The Coates family are weighing up a potential sale of bet365 after holding talks with Wall Street banks and US-based advisers, according to The Guardian.
As reported this morning by the newspaper, conversations have supposedly been held about a full or partial sale of the online betting giant in recent weeks.
The report said options on the table for CEO Denise Coates and her family include a plan to float on a US stock exchange, or a partial sale to private equity with the Coates retaining a stake before a future listing.
Another option, as per the article, claimed that bet365 could spin-off a part of its business, rather than a full public listing on the firm.
The Guardian‘s report comes after EGR exclusively revealed bet365 had withdrawn from China last month, with some suggestions that the exit could be part of the plan to eventually sell the business.
At the time, Regulus Partners estimated China’s market was worth less than 5% of bet365’s annual revenue, compared to around 20% in 2014.
Last year, bet365 transferred the ownership of Stoke City FC to Denise’s brother, John, which has also been flagged as a potential for slimming down of the operation ahead of a float.
The Stoke-on-Trent-based operator reported revenue of £3.7bn, in the 53 weeks to 31 March 2024, in its latest Companies House filings. Profit for the reporting period leapt to almost £400m.
The reports of a listing in the US come as the privately owned firm continues to make headway in the States.
Last year, the company unveiled plans for a new Denver, Colorado, headquarters to house 1,000 staff, while it is live in 13 states after recent launches in Illinois and Tennessee.
As per analyst firm Eilers & Krejcik Gaming (EKG), bet365’s US online sports betting market shares is around 2.5%, while it boasts a podium position in Ohio. EKG has also previously valued bet365 at around £9bn.
The post Report: Coates family weighing up bet365 sale first appeared on EGR Intel.
The Guardian has reported that CEO Denise Coates and her family have held talks with Wall Street and other US figures over a potential full or partial sale, as well as a US listing
The post Report: Coates family weighing up bet365 sale first appeared on EGR Intel.