Sky Bet cashes in with revenues up 36%

SKY Betting and Gaming saw its revenues climb 36% to £247m in the year to 30 June.

In its first full year results since Sky sold the online gambling business to CVC Capital Partners, the company revealed strong performance across the board.

Turnover at Sky Bet jumped 56% to £117m, while Sky Gaming saw gains of 20% to £117m. Oddschecker revenue climbed 30% to £13m. Total customers increased to 1.48m, while average revenue per customer increased by 33%.

Investment in mobile technology paid off for the firm, with 80% of the revenue staked on mobile devices.

Headcount rose 15% across the year and continues to rise. In November, Sky Betting and Gaming revealed it would create 200 jobs in Leeds and Sheffield as part of an £11m investment, boosting headcount to 900.

Richard Flint, CEO of Sky Betting & Gaming, said the strong performance of 2014/15 has continued into the current financial year, with accelerated growth in the six months to December.

He said: “During the year, we invested in both our technology and mobile platforms from our base in Yorkshire and this has helped drive our strong performance.

“We will maintain our focus on these two key areas in 2016 while also growing our team to ensure we are well placed to deliver another strong year of growth.”

In December 2014, Sky sold 80% of its share in Sky Betting and Gaming to CVC Capital Partners, creating an £800m standalone business.

Part of the deal saw the company retain its links to Sky through branding and other commercial agreements.