Options on the table include a full or partial sale, or even a medium-term plan to take the company public via a US stock market listing.
The Coates family, the billionaire dynasty behind online betting giant Bet365, is reportedly exploring a sale of the company in a move that could value the Stoke-on-Trent-based business at a staggering £9 billion.
According to sources speaking to The Guardian, Bet365—led by co-founder and CEO Denise Coates—has entered informal discussions with major Wall Street banks and US-based advisers. Options on the table include a full or partial sale, or even a medium-term plan to take the company public via a US stock market listing.
Among the scenarios being considered is a partial sale to a private equity firm, with the Coates family retaining a stake ahead of an eventual IPO. A spin-off of part of the business is also being weighed as an alternative to a full listing.
A second source confirmed discussions with private equity investors regarding a possible pre-float stake, indicating serious preparation behind the scenes. One insider familiar with the talks said Bet365 had now entered the “beauty parade” stage—where companies consult with multiple banks to determine who can deliver the best valuation and deal structure.
The company declined to comment on the reports.
A sale or flotation could net Denise Coates—who holds a 58% stake in the business—more than £5 billion. It would mark a dramatic chapter in the rise of Bet365, which was famously launched from a Portakabin in a Stoke car park and went on to outpace historic high street names like Ladbrokes and William Hill.
Under Coates’s leadership, Bet365 became a pioneer in online betting technology and a global powerhouse in digital gambling. More recently, the company has focused its expansion on the US, capitalising on the post-2018 surge in legal sports betting following the repeal of a federal ban.
Bet365 now operates in 13 US states and is actively pursuing further licences as more jurisdictions regulate online wagering.
Strategic moves in recent years appear to align with US investor appetites. Earlier in 2024, Bet365 announced it would exit the Chinese market—a region long criticised due to the illegality of gambling there. And in 2023, ownership of Stoke City Football Club was transferred from the company to John Coates, Denise’s brother.
Commenting on these shifts, Paul Leyland, director of gambling consultancy Regulus Partners, said:
“It would be very difficult to have China exposure given the level of scrutiny that might be applied in the US, and why would you have a football club attached, that’s a family legacy.”
He added, “A sale in the US is compelling for everybody,” pointing to strong investor demand for established operators. “There’s more money chasing gambling than there are gambling companies that are investable.”