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Who Could Cash Out Big
The billionaire Coates family is thinking about selling Bet365, the online betting giant they built from scratch. Sources close to the matter say they’ve met with Wall Street banks recently to talk through options. The deal could value the company at a whopping £9bn.
Denise Coates runs the show, and with a 58% stake, she stands to pocket more than £5bn from any sale.
The family hasn’t confirmed anything yet. But word is they’re already at the “beauty parade” stage, when companies shop around for banks to help them get top dollar.
Why They’re Looking to Sell Now
Timing seems right. Denise turns 60 in two years, and the company’s been busy making itself look pretty for US buyers.
They’ve pulled out of China, as well as moving Stoke City FC to brother John’s ownership. Both moves make sense if you’re eyeing American investors.
The US sports betting market is booming. It’ll grow from $14bn last year to over $23bn by 2029, experts reckon. Bet365 only has about 2.5% of that pie right now.
What Their Options Look Like
Nothing’s set in stone. They might sell a chunk to private equity but keep some skin in the game. Or they could float the business on a US stock exchange down the road.
Another option? Spin off just part of the operation instead of the whole Stoke-based empire.
Industry analyst Paul Leyland thinks a US deal makes perfect sense. “There’s more money chasing gambling than there are gambling companies that are investable,” he told reporters.
How Far They’ve Come
This potential sale caps a pretty remarkable story. Around 2000, Denise (an econometrics grad) spotted the online betting opportunity while her dad ran traditional betting shops.
She grabbed the Bet365.com domain for $25,000 off eBay. Then she borrowed against the family’s brick-and-mortar shops to build tech that ran circles around bigger rivals.
From zero to outpacing established names like Ladbrokes and William Hill. Now Bet365 pulls in £3.7bn in revenue with profits of £627m.
Not too shabby for a family business that gambling consultant Alun Bowden calls “one of, if not the best, online sports betting business in the world.”
