The Coates family owners of betting giant Bet365 are reportedly exploring a landmark sale of their online gaming business, with a valuation near £9 billion. According to The Guardian, informal discussions with Wall Street banks and US advisers have covered options ranging from a full or partial sale to a future US IPO .
Bet365 Sale Talks: Private Equity, Partial Stake & IPO Options
Private Equity Investment and Stake Retention
One route under consideration is a minority stake sale to private equity, enabling the Coates family to unlock significant capital while retaining control. Sources say Bet365 has already held preliminary talks with PE firms about taking a pre‑float position effectively “testing the waters” ahead of a larger transaction .
US Stock Exchange Listing Possibility
Another scenario involves a medium‑term plan to list on a US stock exchange. By first selling a stake to private investors, Bet365 could pave the way for an eventual IPO, tapping into America’s deep capital markets and betting boom. This dual‑step approach would mirror strategies used by other European gaming firms seeking US expansion .
Strategic Moves Paving the Way for Sale
Exit from Chinese Market
In March 2025 Bet365 announced it was winding down its China operations an opaque, grey‑market region that complicated potential US financing or listing . Exiting China both simplifies regulatory due diligence and signals to investors a sharpened focus on core, regulated markets.
Pivot to Regulated Markets & US Expansion
Bet365 has steadily increased its US footprint, securing licences in 13 states amid the sports‑betting surge. This expansion enhances its appeal to American private equity and strategic buyers, positioning the business as a prime “dark horse” acquisition in a market where many European entrants have struggled .
Valuation & Financial Performance
Revenue Growth and Return to Profit
In the 12 months to March 31, 2024, Bet365 generated £3.72 billion in revenue a 9% uplift year‑on‑year and returned to profitability with pre‑tax profits of £626.6 million. This robust performance underpins the family’s confidence that now is an opportune time to monetise their stake.
Denise Coates’s 58% Stake and Potential Windfall
CEO Denise Coates owns 58% of Bet365. A £9 billion sale could net her around £5 billion, cementing her status as the UK’s richest woman. She has already extracted over £2 billion in pay and dividends, and a successful exit would mark another extraordinary pay‑day .
Potential Buyers: Who Could Acquire Bet365?
Several categories of suitors could pursue Bet365:
- Private Equity Firms Large PE houses (e.g. Blackstone, KKR, Carlyle) have the balance‑sheet capacity to fund a multi‑billion‑pound acquisition. They would likely focus on optimising cash flow, cost structures and potential bolt‑on acquisitions in regulated markets.
- Strategic Gaming Operators US sportsbook giants such as DraftKings or FanDuel might consider a takeover to instantly scale their technology platform and customer base. European competitors (e.g. Flutter, Entain) could also pursue consolidation to defend market share.
- Asset Management Companies Large asset managers with alternative‑asset arms (e.g. SoftBank Vision Fund, Temasek) could view Bet365 as a stable, high‑growth digital revenue stream. Their long‑term investment horizon aligns with betting licence renewals and market expansion.
- High‑Net‑Worth Individuals or Family Offices Billionaires known for sports investments Elon Musk, Michael Jordan or the Saudi sovereign wealth fund might be interested, though reputational and regulatory considerations make this less likely. A celebrity‑led consortium could, however, emerge as a minority investor.
- Public Market via IPO A direct US listing would open ownership to institutional and retail investors. Given Bet365’s scale, an IPO could raise several billion pounds, with the Coates family retaining a majority stake post‑float.
Challenges & Considerations for Potential Buyers
Scale and Market‑Share Hurdles in the US
Bet365’s size and the dominance of incumbents like DraftKings and FanDuel mean only deep‑pocketed buyers can execute a full takeover. New entrants face steep marketing and regulatory costs to defend and grow market share.
Regulatory and Compliance Implications
Prospective buyers must navigate UKGC rules, US state‑by‑state licensing and evolving advertising restrictions. Bet365’s recent exits from grey markets and strengthened compliance team reduce but do not eliminate regulatory risk .
Implications for the iGaming Industry
Private Equity vs. Strategic Acquirers
A PE‑led deal would highlight financialisation in iGaming, with emphasis on margin improvement and eventual exit. A strategic buyer would prioritise integration, cross‑sell opportunities and technology synergies. Both paths reshape benchmarks for online gaming acquisition.
Impact on Affiliate, Agency and Platform Dynamics
New ownership will renegotiate affiliate agreements, media‑buy contracts and platform partnerships. Expect fresh investment in AI‑driven marketing, CRM integration and cross‑channel attribution tools as the new owners seek to maximise ROI.
Next Steps for Bet365 and the Coates Family
Deal discussions are at a “beauty parade” stage banks are pitching valuations, structures and potential financing packages. Over the coming months, the Coates family will decide between a private equity stake sale, a US IPO or a hybrid approach. Formal processes could launch by late 2025, with announcements following soon after.
Conclusion: What the Bet365 Sale Means for Online Gaming Acquisition
A £9 billion Bet365 sale would rank among the largest M&A deals in gambling history. For the Coates family, it crystallises decades of growth; for the industry, it accelerates consolidation, private‑equity influence and US market focus. Whether acquired by PE, listed publicly or taken over by a strategic operator, Bet365’s next chapter will set new benchmarks for online gaming acquisition in 2025 and beyond.