Australia’s Crownbet Sold For A$ 150 Million

Current management team leads consortium of shareholders

According to Reuters news agency reports Friday Australian gambling giant Crown Resorts has confirmed the sale of its 62 percent interest in online division CrownBet to a consortium of shareholders led by the current management team and CEO Matt Tripp.

The consideration agreed is reportedly A$150 million (about US$ 117 million), and the deal includes prior loans from Crown to CrownBet.

Crown’s confirmation on the deal ends weeks-long speculation that CrownBet could be acquired by Paddy Power-Betfair or William Hill, both of which had expressed an interest in the company (see previous InfoPowa reports)

Crown Resorts share prices were slightly down as the news broke.