The Stars Group Has a Majority Stake in CrownBet

April 4, 2018 by

The Stars Group, a gaming and online gambling company based in Toronto, recently announced that it was the proud owner of a majority stake of 62% in CrownBet Holdings Pty Ltd, at the price of roughly US$120 million.

The Australian Financial Review reported that the Stars Group released a statement to the Toronto Stock Exchange that what is the 2nd biggest regulated sports betting market on the globe had increased its unaudited yearly revenues from roughly US$80 million in 2015, to around US$200 million in 2017. The Stars Group added that the unaudited earnings before interest, tax, depreciation, and amortisation, or EBITDA, was in the red for the first time last year, at approximately US$8 million.

Rafi Ashkenazi, Chief Executive Officer for The Stars Group, stated that CrownBet has become 1 of the quickest growing online sportsbooks in Australia, before adding that this was thanks to a strong management team, its mobile app, the proprietary technology it makes use of, its unique partnerships, and a loyalty programme that stood as a market leader.

The 62% interest in CrownBet that was acquired by The Stars Group from Crown Resorts Limited used cash on the Stars Group’s balance sheet, and the transaction was all cash. CrownBet and The Stars Group’s other shareholders, including a management team lead by Chief Executive Officer and Founder Matthew Tripp, apparently partnered up to get the purchase completed. The management team, based in Melbourne, along with Tripp, will reportedly remain in charge in terms of running CrownBet.

TOP canadian CasinosApril 2018
#CasinoCARatingBonusPlay
1 IE allowed5/5$1000 CAD Play now
Review
2 IE allowed4.9/5$800 CAD Play now
Review
3 IE allowed4.8/5$350 CAD Play now
Review
4 IE allowed4.7/5$1600 CAD Play now
Review
5 IE allowed4.6/5$750 CAD Play now
Review

Sophie Lise

More About

Sophie Lise has spent a long time enjoying the sights and sounds that Canadian casinos have to offer, and has paid particular attention to the slots this country provides access to. She has now opted to share what knowledge and information she has managed to gather along the way, and regularly contributes to CanadianOnlineSlots.net.
Her original thinking, honest, straightforward writing style, and uncanny ability to spot the next big thing has earned her many followers, and she enjoys engaging with her audience online. Passionate about casino industry news, Sophie ensures that her readers always know what’s hot and happening.

View Posts - Visit Website