Bet365 for sale. Who will buy the betting giant?

China exit seen as a signal of a potential sale

In March 2025, Bet365 withdrew from the Chinese market. In a message emailed to local customers on 19 March, the company announced it would focus on “core markets and regions that provide long-term sustainable revenue.” Although no formal press release was issued, the internal communication made clear that the operator was ending activity in one of its most opaque but potentially lucrative regions.

The move was interpreted as part of a broader repositioning. Operating in grey markets has become increasingly risky for global brands seeking institutional capital or preparing for a possible sale. Exiting China may therefore be less about sudden commercial pressure and more about de-risking the business in the eyes of future acquirers.

Another earlier move came in 2024, when Bet365 spun off Stoke City Football Club. The separation removed a legacy asset from the group structure and eliminated a potential complication for buyers uninterested in owning a second-tier football team. The club, while long tied to the Coates family, is now a separate entity and will not be part of any transaction.

What makes bet365 so valuable?

Bet365 is widely viewed as one of the strongest independent assets in the gambling industry. With £3.7 billion in annual revenue, a vertically integrated tech stack, and full in-house control of trading and platform operations, it has long set the standard in live betting and product delivery. The company operates in over 150 markets and remains debt-free.

It is also famously private. CEO Denise Coates has kept the company out of the public markets and largely out of the media. Based in Stoke-on-Trent rather than a global financial centre, Bet365 has operated on its own terms for more than two decades.

But growing regulatory complexity and international competition may now be nudging the company toward a new chapter — and potentially new ownership.

Private equity giants lead the list of likely bidders

Several major private equity firms are believed to be closely monitoring Bet365’s status. The most frequently mentioned names include Blackstone, Apollo Global Management, and CVC Capital Partners — all with a strong track record in gambling, gaming technology, and digital consumer sectors.

Blackstone previously acquired Crown Resorts in Australia and holds a stake in Superbet, one of Eastern Europe’s most aggressive sportsbook operators. Apollo has significantly expanded its gaming portfolio in recent years — most notably through its acquisition of IGT’s Global Gaming division and its $6.2 billion deal for Everi, a major supplier of casino technology and fintech solutions.

CVC Capital Partners, meanwhile, was the former owner of Sky Bet, which it sold to The Stars Group in a landmark deal. The firm also holds investments in media, sports, and adjacent technology verticals — all of which align well with the Bet365 model.

In terms of execution, these funds have the financial firepower to close a transaction of this size. They would also likely preserve existing leadership at Bet365 in the short term, focusing instead on optimising operations, unlocking international growth, and planning a future exit — either through IPO or resale.

Private equity also brings something strategic buyers often can’t: discretion. A deal structured privately, without public shareholder scrutiny or regulatory disclosure, may be especially attractive to the Coates family — particularly if they are considering a partial sale rather than a full exit.

Is a U.S. operator the next owner of Bet365?

Among potential American buyers, DraftKings and Caesars Entertainment stand out. DraftKings would gain global scale, proprietary technology, and a well-established presence in European markets — areas where it currently lacks depth. However, its ongoing losses and reliance on equity financing could limit its ability to complete a cash-intensive deal.

Caesars, on the other hand, could use a Bet365 acquisition to expand internationally and strengthen its online technology platform. While focused primarily on the U.S. market, Caesars lags behind its competitors in global reach — and Bet365’s infrastructure could close that gap.

Bet365 has already established a presence in the U.S., where its sportsbook is live in 13 states. It entered the Illinois market just ahead of March Madness and is expected to launch in Missouri this fall. According to Eilers & Krejcik analyst Alun Bowden, Coates is now “gunning for U.S. market share” and plans to prioritise further expansion across the country. This makes a takeover by a US gambling operator a likely scenario.

Flutter Entertainment and Entain could also be in the mix. Flutter already owns FanDuel, PokerStars and Sisal, and has deep M&A experience. Acquiring Bet365 would strengthen its leadership in the global sportsbook market.

Entain, meanwhile, owns brands like bwin, Ladbrokes and BetMGM (in partnership with MGM Resorts), but is seen as a less likely contender due to recent financial underperformance and investor pressure.

Crypto-native operators like Stake.com have been informally mentioned, but regulatory scrutiny — especially in the UK — may block such a deal. Sovereign wealth funds in the Gulf and Asia are also a possibility if the deal process turns competitive.

Price tag could go higher

The reported valuation of £9 billion reflects a revenue multiple of 2.4x — a reasonable figure based on current industry benchmarks. For comparison, DraftKings trades at a multiple of 3.5x, Flutter at 3.0x, and Betsson around 1.85x. If multiple bidders emerge, especially from both sides of the Atlantic, the final price could rise toward £12 billion.

It is still unclear whether the Coates family is exploring a full sale or a partial divestment. A minority stake sale could inject capital while preserving long-term control.

A sale of Bet365 would represent the largest ownership change in the history of online betting. It would also mark the end of one of the last large-scale, founder-led, and privately held businesses in the sector.