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CrownBet CEO sells stake in DJI Holdings

CrownBet CEO Matthew Tripp is selling his stake in UK-listed DJI Holdings in order to streamline a number of his personal investments. DJI Holdings hopes to cash in on China's emergence as the world's largest lotteries player and is understood to be well placed for an upcoming offer of new licenses in China, having received approval last year to trial a mobile sports lottery app in the Chinese province of Shandong. ​The app gives punters access to a sports lottery draw called Big Lotto, although online lottery sales have been banned for the past year due to concerns over fraud.

Tripp, who established the CrownBet joint venture in late 2014 with James Packer’s Crown Resorts, said he would consider expanding into China if the Chinese Government decides to liberalize the local wagering market. Betting activity is banned in China except for state-run lotteries, although there is speculation that, given the size of the country's black market in gambling, there may eventually be a bidding round where experienced bookies can offer a selection of betting services.

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