The billionaire Coates family, founders of online gambling giant Bet365, are exploring a possible sale of the business that could value the company at up to £9 billion, according to sources speaking to The Guardian.
Led by CEO Denise Coates, the company has reportedly held preliminary talks with Wall Street banks and U.S. advisers in recent weeks to assess options for either a full or partial sale.
Informal discussions have included various scenarios, such as a future listing on a U.S. stock exchange, or a partial sale to private equity investors, allowing the family to retain a stake ahead of a potential IPO. Another possibility being explored is the spin-off of part of the business rather than a complete flotation of the Stoke-on-Trent-based firm.
A second source confirmed that private equity firms have also been approached regarding a pre-IPO stake. One individual familiar with the process said Bet365 has now entered the “beauty parade” phase—where companies consult multiple banks to identify the best partners for maximizing deal value.
Bet365 declined to comment on the reports.
If a sale goes ahead, Denise Coates, 57, who owns a 58% stake, could receive more than £5 billion—an extraordinary milestone for a business that began in a Portakabin in a Stoke car park.
Under Denise Coates’s leadership, Bet365 revolutionised online gambling, growing from scratch to surpass long-established rivals like Ladbrokes and William Hill.
In recent years, the company has made significant inroads into the U.S. market, capitalising on the surge in sports betting that followed the 2018 Supreme Court decision to overturn a longstanding federal ban.
Bet365 now holds licences to operate in 13 U.S. states and is actively seeking approval in additional markets as more states move to legalise and regulate sports betting.
