CrownBet management team acquires majority stake in operator
Current chief executive Matthew Tripp leads buy-out of Crown Resorts’ stake in online betting firm
Crown Resorts has sold its 62% stake in online wagering business CrownBet to a group of investors led by the CrownBet management team.
The consortium will pay A$150m (£87m) for the stake, with the deal expected to complete before the end of February 2018.
The investment group is led by current CrownBet chief executive Matthew Tripp, who originally founded the betting site under the name BetEasy, before selling it to CrownBet three years ago.
The group will also take over responsibility for loans made to CrownBet by Crown.
The announcement ends a competitive sale process, with William Hill and Paddy Power Betfair also rumoured to be in the running for the online operator.
Macquarie’s analysts estimated CrownBet held a 6% share of Australian wagering revenue in FY 2017, up from 4% in 2016.
The deal also continues a sell off of Crown assets, with the gambling firm looking to raise nearly $700m (£405m) to help pay down its debt, according to a statement.