By Daniel Hunter

Sky has sold its majority stake in gambling operation Sky Bet for £600m.

Private equity group CVC Capital Partners will pay Sky £600m when the deal is completed next year, with Sky keeping a 20% stake.

Sky Bet, which includes sites like Sky Bingo and Sky Vegas, was not part of Sky's core business, a spokesperson said.

Sky said the sale will allow it to focus on "significant growth opportunities" in pay TV across Europe.

Sky's shares rose by 1.2% after the announcement. Its share price as grown by 20% over the last year, with the company now valued at £16bn.

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