Newly independent Sky Bet targets greater UK market share
CEO Richard Flint confident the operator can hit new heights following the completion of its sale to CVC Capital Partners yesterday
Sky Betting and Gaming’s chief executive Richard Flint said the operator is in a strong position to close the gap at the top of the UK online gambling market following the completion of its sale to CVC Capital Partners.
Yesterday British broadcasting corporation Sky finalised the sale of an 80% stake in the Leeds-based operator to the private equity and investment firm in a deal which values Sky Betting and Gaming at £800m.
Speaking to eGaming Review following the announcement, Flint, who has now assumed the role of CEO, said he was confident the firm would now push on and improve on its current position as the fifth largest egaming firm in the UK market.
“We are one of the fastest growing firms in the UK and this deal will help us further accelerate this growth whilst maintaining our unique advantages from our relationship with Sky,” he said.
“I expect evolution rather than revolution, but part of that evolution will be even greater pace, energy and excitement in the team,” Flint added.
The deal was first announced in December and sees Sky, which has received cash of £600 million and a vendor loan note, retain a 20% stake in the Alderney-licensed operator and maintain board representation.
“We are continuing on the same path of a focus on mobile, great technology and close relationship with Sky Sports,” Flint said.
“We have been focusing on these areas for a few years now which gives us a bit of a head start, and Sky gives us certain ways to differentiate our products,” he added.
Earlier this week eGR revealed that the operator’s Sky Poker TV will undergo a complete overhaul in the coming weeks, including the closure of its 24/7 channel and online live stream in favour of more pre-recorded material.
However, Flint was keen to stress that the changes to Sky Poker TV are an isolated incident and not an indication of it breaking links with Sky.
“Our relationship with Sky will be maintained because we add value to Sky’s programming, and there is the ongoing Sky shareholding, and the fact that we have contracted for the most important parts of the relationship as part of the sale process,” he said.