Coates family could be about to sell gambling giant Bet365

The Coates family are considering selling their stake in the gambling giant Bet365, a story in the UK newspaper The Guardian has revealed today. 

The family, who have owned the company ever since the website launched in 2000, have helped grow the company into one of the biggest sports betting brands in the world – a business that is now believed to be worth around £9billion. 

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The Guardian has reported that the company has held informal discussions with Wall Street banks and US advisors in recent weeks about a full or partial sale.. 

Denise Coates, who is Britain’s richest woman and the founder of Bet365, has a 58% stake in the company and could also be about to float the business on the US stock exchange – according to the Guardian. 

This news comes off the back of the Stoke-on-Trent based business returning pre-tax profits of £626m and revenues of £3.7 billion last year. 

The company, like the wider iGaming industry, cashed in on the legalisation of gambling in the US back in 2018. Bet365 is now available in 13 states, a number which is likely to grow in the near future. 

Alun Bowden, an analyst at gaming consultant Eilers & Krejcik Gaming, feels now could be the best time for Coates to cash in. 

“Now feels a very good time to explore exit opportunities, and the timing feels right with Denise turning 60 in two years’ time,” stated Bowden.   

“The US market is not an easy or cheap market to crack and potentially requires more funding to enable them to aggressively attack the opportunity. 

“Bet365 remain one of, if not the best, online sports betting businesses in the world, with huge headroom for growth in casino, the US and many other markets. I don’t think they will have many problems in finding investors.”

These rumours follow the decision to move the ownership of Stoke City from Bet365 to John Coates, the brother of Denise.

Football finance expert Kieran Maguire had hinted back in August last year, when that ownership change was announced, that the family could be looking to sell parts of their stake in the gambling company. 

“The one thing that does come to mind from my point of view is that perhaps bet365 themselves are looking for a partial sale,” suggested Maguire. 

“If they are going into international markets as the most successful online betting company in the UK, and possibly the world, it might put off some investors who question why they’re putting in half a million pounds a week into their beloved football club Stoke City.” 

Denise Coates bought the Bet365.com domain name for £18,000 over 25 years ago, with the aim of developing sports betting technology. If she does decide to sell, it’s fair to say that investment was worth every penny.