Stars Group online gambling group buys into Australia's CrownBet sports betting

The Toronto-based owner of the PokerStars online gaming site, shown is this image of their website, has acquired majority ownership of Australia’s CrownBet Holdings Pty Ltd. The Stars Group Inc. paid US$117.7 million for 62 per cent of CrownBet’s equity. THE CANADIAN PRESS
The Toronto-based owner of the PokerStars online gaming site, shown is this image of their website, has acquired majority ownership of Australia’s CrownBet Holdings Pty Ltd. The Stars Group Inc. paid US$117.7 million for 62 per cent of CrownBet’s equity. THE CANADIAN PRESS

TORONTO - The Stars Group Inc. has acquired majority ownership of Australia's CrownBet Holdings Pty Ltd., which operates a regulated sports betting market.

The Toronto-based gaming company said Tuesday it paid US$117.7 million cash to acquire 62 per cent of CrownBet's equity from Crown Resorts Ltd.

CrownBet's founder, Matthew Tripp, will remain as chief executive officer and continue to operate the business in Australia.

Stars Group — formerly known as Amaya and based in Montreal — has a number of gaming and betting operations including PokerStars and Full Tilt.

Companies in this story: (TSX:TSGI)

The Canadian Press. All rights reserved. 2018

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