Canadian gaming technology provider The Stars Group Inc. has announced it will acquire the final 20 percent piece of BetEasy, its Australia-based sports betting business, for AU$151 million (US$168.4 million).
As part of the deal, current CEO Matt Tripp will become non-executive president of BetEasy beginning January 1, 2020, and Andrew Menz, former director of strategy and regulatory affairs, will succeed him in the chief executive role.
Menz was previously the legal and corporate affairs director of Betfair Australia and was a key figure in the development of Responsible Wagering Australia, a key group for Australia’s online wagering industry.
“I’m pleased to see our long-term succession plan come to fruition,” said Tripp. “Andrew Menz brings deep commercial and regulatory experience, which leaves BetEasy in a strong position to continue delivering profitable growth.
“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,” he added.
As part of the agreement, Stars will repay AU$56.9 million of outstanding BetEasy minority shareholder loans.
BetEasy provides online and mobile wagering in the Australian market. Through proprietary technology and interfaces and applications, the company streams every Australian thoroughbred, greyhound and harness racing to customers. It is the official wagering partner of the NBA and the AFL, Premier Wagering Partner of thoroughbred broadcaster Racing.com and is a founding member of Responsible Wagering Australia, which advocates for enhanced consumer protection and sporting integrity outcomes in the Australian wagering industry.
The Stars Group plans to complete the acquisition within 90 days following the earlier of either the issuance of The Stars Group’s audited financial statements for the year-ended December 31 or the completion of the previously announced board-recommended all share combination of The Stars Group with Flutter Entertainment Plc.
The Stars Group is one of the world’s most licensed online gaming operators with its subsidiaries collectively holding licenses or approvals in 22 jurisdictions throughout Europe, Australia, and the Americas. Its brands including the best us online casino sites have millions of registered customers globally and collectively are leaders in online and mobile betting, poker and other gaming-related offerings.
The company owns or licenses gaming and related consumer businesses and brands, including PokerStars, PokerStars Casino, BetStars, Full Tilt, FOX Bet, BetEasy, Sky Bet, Sky Vegas, Sky Casino, Sky Bingo, and Sky Poker, as well as live poker tour and event brands, including the PokerStars Players No Limit Hold’em Championship, European Poker Tour, Asia Pacific Poker Tour, PokerStars Festival and PokerStars MegaStack.
