This week the media giant Sky confirmed that it had sold its remaining stake in Sky Bet to PokerStars owner, the Stars Group. The company held a 20% stake in Sky Betting & Gambling but sold that for a staggering £635 million.
The deal was announced a while ago, back in April and announced by Sky and CVC, who Sky first sold off its majority stake in Sky Betting & Gambling to several years ago.
The Stars Group is based in Toronto and owns some of the biggest names in gaming such as PokerStars, PokerStars Casino, BetStars and Full Tilt. They split this offer into £426 million in cash and £7.6 million in shares, valued at around £208 million.
The Stars Group is now the largest publicly listed online gaming company according to the Star Group Chief Exec Rafi Ashkenazi.
Sky will continue to license the Sky Betting & Gambling brands to the Stars Group although they no longer own a share of the eponymous brand. In a statement Sky said the extra funding would go towards cutting down the brand’s debts and investing in growth opportunities in the future.
It’s one of the biggest sales the industry has ever seen, turning the Stars Group into something of a superpower in the world of online gambling.
For now customers of the brand do not need to worry as nothing changes for them, but do look out for brand changes that may follow as The Stars Group put their own stamp on Sky Bet.