Stars Group to acquire remaining minority interest in BetEasy
The Stars Group has agreed to acquire the remaining interest of its Australian sports betting business BetEasy.
Stars Group will pay $103m to gain full control of BetEasy.
The operator agreed to pay another $68m to settle a performance payment agreement that was part of its 2018 acquisition of BetEasy.
The Toronto-based company already holds an 80% stake in BetEasy, dating back to acquisitions made in February and April of last year.
Stars Group CEO Rafi Ashkenazi said: “I’m delighted to reach this agreement for our BetEasy business. The launch of BetEasy through our acquisitions of CrownBet and William Hill Australia in 2018 created one of the leading operators in Australia and increased our exposure to a high-growth regulated market.”
In late July 2018, Stars Group-owned CrownBet and William Hill Australia merged assets to rebrand as BetEasy.
Stars Group had acquired CrownBet and William Hill Australia in separate deals totaling $532m.
BetEasy CEO Matt Tripp will move to a non-executive leadership position beginning 1 January 2020.
Andrew Menz, formerly BetEasy’s Director of Strategy and Regulatory Affairs, will succeed
Tripp as CEO.
In Q3 2019, Stars Group brought in $71.2m of revenue in Australia led by the performance of BetEasy.
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