Stars Group acquires majority stake in CrownBet
The Stars Group has purchased a 62% stake in Australia’s CrownBet Holdings for an aggregate amount of approximately US$117.7 (€96.2m).
The company acquired the online sportsbook from Crown Resorts Limited in an all-cash transaction using cash on its balance sheet.
Stars Group partnered with various other shareholders of CrownBet, including its management team led by founder and chief executive Matthew, to complete the purchase.
Tripp will retain his position and continue to operate the business in Australia, while Stars Group is entitled to appoint a majority of the directors to the board at CrownBet.
Australia’s Northern Territory Racing Commission has approved the transaction, subject to Stars Group satisfying certain standard conditions.
Rafi Ashkenazi, chief executive of The Stars Group, said: “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.”