Two of the biggest names in the leisure sector - BSkyB and Hilton Group’s Ladbrokes gaming unit - have unveiled plans to form a 50/50 betting joint venture.
The venture will have exclusive rights for five years to offer interactive betting on a range of Sky sports channels and Internet sites. It will trade under the Ladbrokes brand for fixed-odds betting and the Vernons name for pools betting.
"This partnership means Ladbrokes and BSkyB will be the first companies in the world to develop betting via interactive television to its full potential," Hilton chief executive Mr David Michels said in a statement.
Sky said its digital service users would 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.
BSkyB and Hilton said their joint venture was "expected to be profitable from its launch, debt-free and cashflow positive".
BSkyB will receive £30 million sterling when the deal is completed.
