Launches and sign-ups 10 December 2014
Launches and sign-ups from the egaming industry in the last seven days (4 December to 10 December 2014)
Sky sells stake in Sky Bet for £720m
Broadcasting firm sells its majority stake in the operator to CVC Capital Partners in deal which values Sky Bet at £800m
British broadcasting giant Sky is to sell an 80% stake in Sky Betting and Gaming to private equity and investment firm CVC Capital Partners for a total of £720m.
The value of the firm is based on a 15X EBITDA multiple for the 12 months ended 30 June 2014 and will see CVC pay £600m in cash upon completion of the deal in Q1 2015 and a further £120m at a later date.
The deal values Sky Bet at a total of £800m and will see the operator’s management team, including managing director Richard Flint, who will assume the role of chief executive, remain in place at the firm and headquartered in its current Leeds-based office.
Sky will retain a 20% stake in the Alderney-licensed operator and maintain representation on the board, while also entering into a long-term brand licensing deal.
Betfair chief reveals B2B expansion plans
Betfair is looking to explore B2B partnerships in smaller markets following the model it recently entered into with Crown Resorts in Australia, according to chief executive Breon Corcoran.
Betfair sold its 50% stake in Betfair Australasia in August to joint-venture partner Crown Resorts in August, but maintained a B2B presence in the country by supplying its betting exchange platform to the casino operator.
And in a briefing with journalists after posting a 51% surge in H1 profits, Corcoran said Betfair could strike similar deals in additional, smaller markets that the company would not normally choose to enter.
Seven days in launches and sign-ups:
24/7 Gaming ceases operations ahead of takeover and rebrand
Isle of Man-headquartered 24/7 Gaming has ceased operations at its Wannagaming casino business ahead of a reverse takeover which will precede a complete company restructure and brand overhaul.
The firm confirmed that it is to shut down its Wannagaming casino subsidiary, describing it as “non-profitable and low revenue generating”, ahead of a restructuring process that started in September with the announcement that it was in talks to acquire a binary options provider.
Under the restructure 24/7 Gaming will assume control of a Cyprus-licensed binary options firm, which has remained unnamed, and rebrand itself as Amesi.
Cherry to launch SBTech-powered sportsbook
Nordic casino operator Cherry will add sports betting to its product suite from the beginning of next year after partnering with sportsbook provider SBTech.
Online sportsbooks are to be integrated to Cherry’s Scandinavia and Western Europe-facing casino brands CherryCasino.com, EuroSlots.com, SpilleAutomater.com, NorgeSpill.com and NordicSlots.com, with the first launches scheduled for Q1 2015.
Under the agreement, SBTech will provide Cherry with its full turnkey sports betting product including in-play betting capabilities and the firm’s nascent ‘Fast Markets’ product.
mFortune plots international launch in 2015
Mobile casino operator mFortune is planning its first launch outside of the UK market next year, eGR can reveal.
The firm, which operates mobile casino, bingo and poker in the UK, is hoping to make its debut in the Nordic markets during H1 2015 prior to a wider international expansion.
“Look at the global map. The UK’s a dot. We need to cover the rest of the world,” Simon Wilson, mFortune CEO, said in an exclusive interview with eGR.
Perform de-lists following takeover
Perform Group completed the de-listing of its shares from London’s Stock Exchange following the completion of its takeover by major shareholder Access Industries.
In an announcement to the market, the sports data supplier confirmed it was no longer available for public trading and revealed its new controlling shareholder now held an 87% stake in the firm.
Last month, Perform announced it was to de-list as part of the takeover process, which first got underway in September after Access Industries tabled a £410m bid at 260p per share as it looked to assume full control of the firm.