Satellite broadcaster Sky has actually offered a bulk stake in Sky Bet, valuing the gaming operation at ₤ 800m.
The Leeds-based operation, which includes websites such as Sky Vegas and Sky Bingo, is being purchased by private equity group CVC Capital Partners., external
Sky will be paid ₤ 600m when the bet9ja's welcome offer is finished next year and will maintain a 20% stake.
Betting and gaming was not considered as part of Sky's core business, a spokesperson said.
The sale would allow it to concentrate on the "considerable growth opportunities" in pay-tv in the 5 European markets it ran in, Sky stated.
The company recently finished 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.
Jeremy Darroch, chief executive of Sky, stated the sale understood "significant value" for shareholders.
Shares in Sky rose 1.2% to 938p in London, valuing the business at just over ₤ 16bn. the yohaig code stock has actually risen by practically 20% in the previous 12 months.
'Successful asset'
Analysts at Citi stated Sky might use some of the profits to purchase out the staying minority shareholders in Germany, including: "We believe a sale of Sky Bet is a practical strategic relocation."
Investec explained Sky Bet is a "non-core but highly effective asset" and stated proceeds need to help the company pay down debt, which was expected to be ₤ 6.3 bn for the 2015 financial year.
CVC, which has actually had an interest in the betting and gaming sector with stakes in business such as William Hill and IG Group, attempted to buy Betfair in 2015 in a ₤ 1bn deal. However, the two business stopped working to agree on rate.
The personal equity group controls the Formula One motor racing business.
Sky Bet will remain in Leeds with all staff moving to the new entity.
The organization produced net profits of ₤ 182m in the year to June 30 and pre-tax revenues of ₤ 50m.
Sky has struck a long-term brand name licence arrangement with Sky Bet.
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