Paddy Power Betfair joins Hills in Crownbet talks

Paddy Power Betfair is said to have joined William Hill in opening talks over the acquisition of Crown Resorts’ stake in Crownbet.

On Friday, it emerged that William Hill had held “very preliminary discussions” with Australia’s Crown Resorts regarding the potential purchase of its stake in the online gaming business.

However, citing sources close to the matter, the Reuters news agency has now reported that Paddy Power Betfair has also entered the race, with early talks having taken place last week.

Crown Resorts, which holds a 62% stake in Crownbet, confirmed in a statement that it has opened talks over a potential deal, but stopped short of naming the parties involved.

The company said: “Crown Resorts notes media speculation today in relation to consolidation in the online wagering industry, including in relation to CrownBet, which is 62% owned by Crown,” the company said.

“Crown evaluates opportunities regarding its investments from time to time.

“Crown confirms that it is in discussions concerning its interest in CrownBet; there is no certainty as to whether any transaction will eventuate.”

Related article: Crown Resorts, Hills begin talks over CrownBet stake