$150 million to become majority shareholder
The Stars Group, a multinational e-gaming organisation which owns Island-based company PokerStars, has purchased a 62 per cent share in CrownBet.
The Canadian company has agreed to pay around $150 million to become majority stakeholder of the Australian business - it already has online gaming licenses in 17 other countries and also owns another of the world's biggest poker sites in Full Tilt Poker.
The move has come as a surprise to some experts, as PokerStars recently exited the Australian markets ahead of the national ban on online poker, which came in last year - the company also closed its offices in Sydney in 2016.
CEO Rafi Ashkenazi has voiced excitement at entering the regulated Australian sportsbook market, praising CrownBet's "market-leading loyalty program".
Work permit reforms delayed
Fudge business bags two UK awards
Minimum wage rise to affect job chances?
Survey finds half of businesses expect to make cutbacks or redundancies in 2026
