Sky Bet plots global launch after revenue hike

on . Posted in Skybet

Sky Bet plots global launch after revenue hikeSky Betting & Gaming has announced plans to launch an international expansion in an effort to follow up on the success of Sky Bet in the UK.

According to the Financial Times newspaper, Richard Flint, chief executive of Sky Bet, said his company has hired staff in both Germany and Italy, with the aim of launching the service next year.

Owner CVC Capital already has a presence in the German gaming market having acquired a majority stake in sports betting operator Tipico earlier this year.

CVC purchased the controlling stake in Sky Bet in 2014, via a deal that valued the operator at £800 million (€890.5 million/$994 million), pay-television broadcaster Sky still holds a 20% stake.

Also in 2014, Sky secured control of Sky Deutschland and Sky Italia from 21st Century Fox, and Sky Bet intends to use this expertise to support the launch.

“We very much plan to follow a similar model as in the UK,” Flint said.

“We’re experts in mobile apps; we offer a great experience, particularly to the mass market sports bettor.

“The Sky brand and the relationship we have with the broadcaster has been successful in the UK.
We see that being replicated at a high level Germany and Italy, although the exact mechanics of what broadcasters are looking for and what individual programmes might be looking for will depend on the needs of the local market.”

The plans were announced as Sky Bet also released its financial results for the 12 months through to June 30, a period in which revenue jumped 51% year-on-year to £373.6 million.

Sky Bet cited the success of its betting division as the main reason behind this rise, with this part of the business accounting for £214.1 million of all revenue.

The operator’s gaming division, which runs the Sky Casino, Sky Bingo and Sky Poker, also saw revenue increase 36% year-on-year to £159.5 million, while customer numbers jumped to almost two million.

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