The Stars Group Finalises Sky Betting and Gaming Deal
The Canadian gaming and online gambling company The Stars Group has announced it has successfully completed the purchase of a British-based gambling company Sky Betting and Gaming.
The Toronto-based gaming giant paid a total of $4.7 billion to CVC Capital Partners and to Sky, and has now become the largest publicly-listed online gaming operator in the world.
A Big Move
Following this announcement, The Stars Group stated this move would offer a number of benefits, both operational and financial. The list of these benefits includes improved revenue diversity across multiple verticals, such as the online casino, poker, and sports betting, as well as a much broader geographic reach.
The Stars Group already owns brands such as PokerStars and FullTilt, and is sure to make its portfolio more appealing to punters with the latest acquisition.
The deal to buy Sky Betting and Gaming was reached back in April, when the two sides agreed on the details of this arrangement. Under the provisions of the deal, The Stars Group agreed to pay around $3.6 billion in cash, as well as additional $1.1 billion in new common shares.
Since the deal has been finally completed, the Canadian gaming giant has become the owner of a number of online gaming sites such as SkyPoker.com, SkyVegas.com, and SkyCasino.com, as well as OddsChecker.com, a website where bettors can compare the odds.
Commenting on this important move, The Stars Group’s Chief Executive Officer, Rafi Ashkenazi said the acquisition represented a pivotal moment in the company’s evolution.
Ashkenazi stated that Sky Betting and Gaming’s mobile-focused sportsbook would pair well with the firm’s industry-leading poker offering to create two premier customer acquisition channels, and pointed out that it would position The Stars Group for continued growth in the evolving online gaming industry.
Uniting Two Iconic Brands
According to a statement made by the company, this deal will enable it to get around 75% of its revenues from locally regulated markets, while cross-selling players across several different verticals.
Ashkenazi pointed out the fact that this move created the world’s largest publicly-listed online gaming company by uniting two instantly recognizable brand portfolios into one.
He also stated that the two iconic portfolios possessed strong technology platforms and teams, and expressed his belief the latest acquisition would also position The Stars Group to both secure and increase its presence in the markets around the globe.
The company was founded back in 2001, and until 2017 was known as Amaya Inc. Today, it’s headquartered in Toronto, Ontario, and produces and offers online gaming products and services including poker, casino, and sportsbook via its online gaming division, Stars Interactive. We’ve already mentioned some of these brands here – PokerStars, PokerStars Casino, BetStars and FullTilt Poker.
Stars Interactive has licences or related approvals to operate from 17 jurisdictions around the world and offers its extensive portfolio of products and services in Europe, North America and other parts of the world. In those jurisdictions where it operates, the division either has a local licence or approval, or it uses its licences issued by the Isle of Man or Malta.
- World Casino Directory: https://news.worldcasinodirectory.com/the-stars-group-incorporated-completes-sky-betting-and-gaming-purchase-56910
- Bloomberg: https://www.bloomberg.com/news/articles/2018-04-22/stars-group-builds-sports-betting-muscle-with-4-7-billion-deal
- Wikipedia: https://en.wikipedia.org/wiki/The_Stars_Group