The governance of the Stars Group has enforced its majority rights to acquire the remaining 20 percent shareholding in BetEasy, an Australian market subsidiary.
By issuing a corporate filing, Stars Group confirms that it has agreed with minority investors to purchase the remaining shareholding of BetEasy for AUS $151 million (€ 93 million)–with governance agreeing to settle AUS $100 million (€ 60 million) in previous performance incentives related to its acquisition of BetEasy assets in 2018.
Moving to expand its sports betting capacity globally, a majority investment in Australian bookmaker CrownBet for AUS $117 million was sanctioned by Stars Group governance in 2018.
Seeking to swiftly establish a lead position within Australia’s online betting scene, the Stars Group would broker a buyout of William Hill’s loss-making Australia division for AUS $300 million, merging the business with CrownBet enterprise to form BetEasy.
“I’m delighted to reach this agreement for our BetEasy business,” said Rafi Ashkenazi, Chief Executive Officer 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.
“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.”
Matt Tripp, BetEasy’s CEO, will provide continuing leadership as the non-executive president from 1 January 2020, with Andrew Menz, who previously served as BetEasy’s Policy and Regulatory Affairs Manager, as his replacement as CEO.
“I’m pleased to see our long-term succession plan come to fruition,” added Tripp. “Andrew Menz brings deep commercial and regulatory experience which leaves BetEasy in a strong position to continue delivering profitable growth.”