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Crown Resorts confirms talks to sell stake in CrownBet

Australia's Crown Resorts Ltd. confirmed reports that it is in talks to sell its 62% stake in sports bookmaker CrownBet.

The Australian Financial Review reported Nov. 24 that CrownBet CEO Matthew Tripp first discussed the possibility of merging with the local operations of rival William Hill plc in late 2016, The Australian Financial Review reported. The paper added that Tripp is understood to have held further negotiations during the week of Nov. 20 in the U.K., where William Hill is listed.

The publication added that Crown Resorts considers CrownBet a noncore asset, add to that its plan to focus on its core casino and hotel assets in Australia.

Crown Resorts said in its statement that there is no certainty that the divestment will push through.