Matt Tripp to stand down as BetEasy CEO as Stars Group completes takeover
TSG acquires remaining 20% in BetEasy for $104m with Tripp to move to non-exec president role
The Stars Group has agreed to acquire the 20% stake in BetEasy it did not already own for $104m, with BetEasy CEO Matt Tripp to stand down following the deal.
The agreement completes a transaction first started back in February 2018, with Stars also agreeing to pay $69m to settle previously disclosed performance payments.
“I’m delighted to reach this agreement for our BetEasy business,” said Rafi Ashkenazi, CEO of The Stars Group.
“The launch of BetEasy through our acquisitions of CrownBet and William Hill Australia in 2018 created one of the leading operators in Australia and increased our exposure to a high-growth regulated market.
Following the deal, BetEasy CEO Matt Tripp will stand down from his role and become non-executive President of BetEasy from January 1.
He will be replaced by Andrew Menz, who previously served as BetEasy’s director of strategy & regulatory affairs.
Prior to that, Menz was legal and corporate affairs director of Betfair Australia and was at the forefront of the establishment of Responsible Wagering Australia, a key group for Australia’s online wagering industry.
Matt Tripp
“Matt Tripp’s entrepreneurial spirit and vision has guided BetEasy since he founded the business and we are glad he will oversee the transition as non-executive president,” said Ashkenazi.
Tripp said he was pleased to see the group’s long-term succession plan come to fruition.
“Andrew Menz brings deep commercial and regulatory experience which leaves BetEasy in a strong position to continue delivering profitable growth,” Tripp added.
“I know that this business, which we founded back in 2013, is in very capable hands with a strong executive team and the backing of The Stars Group, who have been terrific partners and global leaders in this industry.”