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Satellite broadcaster Sky has actually sold a majority stake in Sky Bet, valuing the betting operation at ₤ 800m.

The Leeds-based operation, which includes websites such as and Sky Bingo, is being purchased by personal equity group CVC Capital Partners., external

Sky will be paid ₤ 600m when the bet9ja's welcome offer is completed next year and will retain a 20% stake.

Betting and video gaming was not considered part of Sky's core organization, a spokesperson said.

The sale would permit it to concentrate on the "significant growth chances" in pay-tv in the 5 European markets it operated in, Sky stated.
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The business recently finished the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its consumer base to 20 million across Britain, Ireland, Germany, Austria and Italy.

Jeremy Darroch, president of Sky, stated the sale understood "significant value" for investors.
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Shares in Sky rose 1.2% to 938p in London, valuing the business at just over ₤ 16bn. The stock has risen by practically 20% in the previous 12 months.

'Successful property'
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Analysts at Citi said Sky could use a few of the profits to purchase out the staying minority shareholders in Germany, adding: "We believe a sale of Sky Bet is a practical tactical relocation."
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Investec explained Sky Bet is a "non-core however highly effective asset" and stated proceeds should help the business pay down debt, which was anticipated to be ₤ 6.3 bn for the 2015 monetary year.
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CVC, which has had an interest in the betting and gaming sector with stakes in business such as William Hill and IG Group, attempted to purchase Betfair in 2015 in a ₤ 1bn deal. However, the two companies stopped working to settle on rate.

The personal equity group controls the Formula One motor racing organization.

Sky Bet will remain in Leeds with all personnel transferring to the brand-new entity.
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The business created net profits of ₤ 182m in the year to June 30 and pre-tax profits of ₤ 50m.

Sky has struck a long-term brand licence contract with Sky Bet.

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