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Sky Betting Expanding into Italian Market
SKYBET GEARING UP FOR PUSH INTO ITALIAN AND GERMAN MARKETS
Strong UK growth encourages expansion plans.
UK online operator Sky Betting and Gaming is gearing up for an international expansion in 2017 involving Italy and Germany following strong growth in the British market.
The Financial Times reports that the expansion follows private equity firm CVCs GBP 800 million acquisition of a controlling stake in the betting group in 2014, and SkyBets achievement of a controlling stake in Sky Deutschland and Sky Italia in the same year, strengthening its potential in the German and Italian markets.
SkyBets chief executive, Richard Flint, told the FT this weekend that his company has hired staff in Germany and Italy, and has begun testing its site in with a small group of customers in both countries. He revealed that a more formal launch ios planned for next year, when the company will begin to advertise in both markets.
“We very much plan to follow a similar model as in the UK,” he said. “We’re experts in mobile apps. And with the Sky brand and the relationship we have with the broadcaster we have been successful in the UK.
“We see that being replicated at a high level Germany and Italy, although the exact mechanics of what broadcasters are looking for and what individual programmes might be looking for will depend on the needs of the local market.”
On Monday, SkyBet released its full-year results for the 12 months ended June 30. Revenues rose 51 percent to GBP 373.6 million, up from GBP 247.5 million a year earlier. No figures for profit were available.
The majority of the rise came from SkyBets sports betting division which grew 64 percent over the year and accounted for GBP 214.1 million of group revenues.
The gaming division, which includes successful brands runs brands Sky Casino, Sky Bingo and Sky Poker, accounted for GBP 159.5 million, representing a 36 percent year-on-year increase.
The company also said it has increased its number of customers to 1.95 million compared with 1.48 million a year earlier.
Flint addressed recent media speculation that the company was about to float an IPO that could value the group at GBP 1.5 billion, saying:
“There is no plan or timescale for a float. At some point, CVC will want to exit and an IPO is a possibility, but there is no timescale.”
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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