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Satellite broadcaster Sky has actually sold a majority stake in Sky Bet, valuing the betting operation at ₤ 800m.
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The Leeds-based operation, that includes sites such as Sky Vegas and Sky Bingo, is being purchased by private equity group CVC Capital Partners., external
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Sky will be paid ₤ 600m when the yohaig code bet9ja's welcome offer is finished next year and will maintain a 20% stake.

Betting and gaming was not considered as part of Sky's core business, a representative said.

The sale would permit it to focus on the yohaig code "significant growth opportunities" in pay-tv in the 5 European markets it ran in, Sky stated.

The company recently completed the acquisition of and a 90% stake in Sky Deutschland, bringing its client base to 20 million throughout Britain, Ireland, Germany, Austria and Italy.
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Jeremy Darroch, primary executive of Sky, stated the sale realised "significant worth" for investors.

Shares in Sky increased 1.2% to 938p in London, valuing the business at simply over ₤ 16bn. The stock has risen by practically 20% in the previous 12 months.

'Successful asset'
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Analysts at Citi stated Sky might use a few of the earnings to buy out the remaining minority shareholders in Germany, adding: "We believe a sale of Sky Bet is a reasonable strategic move."
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Investec explained Sky Bet is a "non-core but extremely effective possession" and said earnings need to assist the business pay down debt, which was expected to be ₤ 6.3 bn for the 2015 fiscal year.
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CVC, which has actually had an interest in the betting and gaming sector with stakes in business such as William Hill and IG Group, shopped Betfair last year in a ₤ 1bn deal. However, the two business failed to settle on cost.
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The personal equity group manages the Formula One motor racing company.
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Sky Bet will stay in Leeds with all staff transferring to the new entity.
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The company produced net profits of ₤ 182m in the yohaig code year to June 30 and pre-tax revenues of ₤ 50m.

Sky has struck a long-lasting brand name licence arrangement with Sky Bet.
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