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16/07/2001
LADBROKES AND BSKYB FORM AGREEMENT
LADBROKES, the betting and gaming division of Hilton Group, and BSkyB have reached an agreement to form a 50:50 joint venture to develop and operate a fixed-odds and pools betting business linked to Sky channels on Sky Digital.
Ladbrokes' Vernons pools business will be transferred to the joint venture and BSkyB will contribute their wholly owned bookmaker Surrey Sports, which already operates on Sky Digital.
The joint venture will operate under the Ladbrokes brand name for fixed-odds betting and the Vernons brand name for pools betting.
Ladbrokes will nominate the Chief Executive of the joint venture and provide betting and gaming management expertise and marketing support to the company.
The joint venture will have exclusive rights for five years to offer interactive sports betting on Sky Sports Extra and certain other Sky Sports channels on Sky Digital, and non-exclusive rights for a further five years.
BSkyB will receive a cash payment of £30 million from Ladbrokes on completion and on-going operational payments from the joint venture linked to both betting volumes and profitability.
David Michels, Group Chief Executive of Hilton Group, said: "Linking innovative betting opportunities to live broadcasting is a compelling proposition. This partnership means Ladbrokes and BSkyB will be the first companies in the world to develop betting via interactive television to its full potential."
Together Ladbrokes and BSkyB will combine technology, management and marketing support to develop the growing demand for interactive, internet and telephone gaming and betting. Sky Digital customers will be able to use their account with the joint venture across all the other telephone, internet and mobile internet betting services operated by Ladbrokes and BSkyB.
In addition to their share of the ongoing net profits of the joint venture, BSkyB will receive a cash payment of £30 million from Ladbrokes on completion and on-going operational payments from the joint venture linked to both the betting volume and profitability of the joint venture.
The joint venture is expected to be profitable from its launch, debt free and cashflow positive. (CD)
Ladbrokes' Vernons pools business will be transferred to the joint venture and BSkyB will contribute their wholly owned bookmaker Surrey Sports, which already operates on Sky Digital.
The joint venture will operate under the Ladbrokes brand name for fixed-odds betting and the Vernons brand name for pools betting.
Ladbrokes will nominate the Chief Executive of the joint venture and provide betting and gaming management expertise and marketing support to the company.
The joint venture will have exclusive rights for five years to offer interactive sports betting on Sky Sports Extra and certain other Sky Sports channels on Sky Digital, and non-exclusive rights for a further five years.
BSkyB will receive a cash payment of £30 million from Ladbrokes on completion and on-going operational payments from the joint venture linked to both betting volumes and profitability.
David Michels, Group Chief Executive of Hilton Group, said: "Linking innovative betting opportunities to live broadcasting is a compelling proposition. This partnership means Ladbrokes and BSkyB will be the first companies in the world to develop betting via interactive television to its full potential."
Together Ladbrokes and BSkyB will combine technology, management and marketing support to develop the growing demand for interactive, internet and telephone gaming and betting. Sky Digital customers will be able to use their account with the joint venture across all the other telephone, internet and mobile internet betting services operated by Ladbrokes and BSkyB.
In addition to their share of the ongoing net profits of the joint venture, BSkyB will receive a cash payment of £30 million from Ladbrokes on completion and on-going operational payments from the joint venture linked to both the betting volume and profitability of the joint venture.
The joint venture is expected to be profitable from its launch, debt free and cashflow positive. (CD)
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