The acquisition marks a return for TSG into the Australian online gambling market. Australia is the world’s second largest regulated sports betting market, and CrownBet is one of the market’s fastest growing sportsbooks.

The Stars Group, parent company of PokerStars, has acquired 62% of CrownBet Holdings Pty Limited, operator of CrownBet.com, a licensed online sports betting site in Australia.

The acquisition marks a return for TSG into the Australian online gambling market. The operator withdrew its services last September following the passage of a gambling bill amendment that clarified and strengthened an existing ban on online poker and casino games.

“We are excited to enter the regulated Australian sportsbook market with CrownBet,” said Rafi Ashkenazi, Chief Executive Officer of The Stars Group. “CrownBet has become one of the fastest growing online sportsbooks in Australia through its strong management team, proprietary technology, mobile app, unique partnerships and market-leading loyalty program.”