Dean Kennedy 
UK-based sportsbook giant Bet365 is rumored to be exploring major strategic moves, including a partial or full sale or a U.S. IPO. The Coates family, which controls the company, has reportedly held talks with Wall Street banks to consider these possibilities — including selling the business outright or listing shares in New York.
However, the field of serious bidders appears limited. According to The Sunday Times, UK betting rivals Entain and Flutter Entertainment (parent of FanDuel) are unlikely to bid due to antitrust concerns and significant business overlap in Europe.
This leaves DraftKings as the most logical remaining suitor from within the gaming industry, The Times reports. So far, neither Bet365 nor DraftKings have confirmed any talks.
DraftKings May Have the Means but Faces Risks
Rumors suggest that CEO Denise Coates would be looking for a $12 billion valuation if Bet365 were sold. With a current market cap of around $17.12 billion, DraftKings theoretically has the means to make a bid, though the offer would likely be heavy on equity and light on cash.
If a deal were reached, the Coates family could become major shareholders in DraftKings — a potentially risky outcome, given that company insiders frequently sell shares and the stock has dropped 18.52% over the past year.
There’s precedent for DraftKings pursuing UK targets: in 2021, the company made a $22.4 billion offer for Entain, although some analysts believe it was more of a strategic move to block MGM Resorts from acquiring full control of BetMGM.
Private Equity Firms Seen as Viable Bidders
As reported by Casino.org, private equity giants such as Apollo Global Management, CVC Capital, and Blackstone are viewed as strong contenders due to their experience in the gaming sector. None have publicly confirmed interest, but they may be able to offer more upfront cash than DraftKings.
Additionally, private equity buyers can provide greater deal flexibility, including the possibility of acquiring Bet365 in whole or in part while preparing for a U.S. listing. This could further benefit the Coates family financially.
