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Satellite broadcaster Sky has sold a majority stake in Sky Bet, valuing the gaming operation at ₤ 800m.
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The Leeds-based operation, that includes websites such as Sky Vegas and Sky Bingo, is being purchased by private equity group CVC Capital Partners., external
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Sky will be paid ₤ 600m when the deal is next year and will retain a 20% stake.
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Betting and gaming was not considered as part of Sky's core organization, a spokesperson stated.

The sale would allow it to concentrate on the "substantial growth chances" in pay television in the five European markets it operated in, Sky said.

the yohaig code company just recently completed the acquisition of Sky Italia and a 90% stake in Sky Deutschland, bringing its client base to 20 million across Britain, Ireland, Germany, Austria and Italy.
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Jeremy Darroch, chief executive of Sky, said the sale realised "substantial value" for investors.

Shares in Sky rose 1.2% to 938p in London, valuing the business at simply over ₤ 16bn. The stock has risen by almost 20% in the previous 12 months.
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'Successful property'
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Analysts at Citi said Sky could utilize some of the earnings to buy out the yohaig code staying minority investors in Germany, adding: "We think a sale of Sky Bet is a reasonable strategic move."
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Investec described Sky Bet is a "non-core however extremely effective asset" and said earnings need to help the business pay for debt, which was expected to be ₤ 6.3 bn for the 2015 financial year.

CVC, which has had an interest in the wagering and gaming sector with stakes in companies such as William Hill and IG Group, tried to buy Betfair last year in a ₤ 1bn deal. However, the two companies stopped working to settle on rate.

The private equity group controls the Formula One motor racing service.

Sky Bet will stay in Leeds with all personnel transferring to the brand-new entity.

Business generated net incomes of ₤ 182m in the year to June 30 and pre-tax revenues of ₤ 50m.

Sky has actually struck a long-lasting brand licence arrangement with Sky Bet.

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