James Packer’s Crown (CWN) will control 67 per cent of the joint venture, and BetEasy will own the remaining third of the business.

The venture would help build an Australian-owned business that could compete strongly with the largely foreign-owned competitors in the wagering industry, Mr Packer said.

BetEasy, formed in March, is Australia’s fastest growing bookmaker, with more than 110,000 newly-registered customers to date in fiscal 2015.

The group was recently announced as the exclusive wagering partner of the Australian Football League for the next five years.

Crown acquired the remaining 50 per cent of Betfair from Betfair Group, giving it total ownership in August.

Crown will retain ownership and management of the Betfair Australasian exchange business, while Betfair’s fixed odds business will be owned and managed by the new joint venture.

Earlier today Crown also announced the resignation of director Ashok Jacob.