BOOKMAKER kingpin Matt Tripp has scored another major financial windfall by agreeing to sell his remaining stake in online betting platform BetEasy to Canadian company Stars Group for $251 million.
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The remaining 20 per cent interest in BetEasy has been sold for $151 million with the Stars Group also agreeing to pay another $100 million in performance payments related to an earlier sale deal for CrownBet.
Mr Tripp, who is the BetEasy chief executive, will provide ongoing leadership as the non-executive president of BetEasy from January 1.
Andrew Menz, who previously served as BetEasy's strategy and regulatory affairs director, will be Mr Tripp's successor as chief executive.
"I'm pleased to see our long-term succession plan come to fruition," Mr Tripp said.
"I know that this business, which we founded back in 2013, is in very capable hands with a strong executive team and the backing of Stars Group, who have been terrific partners and global leaders in this industry."
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Mr Tripp, who grew up in Yarrawonga and retains strong connections to the town, followed his father Alan into the wagering industry.
Alan's clients included the late Bob Hawke and Kerry Packer and Matt was instrumental in luring Coleman medallist Brendan Fevola to the Yarrawonga Pigeons.
The Stars Group's chief executive Rafi Ashkenazi said: "The launch of BetEasy through our acquisitions of CrownBet and William Hill Australia in 2018 created one of the leading operators in Australia and increased our exposure to a high-growth regulated market.
"Matt Tripp's entrepreneurial spirit and vision has guided BetEasy since he founded the business and we are glad he will oversee the transition as non-executive president."
