Crown Resorts seals $150m sale of stake in CrownBet


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It is understood that CrownBet and The Stars Group have also put in a bid for the purchase of global wagering giant William Hill’s struggling Australian business, the Tom Waterhouse-led William Hill Australia, which has been put up for sale by its British parent company.


Other corporate bookmakers – Paddy Power Betfair’s Sportsbet, Bet365 and Ladbrokes – are also understood to have lodged bids for the business.


The William Hill sale is likely to be the first in what insiders predict will be a wave of consolidation among Australia’s online wagering companies, who will struggle to absorb new state-based betting taxes and will have to compete against the $11 billion gaming behemoth created by the merger of the nation’s two biggest gambling companies, Tabcorp and Tatts.


Australian casino and hotels empire, Crown Resorts, whose biggest shareholder is the billionaire Mr Packer, announced last year it would sell its stake in CrownBet as part of a string of asset sales worth $700 million in Australia and overseas to reduce debt.


The company has also recently sold its stake in a former joint-venture casino in Macau and its stake in a vacant block on Las Vegas Boulevard, where it had once planned to build a casino with Wynn Resorts.


Article source: http://www.espncricinfo.com/australia-v-england-2017/content/story/1128049.html?CMP=OTC-RSS

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