Possible Bet365 Sale Could Shake Up Worldwide Sports Betting Landscape
One of the largest sportsbooks in the world, bet365, could have a “for sale” tag on it soon.
A report from The Guardian stated that the Coates family, which owns the private bet365, is exploring options to sell the company. Denise Coates, bet365’s CEO and majority shareholder, talked with Wall Street banks and US advisers about multiple paths forward, including:
- A full sale of the company
- A partial sale of her 58% controlling stake
- An initial public offering (IPO) and listing on a US stock exchange
- A combination of the last two, with the Coates family retaining a stake before the company is listed publicly
The report also indicated that bet365 could spin off part of its business, keeping some of its assets while putting the rest up for sale. The sale looks to value the company at around $12 billion.
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A $12 Billion Opportunity
As CEO of the privately owned bet365 Sportsbook, Coates helped the company become the largest sportsbook in the UK. The platform’s proprietary technology vaulted it above established brands like Ladbrokes and William Hill, with Coates’ vision leading the way.
Coates has cashed in on bet365’s success, too. She has an estimated net worth of $8 billion, according to Forbes, and earns a nine-figure yearly salary.
Now 57, Coates could look to cash out. At a $12 billion valuation, selling her 58% would earn her $6.96 billion.
The bet365 brand brings an attractive offer to the proper suitor. Unlike many international brands that have struggled to gain traction in the US and gone out of business, bet365 has expanded its domestic presence slowly but surely while continuing to grow revenues abroad.
Huge Investment Required for Any New Buyer
While bet365 is a global powerhouse, it remains well below the top legal books in the US, FanDuel and DraftKings. Any new buyer would need to take an aggressive approach toward cutting into their market share.
For perspective, bet365’s authority abroad helped it generate $4.93 billion in FY 2024 revenue. Most of that came from international markets.
Comparatively, FanDuel reported $5.8 billion in US revenue in 2024, and DraftKings reported $4.77 billion. FanDuel’s US revenue outperformed bet365’s worldwide numbers, and DraftKings came close to doing the same.
These numbers illustrate how much revenue bet365 is missing in the US with its smaller market share. To become the largest sportsbook in the world, a buyer will need to invest a lot more beyond the $12 billion price tag to purchase bet365.
Bet365 Prominent Internationally, Expanding in the US
The UK-based bet365 is a leading operator in Europe and one of the largest online sportsbooks worldwide. It serves over 100 million customers in more than 150 countries, including most of Europe and Asia.
In the US, bet365 operates sportsbooks in 13 states with accompanying online casinos in two. Gaming consultancy Eilers & Krejcik Gaming says bet365 has a 2.5% market share in the US and wants to reach 10%. It had a 5.4% market share in Indiana and 9.2% in Ohio in March 2024.
Bet365 was a late arrival to the US sports betting market and has made a small, yet noticeable, impact. However, it does not operate in most of the 32 states with legal online sports betting and needs those markets to reach a double-digit market share.
Of the top 10 US sports betting markets from 2024, bet365 operates in seven. It launched in Illinois in March and is not available in New York, Nevada or Massachusetts. New York is the largest market in the US by a wide margin, and bet365 is losing a significant market share nationwide by not operating in the state.
All Possible Futures for bet365
For now, every route remains on the table for bet365’s future.
The company stopped operating in China in March, where sports betting remains illegal outside Macau and Hong Kong.
Bet365 maintained that it did not violate any Chinese laws, saying those laws did not pertain to offshore gambling operators. Regardless, its departure could foreshadow a change in ownership or business structure that would require bet365 to remain compliant with regulations on a global scale.
If Coates does not receive an offer aligning with her valuation of the company, she can always decide to stay put and continue moving forward, business as usual.
Bet365 remains a global powerhouse and a profitable company with revenue that grew by 9% in FY 2024. Even if Coates wants to sell, she can continue to profit while staying patient and waiting for a better opportunity.
