SkyBet rises above rivals to scorn bid talks

Online betting firm SkyBet is shunning the handbag dancing under way between rival bookies in a consolidating gambling industry, chief executive Richard Flint said on Wednesday.

SkyBet, which uses the Sky brand but has been majority owned by private equity firm CVC since 2015, has seen phenomenal growth in recent years and boasts 2.6 million customers and more than 10% of the market.

Although he expects online bookmakers to face tougher regulation at some stage, Flint says the Football League sponsor is focused on organic growth: “There are no plans to participate in any consolidation,” he added.

A float remains the more likely exit for CVC but there are “no current plans”, he said.

His comments came as the firm’s results showed a 38% jump in both revenue and underlying profits to £516 million and £146 million in the year to June 30. SkyBet has also branched overseas into Italy and is plotting further international expansion.

CVC refinanced the debt used to buy SkyBet in the summer, resulting in a payout of around £500 million split between itself and minority shareholder Sky.