Crown in talks over CrownBet stake

Australian casino operator Crown Resorts is in discussions over its 62 percent stake in CrownBet, its online betting unit.

The Australian, a local newspaper, had earlier reported that CrownBet and rival William Hill are holding in depth talks on a potential deal.

It is also understood that PaddyPower Betfair has also held talks about a possible merger, according to two sources familiar with the matter speaking to Channel News Asia. 

On Friday, the casino operator confirmed that it is in discussions concerning its interest in CrownBet.

"Crown evaluates opportunities regarding its investments from time to time," said Crown in a filing to the ASX.

"Crown confirms that it is in discussions concerning its interest in CrownBet. There is no certainty as to whether any transaction will eventuate,” it added.

It did not confirm which company it was in discussions with, or whether it was looking to sell some or all of its holding in CrownBet.

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