Australia’s two biggest names in gaming yesterday clinched a joint venture in which Mr Packer’s Crown Resorts will have the major share in the latest online betting company launched by Mr Tripp, who is formerly from Yarrawonga.

Crown has the dominant 67 per cent share with the remaining 33 per cent owned by Mr Tripp’s start-up, BetEasy.

Mr Packer said the venture would help build an Australian-owned business which could compete with foreign-owned rivals.

“Matt Tripp and his team have proven they have the experience and ability to build and operate a world-class business,” he said.

“By leveraging the combined assets of Crown and BetEasy, we will be able to provide significant benefits and opportunities for our existing and future customers.”

Mr Tripp and his 150-strong BetEasy staff will run the joint venture.

The deal is a far cry from the early 1980s when Mr Packer’s late father Kerry began betting with Mr Tripp’s father, Alan, who was Australia’s largest SP bookmaker before making his family’s fortune in the online betting arena.

The first Packer-Tripp showdown was chronicled in Mr Tripp’s book, Beating The Odds.

The media tycoon had five bets at a Randwick meeting in 1981 and came out on top when a 12-1 chance landed and netted $120,000 — a sum which could have bought a house in Melbourne at the time.