CVC Capital Partners, the London based Private Equity firm has announced they will acquire a controlling interest in Sky Bet. In the deal which values the business in the region of 800 million pounds ($1.3 billion) the firm will take a controlling interest in the online gaming company.
Formed in 2001, Sky Bet owns various divisions including Sky Vegas online casino which has seen significant growth over recent years through its conspicuous link and promotion from the UK broadcaster. Sky Plc will retain an equity stake in the new business and a board presence whilst working with the new owners.
The brand will remain Sky Bet under long term license and current Managing Director Richard Flint will continue.
The transaction with CVC also includes the acquisition of the website Oddschecker, which provides updated odds for sports betting.
Sky Bet posted revenues of £183 million in the fiscal year that ended in June, up 18 percent from a year earlier.
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