Sky Betting and Gaming (SBG) has just been bought by a Canadian gaming firm, the Stars Group. The US$4.7 billion (NZ$6.6 billion) will see the Stars Group become one of the largest publicly traded gaming firms in the world. Sky Bet’s offerings will form part of a now stuffed brand portfolio. Additionally, their entry into one of the ‘largest regulated online gaming markets’ will give the operator access to a wider sports betting market.
As one of the United Kingdom’s largest gambling operators, SGB’s products & deals will soon boost existing Stars Group brands. This includes mobile apps and exclusive Premier League coverage. Mobile betting accounted for 80% of Sky Bet’s profits in the past year. According to reports, SGB also have ‘the largest active player base in the UK.’
Sky Bet Deal not Finalised
The Stars Group are still waiting for approval from the Toronto Stock Exchange and gambling authorities before finalising their deal. This is expected to be complete by the third quarter of 2018. There is also the matter of a cash payment and common shares that need to be paid before then. The Stars Group will pay US$3.6 billion (NZ$5 billion) in cash, and issue US$1.1 billion (NZ$1.55 billion) in shares to SGB.
Once that’s done, the PokerStars operator will begin improving their own bookmaker brand, BetStars. This will be done by combining products from Sky and their own technology.
Stars Group CEO, Rafi Ashkenazi, gave an official statement about the deal. He called the merger a ‘landmark moment’ in the company’s history. What’s more, he said that Sky Bet’s gambling products are ‘the ideal complement’ to their poker brands. In addition to PokerStars, the gaming firm operates Full Tilt Poker and recently acquired CrownBet in Australia. Overall, 2018 is gearing up to be a good year for the Poker operator. However, they will still need approval from regulators to go ahead.
Taralynn Engels is a seasoned casino news writer with a passion for keeping her readers up-to-date with the latest happenings in the gambling industry. With over five years of professional writing experience, Taralynn has developed a deep understanding of the casino industry and a knack for delivering engaging and informative content. Aside from her in-depth knowledge of the casino industry, Taralynn possesses excellent writing skills that allow her to craft captivating narratives that keep readers hooked until the last word. Her ability to simplify complex concepts and present them in an accessible manner guarantees that her articles are enjoyed by both seasoned casino enthusiasts and newcomers alike.
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