James Packer yesterday became the outright owner of Betfair Australasia when he paid $10 million for the remaining 50 per cent, reports Racing Network.

Packer was an original 50-percent shareholder in Betfair Australia when it was formed 10 years ago.

A press release from Crown Resorts yesterday said:

“As a result of the transaction announced today, Crown now owns 100 per cent of Betfair Australasia."

According to Fairfax Media, Betfair Australasia has failed to make a profit in six of the seven years of its operations, and its losses now total $47.3 million.

Packer originally paid $30 million for his half-stake in Betfair Australasia.