Member Article

£800 million Sky Betting and Gaming to become an independent company based in Leeds

Leeds-based digital business, Sky Betting and Gaming is to become an independent company following a decision by its parent company Sky to agree to sell a majority share to private equity house CVC Capital Partners, in a deal which values the business at £800 million.

The new company will continue to be run by the existing leadership team, with Richard Flint assuming the role of Chief Executive.

Following the sale Sky will retain a significant minority share enabling it to participate in the continued success of the business.

Richard said “Over the last 7 years, Sky Betting and Gaming has grown rapidly to become one of the UK’s leading online betting and gaming operators, achieved through the hard work of our employees and valuable support of Sky and Sky Sports.

“Looking forward, we have exciting growth opportunities, both in the UK and internationally.

“Today’s transaction brings in CVC as a new majority investor who will support us in the next phase of our development, and retains the benefits of Sky’s and Sky Sports’ continuing involvement.

“CVC brings a broad international network, has an excellent track record of building businesses, as well as valuable experience in the betting & gaming sector, through previous investments in companies such as William Hill and IG Group.”

“When we moved across from Harrogate to Leeds in 2010 we were confident that this city was the perfect place to develop our business.

“We’re even more certain that with the wealth of technology talent and knowledge in the Yorkshire area, as well as the historical links to sport, this is the perfect place to start the next chapter in the Sky Betting and Gaming success story.”

Sky continues to invest in the Leeds area as part of a wider plan to tap into the vibrant technology community in the north of England, and has 1200 employees based in or around the Leeds itself, including technologists, customer service advisers, sales teams and engineers.

This was posted in Bdaily's Members' News section by Clare Burnett .