UK-based and Ontario-licensed sportsbook bet365 could be sold in a multi-billion-dollar deal, according to British newspaper The Guardian.

The outlet reported that the sportsbook operator, which has a sizeable presence in Canada and has been spreading across the U.S., is valued at £9 billion ($16.5 billion CAD).

CEO Denise Coates reportedly met with American advisors and Wall Street banks to seek advice. Citing sources, The Guardian said the Coates family could consider a partial sale to a private equity investor to allow them to retain a pre-float stake in the business they have built. Another option could be to spin off part of the business.

Britain’s richest woman Coates owns a 58% majority stake in the operator.

Bet365 is currently licensed in 13 U.S. states, having gone live in both Illinois and Tennessee in March of this year. It is pursuing more, and seems highly likely to be one of Missouri’s licensed sportsbooks when that state opens its recently legalized sports betting market later this year, given that it struck a partnership with the state’s Major League Baseball franchise, the St. Louis Cardinals, in March.

Per Eilers and Krejcik Gaming, it has built a market share of about 2.5% across the States since first firing up operations there in 2018 after the repeal of PASPA.

Earlier this year, the company announced it would exit China, where it is operational but sports betting is illegal.

Bet365 hit ground running in Canada

Data provided to Canadian Gaming Business by H2 Gambling Capital last fall suggested that as of March 31, 2024, the operator held around 15% of Ontario’s private-sector market, helped by the fact it was prominently active in the province’s grey market for years before single-event sports betting was legalized in Canada in 2021 and regulation was brought to the table in Ontario.

It continues to operate in some other provinces, where the governmental lottery corporations’ platforms are the only recognized regulated online gambling options.

Bet365 applied for a license to join iGaming Ontario’s market in the lead up to the curtain raising in April 2022, and was approved by the Alcohol and Gaming Commission of Ontario (AGCO) in March 2022.

It continues to operate in some other provinces, where the governmental lottery corporations’ platforms are the only recognized regulated online gambling options.

At the time that bet365 received its Ontario licence, it was touted as one of Canada’s two largest unregulated operators, alongside Super Group, the owner of the Betway, Jackpot City and Spin brands, among others. While those Super Group brands, like bet365, are now licensed in Ontario, H2’s data pins that company as the largest existing grey-market operator outside of Ontario.

Based on the pattern it has shown in Canada and the U.S., bet365 seems a likely candidate to apply for a licence to jump into Alberta when that market opens, slated to be early next year.