The parent company of online poker giant PokerStars has successfully taken over UK online gambling operator Sky Betting & Gaming (Sky Bet).
In a regulatory filing, The Stars Group (TSG) announced that it has completed the $4.7 billion acquisition of Sky Bet and its various brands from CVC Capital Partners and media giant Sky PLC. This makes TSG the world’s largest publicly-listed online gaming company.
The Stars Group CEO Rafi Ashkenazi described the acquisition of Sky Bet as “a pivotal moment” in the company’s evolution since it will now be able to develop sports betting “as a second customer acquisition channel.”
Acquiring Sky Bet will also improve the company’s revenue diversity, creating a balanced spread across poker, casino and sportsbook with a broad geographic reach, according to Ashkenazi. He added that taking over Sky Bet will help increase The Stars Group’s presence in locally regulated markets.