Stars Group got bigger…

Stars Group is one of the biggest brand owner in the gambling industry, since they run some of the greatest casino and betting operators, like PokerStars, PokerStars Casino, BetStars, Full Tilt, and the PokerStars Live. As it seems, the company will now get even bigger. Just a few days ago they announced the acquisition of the popular betting company Crownbet. The deal completed in a huge amount of 117.7 million dollars and the Stars Group will acquire a 62% equity interest in Australian sports betting operator, CrownBet Holdings Pty Limited.

The terms of the deal

The all-cash transaction was funded using cash on its balance sheet, with the deal entitling it to appoint a majority of the directors on CrownBet’s board. Therefore, that means that the current CEO, Mr Matthew Tripp, will remain in his position. He will be the one to run powerfully the business in Australia. The deal was ready to be concluded for a few months now. In fact, it all begun when the Australian casino resort operator Crown Resorts sold its 62% stake in the firm to CrownBet CEO, Matthew Tripp.

Speculations had it that the global operators Paddy Power Betfair and William Hill were among the company’s which expressed their interest in taking over the Australian operator. Seems like Stars Group was the highest bidder. CrownBet launched in 2014. Morever Crownbet is one of Australia’s biggest online sportsbooks. We should note that their unaudited annual revenues reach a great 204 million australian dolalrs. In addition, CrownBet had a positive EBITDA of 7.9 million dollars during 2017.

Stars Group statement

In an accompanying statement, Rafi Ashkenazi, Chief Executive Officer of The Stars Group commented on CrownBet’s acquisition. “We are excited to enter the regulated Australian sportsbook market with CrownBet. CrownBet has become one of the fastest growing online sportsbooks in Australia. That happened through its strong management team, proprietary technology, mobile app, unique partnerships and market-leading loyalty program.”

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