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Sky Bet announce record profits over last financial year

Leeds-based Sky Bet have increased their market share in the UK to over ten per cent, according to consultancy firm Regulus Partners, after announcing record profits over the last financial year.

The firm announced corporate profits of £146 million in 2016/17, up from £105 million the previous year, and topped the £500 million mark in turnover.

Sky Bet also claim to be the fastest growing online gambling enterprise, reporting an increase in customers from 1.95 million to 2.6 million. This has been in part down to its expansion into other territories, such as Italy and more recently Germany.

Sky Bet CEO Richard Flint said: "I'm proud that 2017 was another record year. We continued to lead the market for innovation, extending our lead as the UK's most popular online betting brand. Our investments in brand, technology and people are paying off."

Sky Bet, which also operates casino, poker and bingo arms under the Sky banner as well as comparison site Oddschecker, have taken off since private equity firm CVC Capital bought a majority share in the company from Sky Media in 2015.

No mention was made in the review of stock market flotation, but Sky Bet are one of the few major betting operators based in the UK and as a result pay more tax than firms based offshore. 

In an interview with the Yorkshire Post, Flint revealed that Sky Bet have written to the treasury "to make the point that, while it is important businesses pay tax, there comes a point when it is not sustainable, particularly when competitors pay less."

 

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