Bet365, one of the world’s most prominent sportsbooks, could be up for sale.
The Guardian reported Thursday that the Coates family is considering the sale of bet365. The sportsbook, led by Denise Coates, 57, has recently held talks with US banks and advisers about a potential or partial sale, according to the publication.
The sale could bring the family up to £9 billion, or $12 billion, according to The Guardian. Denise Coates, the highest-paid woman in England, could net more than £5 billion based on her 58% ownership.
Bet365 sale talks
Reported talks include the potential for a US stock exchange listing, a potential partial sale to a private equity investor, with the Coates family retaining a stake, or the spinning off of part of the business. Last year, the company made £627 million, or $833 million, in pre-tax profits.
Coates and her brother, John, launched the online company in 2000 after taking over the brick-and-mortar chain from her father, Peter.
According to the British publication, signs of a potential sale have mounted, including the sportsbook’s exit from China, where gambling is illegal, and handing over control of Stoke City Football Club to John.
Sleeping US giant?
While a giant overseas, bet365 has stayed relatively quiet in the US as FanDuel and DraftKings dominate market share. Bet365 has less than a 3% market share in the US. Last summer, Truist said there was no second tier of sports betting operators.
Bet365, however, is ramping up its activity in North America. It has market access in 13 states and has indicated it will continue to apply for new licenses as states open.
Recently, the St. Louis Cardinals announced that the team would partner with bet365 for Missouri sports betting, which will launch sometime this fall.
The online gambling giant also holds licenses in Argentina, Germany and Spain.
UK listing transition to US
Last year, Flutter, the UK-based parent of FanDuel, transitioned from a primary stock listing in London to the New York Stock Exchange.
Flutter’s 52-week low was $174.03, and its high was $299.73. It opened Thursday at $243.75.
In April, Stifel named Flutter as one of four “Best In Class” stocks.
