Matthew Tripp, the son of a bookmaker and a pioneer in the $13 billion online wagering market, is poised to take a second stab at the fast-growing sector after paying less than $10 million for the assets of troubled operator Betezy.

Fresh from a non-compete clause that expired on March 1, after he sold Sportsbet to Irish wagering giant Paddy Power in 2011, Mr Tripp has quietly brought together the original Sportsbet investors to take on their old employer.

After buying Sportsbet for $250,000 in 2005, Mr Tripp sold a stake in the online bookmaker to Paddy Power in 2009 and then the rest in 2011. All up the Irish company paid $338 million.

Read more: Tripp buys Betezy to take on Sportsbet