Updating the market, Toronto TSX-listed The Stars Group Inc has confirmed that it has acquired a majority 62% holding in Australian online betting operator CrownBet Holdings, for an aggregated sum of $117 million (€95 million).
The Stars Group, acquires its controlling stake in CrownBet, from Australian casino and leisure operator Crown Resorts Limited, who had placed the online bookmaker up for sale last December, choosing to focus its business on its Australian casino properties.
Launched in 2014, by industry executive Matthew Tripp, CrownBet currently ranks as the second largest Australian online bookmaker with reported 2017 unaudited revenues of AUS $200 million (€125 million).
“We are excited to enter the regulated Australian sportsbook market with CrownBet,” said Rafi Ashkenazi, Chief Executive Officer of The Stars Group.
“CrownBet has become one of the fastest growing online sportsbooks in Australia through its strong management team, proprietary technology, mobile app, unique partnerships and market-leading loyalty program.”
Confirming the deal, Ashkenazi and Stars Group governance detailed that they would retain the services of Matthew Tripp as CrownBet Chief Executive.
Updating investors, Stars Group governance informs that it will acquire its 62% equity in CrownBet through an all-cash transaction, from funds attributed to the firm’s current balance sheet.
The Northern Territory Racing Commission has approved the transaction subject to The Stars Group satisfying certain standard conditions