Denise Coates could be in for a £5 billion payday. If a sale happens, she singlehandedly owns 58% of Bet365.
The Coates family is reportedly eyeing a sale of the Bet365 brand. People familiar with the matter say that Denise Coates, CEO of Bet365, has been in talks. These discussions are about a potential sale. However, the company has not made an official announcement yet.
The Guardian reports that Denise Coates discussed a potential sale with Wall Street banks and US advisers. Depending on how the situation unfolds, the news outlet added that a full or partial sale could be considered.
Considering Bet365’s strong position and rapid growth, the betting company could net the sellers around £9 billion or $12 billion. Nonetheless, the Coates family could opt to spin off a part of the business instead of the entire enterprise.
A separate source told The Guardian that the Coates have also held discussions with private equity groups about taking a pre-float stake.
Experts generally agree that Bet365 has reached a point where its owners can maximize its value in a sale.
The Guardian added that Bet365 has yet to respond to requests for comment.
Denise Coates is the highest-paid woman in the United Kingdom. She has billions of dollars to gain if the family proceeds with the sale of Bet365.
The company has grown enormously in the past few years. It has long expanded beyond the borders of the United Kingdom and is now available in numerous markets. Launching in different states, Bet365 also made numerous forays into the United States, among markets.
Bet365 has successfully maintained and expanded its local presence, despite the U.S. market being largely dominated by DraftKings and FanDuel. The company entered Tennessee and Illinois in March, which became its 12th and 13th US market, respectively.
