SkyBet Announces £670 Million Revenue Win

SkyBet Announces £670 Million Revenue Win September 24, 2018 Jack Jakob
September 24, 2018 by Jack Jakob

sky betWhile some online casinos may be feeling the tension and nerves grow with the impending changes that the UK Gambling Commission is going to make, one company has already announced a huge revenue win for its fiscal year. Sky Betting and Gaming (SBG), which is responsible for sites like Sky Casino, has reported that it has brought in around £670.5 million for the year ending June 2018.

This revenue summary works as the very first one that the company has published since it was acquired in a £3.36 billion takeover by well-known brand The Stars Group, which took place back in July of this year. Obviously, such figures will please the new owner, joining other revenue improvements that were made pretty much across the board. Of course, certain other noticeable features helped to contribute to this.

For example, the fact that this year saw the World Cup take place did make contributions to the revenue of many online sportsbooks. Sports betting at Sky Bet actually went up by a huge 37% for the fiscal year though, increasing up to £407 million in total. Obviously, favourable football results from the massive event were a great factor in the creation of this figure. Around £2 billion in total was spent on World Cup bets this year, so bookmakers throughout the United Kingdom saw profits soar, in the summer months especially.

Yet, the Sky Bet sportsbook seemed to have a better time of it during the World Cup than others. This was all due to the fact that it brought forward an improved margin for its net win. However, it wasn’t only Sky’s sports betting platform that benefitted from improved revenue, because the brand’s casino and poker platforms received an increase in gameplay. Gaming revenue for the company was up by 19% when comparing it with the previous year-on-year records.

Online Only Company Reaping the Rewards

It’s common knowledge that the SBG brand is an entirely online-only set of offerings, so these latest figures should provide investors with a big reason to smile. You see, while others like Ladbrokes and William Hill face the potential of suffering under the fixed odds betting terminal changes coming soon to land-based outlets, Sky Bet won’t have to deal with that legislation.

In actuality, The Stars Group has helped to give SBG greater access to the global markets, meaning that expansion is on the horizon more so than anything else. It’s clear that 2019 is already looking like it will see more products from the company become available around the world.

Speaking of the merger that took place in July, the CEO of SBG, Richard Flint went on record by saying that the transaction with The Stars Group would allow the company to be able to offer the best products to a global audience, and it seems as though that is well on the way to becoming true. And since the investigation into the merger is now complete, there isn’t anything else blocking both companies from beginning the official integration process. Things are on the up and up for The Stars Group and SBG.