Satellite broadcaster Sky has offered a majority stake in Sky Bet, valuing the gaming operation at ₤ 800m.

The Leeds-based operation, which includes sites such as Sky Vegas and Sky Bingo, is being bought by private equity group CVC Capital Partners., external

Sky will be paid ₤ 600m when the yohaig code deal is finished next year and will retain a 20% stake.
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Betting and video gaming was not considered part of Sky's core business, a spokesperson said.
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The sale would enable it to concentrate on the "considerable development chances" in pay television in the 5 European markets it operated in, Sky stated.
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The business just 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.
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Jeremy Darroch, president of Sky, said the sale realised "significant value" for shareholders.
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Shares in Sky increased 1.2% to 938p in London, valuing the business at just over ₤ 16bn. The stock has actually risen by almost 20% in the previous 12 months.

'Successful asset'
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Analysts at Citi stated Sky could use a few of the profits to purchase out the remaining minority shareholders in Germany, adding: "We believe a sale of Sky Bet is a reasonable strategic relocation."

Investec explained Sky Bet is a "non-core but highly effective asset" and stated earnings need to help the company pay down financial obligation, which was anticipated to be ₤ 6.3 bn for the 2015 financial year.
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CVC, which has actually had an interest in the betting and video 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 2 companies failed to settle on cost.

The personal equity group manages the Formula One motor racing company.

Sky Bet will stay in Leeds with all personnel moving to the brand-new entity.
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The service created net revenues of ₤ 182m in the year to June 30 and of ₤ 50m.
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Sky has actually struck a long-term brand name licence contract with Sky Bet.

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