Bet Sold - Sports Betting

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Bet Sold

Category: Betting

Description

Sky Bet Sold To Private Equity Firm For $

Sky Bet Sold To Private Equity Firm For $1.25B British Satellite-TV Company Sells Controlling Stake

by Brian Pempus | Published: Dec 04, 2014 |

British satellite-television operator Sky announced Thursday that is has agreed to sell a majority stake in its online gambling business, Sky Betting and Gaming, to private equity firm CVC Capital Partners, according to reporting from The New York Times.

The deal is for roughly $1.25 billion.

“The sale crystallises value for Sky that has been created in Sky Bet, and enables the enlarged Sky to focus on the significant opportunity for growth in pay TV across the five markets in which it now operates,” the press released stated.

Sky will retain an equity stake of approximately 20 percent in Sky Bet, which has headquarters in Leeds, and ongoing board representation, the press release added.

“In the last ten years, we have successfully grown Sky Bet from a start-up to one of the leading online betting and gaming companies in the UK. This transaction will allow us to focus further on the substantial growth opportunities in our core international pay TV business while realising significant value for our shareholders,” Jeremy Darroch, Group Chief Executive of Sky, said in a statement.

Sky’s poker offerings are regulated by the Alderney Gambling Control Commission

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Rule Description

General Rule

1. Trade In feature is only available on those matches with Trade In indicator.

2. Trade In feature is only available during In-Play for valid confirmed unexpired bet tickets. Bets placed during Pre-Match will have to wait until the match goes to In-Play kick off status before the “Sell” button and “Price” appears.

3. Trade In feature is offered for full selling of an entire bet and any form of partial selling (max. 5 times).

4. Members shall not be entitled to cancel a Bet Ticket that has been accepted through the Trade In system.

5. The Company will credit the Member’s account as soon as feasible after the Bet Ticket has been successfully sold through the Trade In system (i.e. after the Company has processed valid Trade In notification that the Member’s ticket has successfully been sold).

6. After a Bet Ticket has been sold via Trade In, the Bet Ticket’s ownership will no longer belong to the Member and the Bet Ticket’s outcome will not affect the Member’s account balance except in the case of Match, Bet Ticket or Sell Transaction cancellation.

7. If a Bet Ticket has been sold via Trade In and Sell Transaction is cancelled by the Company because of valid reasons, the selling price of the Bet Ticket will be deducted by the Company from the Member’s balance account, and the Bet Ticket’s ownership will revert back to the Member.

8. Members can re-sell Bet Tickets again if the previous Bet Ticket was not sold successfully.

9. If a Bet Ticket has been sold via Trade In and the match or Bet Ticket is cancelled, the selling price of the Bet Ticket will be deducted from the Member’s account balance, and stake amount will be returned by the Company to the Member.

10. If a Bet Ticket has been sold via Trade In and the Match, Bet Ticket or Sell Transaction is previously cancelled and then un-cancelled for any reason (for example, but not limited to, data entry error by the Company), initial stake amount will be deducted by the Company from the End User’s balance account and the selling price of the ticket which was sold earlier will be added back by the Company to the Member’s account.

11. The Company reserves the right at its sole discretion to open/close Trade In feature of that match or to cancel/reject any Bet Tickets sold by a Member via Trade In feature.

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