CWN Crown Resorts Limited

LONDON--Online betting and gaming company Betfair Group PLC (BET.LN) said Wednesday it has sold its 50% stake in Betfair Australasia Pty Ltd to joint-venture partner Crown Resorts Ltd (CWN).

Betfair said it has concurrently entered into an agreement with Crown to continue to provide its betting exchange in Australasia under a B2B model and will receive a share of revenue generated by the exchange in those markets.

Under the agreement, customers of Betfair and Crown will continue to benefit from pooled liquidity arrangements.

Betfair said it received 10 million Australian dollars ($9.3 million) as consideration for its equity stake and Betfair Australia repaid Betfair's shareholder loan earlier than scheduled.

Betfair Australia was formed in 2004 as a 50/50 joint venture between Crown and Betfair.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

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