The Stars Group raises CrownBet stakes to 80%

The parent company of online poker giant PokerStars has increased its stake in CrownBet Holdings Pty Ltd. following the latter’s acquisition of William Hill’s Australian unit.

Toronto-listed The Stars Group already spent a whopping AUD402.9 million (US$315 million) in more than a week after a series of business deals in Australia, including the William Hill purchase and the picking of CrowBet shares.

In Tuesday’s regulatory filing, The Stars announced that it is raising its stake in the Australian online bookmaker to 80 percent from 62 percent as it prepares to go head to head with Australia’s two largest sportsbooks, Tabcorp and Paddy Power Betfair’s local brand Sportsbet.

The remaining 20 percent stake in CrownBet belongs to its chief executive Matthew Tripp and his executives, who could earn around AUD234 million (US$182 million).