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The Stars Group has agreed to acquire British bookmaker Sky Bet for an eye-popping $4.7 billion. The agreement was also made with private equity firm CVC Capital Partners.
“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.”
Sky Bet came under fire this past year for abruptly shutting down its affiliate program. It is not yet known whether the Stars Group plans to reopen the affiliate program or start its own from scratch. The later move would most likely infuriate the gambling affiliate community.
- Ace King, Gambling911.com
