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CVC Capital Partners Buys Skrill-Moneybookers for 600 Million Euros

Fri, Aug 23, 9:11am by Kevin Pitstock

Skrill MoneybookersCablevision Systems Corporation bought Skrill for €600 million. Skrill is the company once known as Moneybookers, so it’s a payment service found on virtually all Australian gambling websites. It’s unknown if the change of ownership will have an effect on services. An American corporation purchased Skrill from a corporation based in the United Arab Emirates.

The €600 million purchase gives CVC Capital Partners a 75% controlling interest in Skrill. No company spokesman has said whether the new ownership group would make changes to their online gambling deposit and withdrawal methods. Many Australian gamblers are likely to be familiar with Skrill. It is considered one of the most efficient and trustworthy gambling in the Internet gambling industry.

Skrill Company History

The recent sale is not the first time Skrill has exchanged hands. In 2007, when Skrill was stilled named Moneybookers, it sold for €25 million to Investcorp Technology Partners, an Arab investment company with offices in London, New York, and Bahrain. Over the years, Moneybookers continued to buy regional money transfer services, especially in the European market. Over time, Moneybookers became a mainstay for online casinos, bookmaker sites, poker rooms, and bingo halls. Only Neteller was found as a payment option for more online gambling sites.

In 2010, the company began to transition to the name “Skrill”. Originally, it was said this would be the name for their touchscreen device payments and mobile devices, but Skrill came to be the company’s new name. During its time as an Investcorp Technology Partners subsidiary, the UK-based payment service increased to 24 times its 2007 value.

Recently, it was announced that Party Poker would institute a 3% fee on Skrill and Moneybookers payment, though it’s not thought that announcement had anything to do with Monday’s sale. American poker players have found the service to be useful for quick withdrawals, which can be difficult after the UIGEA. One drawback in the US market centred on members of the Revolution Poker Network claimed it took two months to receive a cashout using Skrill.

Cablevision Systems Corporation

Cablevision is the 8th-largest American cable channel. Registered as CVS on the New York Stock Exchange, the company serves the New York City region in the USA. Their broadcast area includes New York, Connecticut, Northern New Jersey, and Eastern Pennsylvania surrounding the Philadelphia area. The company also provides cable to about 300,000 homes in Colorado, Utah, Wyoming, and Montana.

Cablevision once owned the world-famous Madison Square Garden in Manhattan, but it has since spun off the building into its own corporation. Its board of director includes the octogenarian Charles Dolan and his son, James Dolan, who is the owner of the NBA’s New York Knicks.

Unlike most American businessmen, the younger Dolan first love wasn’t business, but music. Dolan’s adulthood began by trying to launch a musical career, and he continues to serve as the lead singer for a New York City act named “JD & The Straight Shot”. He is a controversial US sports owner infamous for hiring Isaiah Thomas as Knicks general manager–then keeping him on even after losing millions of dollars in lawsuits.

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