Skip to main content

The Stars Group inks new CrownBet Deal

Recently updated on March 5th, 2018

Last week, Crown Resorts sold their majority share in CrownBet to Canadian gaming firm, the Stars Group. This move is just one of many cost-cutting measures the company has had to make in the past year after the 2016 arrests of their Macau employees. So far, the Aussie gambling operator has had to make a lot of cutbacks.

From shareholder complaints to slot tampering allegations, Crown Resorts was in the headlines many times during 2017. Luckily, their fortunes seem to be changing with the sale of their CrownBet subsidiary and a return of VIP gamblers to their land-based casinos. The 62% stake, worth NZ$163 million, has possibly saved James Packer’s company from bankruptcy. According to the Canadian firm’s CEO, Rafi Ashkenazi, ‘CrownBet has become one of the fastest growing online sportsbooks in Australia.’

Stars Group buys Bulk Stake in CrownBet

Stars Group Re-enters AU Market

The Stars Group owns and operates PokerStars and Full Tilt Poker, two of the most popular poker rooms online. However, after the Aussie Interactive Gambling Act was amended and banned online poker, these brands left the market. So, the purchase of CrownBet could be the company’s foot in the door if the ban is rescinded. Either way, they now have a chip on the table for sports betting.

The Australian sports betting industry is the second largest regulated market in the world. So, with or without poker, the Stars Group stands to make a profit in the country. All they need now is to obtain permission from gambling regulators like the Northern Territory Racing Commission for the cash transaction.

Details about the CrownBet Deal

As mentioned, the Canadian gaming operator has acquired a 62% majority share in CrownBet. This means that they will be able to appoint most of the board of directors for the company. Their controlling interest will also determine the growth of the sports book. However, it’s unclear if they will keep the brand for long. Keep visiting NZ Casinos for more about this story.



Related Posts

New Advertising Gambling Code and What it Means for Kiwis

Nw Zealand Advertising Standards Authority

Recently updated on July 12th, 2019The new Advertising Gambling Code was announced among a flurry of gambling-related reforms. The new gambling code, which affects both casino website operators and NZ online gamblers, will start being enforced on 1 August 2019. Released by the New Zealand Advertising Standards Agency (ASA) in April, the code sets a […]

British Airways Criticised for ‘Gambling Ad’

British Airways Under Fire for Gambling Ad – NZ Gambling News

Recently updated on January 10th, 2019Members of Parliament and anti-gambling campaigns are filing complaints against British Airways. According to reports, the airline ‘popularised gambling’ in a new ad for ‘British Airways Holidays’. Aired on television, the ad featured a couple ‘easily winning on slot machines’. Complaints have already been filed with the advertising regulator. Just […]

Australian Gambling Participation Declines

Australian-gambling-engagement

Recently updated on April 30th, 2019The Australian gambling market is one of the hottest gambling industries but the trend seems to be changing. Recent data provided by the Australian market research company Roy Morgan revealed a notable decline in the number of adults gambling. The trend continued going downhill from December 2017. The research showed […]

Tourism Committee all in for Brazilian Casinos

Brazilian Casino Could Boost Tourism - NZ News

Recently updated on January 26th, 2018Gambling laws in Brazil have been pending for years, with different bills being stalled in federal talks. This week, the Tourism Committee has called for Brazilian casinos to be legalised to boost tourist revenues. Paulo Azi, Federal Deputy for the organisation, spoke to local news outlets after launching the electronic […]