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UK/Australia: Crown Resorts in talks on CrownBet stake

 |  November 26, 2017

UK bookmaker William Hill is in early stage talks to merge its Australian business with CrownBet, an online gaming company that is part of Australian billionaire James Packer’s gambling empire. As a wave of consolidation sweeps the global gaming sector, the British betting group said it was “in very preliminary discussions with CrownBet” about a “possible combination” of their businesses.

It did not put any value on the potential deal, which was originally reported in the Australian newspaper. Crown Resorts, whose biggest investor is Mr Packer’s Consolidated Press Holdings and which also has a 62 per cent holding in CrownBet, confirmed on Friday it was in discussions over the online gaming business, but did not say who with.

A person close to William Hill cautioned a deal with CrownBet may not happen any time soon, as the talks were at a very early stage. “This industry is undergoing consolidation and people in the sector talk to each other all the time,” the person said. “Don’t look too much into this as a firing gun.”

Full Content: Bloomberg

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