Stars Group Raises Additional Funds to Take Over Skybet

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The Stars Group reportedly has raised an additional $750m (£565.3m) to support its original £3.4bn in taking over Skybet (Sky Betting & Gaming). 

The Stars Group announced plans to take over SBG from CVC Capital Partners and Sky in April as part of a cash and stock transaction.

Once finalized, it would be the largest publicly traded online betting firm.

“The acquisition of Sky Betting & Gaming is a landmark moment in The Stars Group’s history,” stated The Stars Group Inc Chief Executive Rafi Ashkenazi.

” SB&G operates one of the world’s fastest growing sportsbooks and is one of the United Kingdom’s leading gaming providers. SB&G’s premier sports betting product is the ideal complement to our industry-leading poker platform. The ability to offer two low-cost acquisition channels of this magnitude provides The Stars Group with great growth potential and will significantly increase our ability to create winning moments for our customers.”

The Stars Group owns the world's largest online poker room, PokerStars.

“We are delighted to join forces with The Stars Group,” stated Richard Flint, Sky Betting & Gaming’s Chief Executive Officer.

“We have had a fantastic last few years and would like to thank CVC and Sky for supporting us in becoming a leading online operator in the UK. This transaction allows us to offer our best-in-class products to a truly global audience. We’re excited about our future together.”

SBG and Sky have developed brands such as Sky Bet, Sky Vegas and Sky Casino, while posting annual revenue of £624m.

- Aaron Goldstein, Gambling911.com

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