CrownBet sold for USD 117M

The deal includes prior loans from Crown to CrownBet.

Australia.- Gambling giant Crown Resorts has announced the sale of its 62% interest in online division CrownBet to a consortium of shareholders led by the current management team and CEO Matt Tripp.

Crown’s confirmation on the deal ends speculation that CrownBet could be purchased by Paddy Power-Betfair or William Hill, both of which had expressed an interest in the firm.

The move comes as part of a series of sales planned by the firm to cut debt. The casino operator hopes to complete the divestment by the end of next month.

The divestments include a lot in Las Vegas, a stake in Caesars Entertainment Corporation, and two floors of its luxury Sydney development.