Sky Sells Sky Betting & Gaming (SkyVegas)
Published on by Adam
UK broadcasting company Sky have just announced that they have sold their majority stake in Sky Betting and Gaming (which runs brands like Netent casino SkyVegas) meaning, for the first time ever, that SkyVegas and it’s other brands will not be owned by ‘bskyb’, the Sky company. This is a pretty big change but SkyVegas have promised players that this only means business as usual at their favourite Netent casino and that the move means that their offering will only get better from here on.
Sky sold 80% of their stake in Sky Betting and Gaming to CVC Capital Partners, an investment firm, for around £720million, a deal that values Sky Betting and Gaming at over £800million! Sky will still own the minority shares, so aren’t stepping back completely, and the Sky branding will remain across all braches of their betting and gaming websites. Sky will remain active in SkyVegas, with the top management team staying exactly the same.
“In the last ten years, we have successfully grown Sky Bet from a start-up to one of the leading online betting and gaming companies in the UK. This transaction will allow us to focus further on the substantial growth opportunities in our core international pay TV business while realising significant value for our shareholders.”
– Jeremy Darroch, group chief executive.