$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".