Sky Bet revenues grow 30% to £670m
Sky Betting & Gaming (SB&G), owned by the Stars Group, has today released its business acquisition report, showing total operating profits of £87m for 2018.
Sky Bet has enjoyed a strong year. Annual revenues rose 30% to £670m in the full-year up to 30 June 2018. Revenues for this year were up even more; 37% to £407m.
The Stars Group stated increased stakes and a strong win margin – largely due to a run of favourable results from sporting events – contributed to increased revenues.
Gaming revenue grew by 19% on the year to £239m, while gross profits were up 33% to £500m.
Growth did slow down a little in the second half of the year. Revenues in Q3 were up 18% and 15% in the last two quarters, to £157m and £174m respectively.
Speaking about the results, Richard Flint, CEO of Sky Betting & Gaming, said:
The 2018 fiscal year was another strong year for SB&G, with continued product leadership and innovation. We enjoyed another year of growth, extending our leadership as the UK’s most popular online betting and gaming brand. We also continued our investment in brand, technology and people, and continued delivering innovative products that meet the needs of our customers, all of which we believe combined to drive strong operating results. The transaction with The Stars Group will allow us to offer our best-in-class products to a truly global audience. We enter the rest of 2018 and head into 2019 as part of one of the world’s largest publicly listed online gaming companies, and I am excited about the opportunities that this combination presents.– Richard Flint, SB&G chief executive officer
The Stars Group finalised the deal to purchase Sky Bet from GVC and Sky PLC for $4.7bn in April.
With the acquisition of Sky Bet moving to be completed shortly, the group have revised their full year corporate outlook.
That acquisition, along with the group’s Australian venture, CrownBet and William Hill Australia, meant that EBITDA for the year has been adjusted to $755-810m, up from $625-650m.