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PokerStars owner buys Sky Betting for $4.7 billion

Photo by Steve Russell/Toronto Star via Getty Images

The Stars Group, the Canadian owner of PokerStars, has agreed to acquire Sky Betting & Gaming from CVC Capital Partners and Sky PLC for US$4.7 billion in cash and stock.

Why it's a big deal: Because it creates the world's largest publicly-listed online gambling company, and comes as the U.S. Supreme Court weighs a case that could allow states to legalize sports betting.

Go deeper at Bloomberg: "After its failed attempt to take control of Sky rival William Hill, Stars Group is gaining a significant foothold in the UK — the largest regulated gaming market — and a trove of potential new customers for its online casino and poker offerings. The acquisition also helps accelerate [Stars'] strategy to decrease reliance on the unstable poker business, which accounted for two-thirds of revenue last year. "

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