed as the Head of Online at Paddy Power. After Paddy Power made its initial investment in Sportsbet in 2009, Cormac jumped at the chance to be part of an exciting new business and the joined company as Commercial Director. Following the completion of the acquisition of Sportsbet by Paddy Power, Cormac became Sportbet’s CEO in March 2011.
Sportsbet was acquired in 2005 by a new management team headed up by Matt Tripp. This team, which included Tom Carroll, Phil Hannah, Brett Schraa and Nick Tyshing, set about developing and building the most successful corporate bookmaking operation in Australia. Sportsbet’s growth from 2005 to 2008 was exceptional, and the company established a reputation for excellent customer service, range of product and value.
The remarkable growth of the company meant it was well positioned to take advantage when the advertising ban on corporate wagering, which had previously been in place, was dropped in late 2008. At this time Sportsbet accelerated its investment in marketing, technology and people, to become the corporate bookmaking market leader by 2009.
In May 2009, Paddy Power decided to invest in the growing Australian market and announced the acquisition of 51% of Sportsbet. This acquisition lead to an improved range of product for Sportsbet’s customers which included additional international racing and sporting events.
Sportsbet completed the acquisition of IASbet in October 2009, which had been founded by respected industry heavyweight Mark Read, and the two companies were merged together creating an excellent platform for further strong growth. In March 2011, Paddy Power completed the acquisition of the remaining shareholding in Sportsbet which it did not own, facilitating further investment terms of technology, product, marketing, people and closer integration with Paddy Power.