The past Wednesday, a subsidiary of The Stars Group, Stars Interactive Holdings made a statement saying that they are looking to sell their stake in Jackpotjoy. The company has shares that are worth 5.6 million.
Jackpotjoy has also confirmed that the Stars Group has sold their shares in the company. This was a statement they made following the PokerStars parenting company the Stars Group. The online gaming company was able to sell their shares for $60.9 million.
The Stars Group and Jackpotjoy have been in partnership for more than four years. Both these companies have had brand evolution with name changes and business acquisitions.
The Stars Group is formerly known as Amaya Gaming and started doing business with this company when it was still known as Goldstar Acquisition Co. Jackpotjoy changed their name to Entertain Group before changing it to the current name. The name change came after the 2015 acquisition by a UK bingo company.
Stars Interactive Holdings will not share any of the money from the sale of their shares.
Jackpotjoy is an online casino that offers a big selection of casino games especially bingo games. They are currently making significant business changes which include getting a loan to help cut the interest charges for purchasing the UK bingo assets.
Jackpotjoy PLC is the main company brand for an online gaming casino site of the same name, Vera & John online casino, Botemania, InterCasino, Cosa and Starspins.
About the Stars Group
The Stars Group also have business plans of their own with ideas to raise money for acquisitions. They have been selling their shares at different subsidiary companies to raise funds for the projects. In the past week, they also sold their NYX Gaming shares to the Scientific Games Corporation at CA$35.5 million. They have even mentioned that they are looking for partnerships to raise $2.5 billion to fund their M&A activity.