Bet365 Eyes U.S. Expansion as Ownership Shakeup Looms

Bet365, one of Europe’s most prominent online gambling companies, is considering major structural changes that could significantly reshape its future in the United States market. According to a report by The Guardian, the Coates family—the company’s private owners—are exploring the sale of ownership stakes in the business, potentially including a full acquisition.

The move comes as Bet365 gains traction in U.S. online sports wagering, but still lags behind in the more lucrative online casino (iGaming) sector. The report suggests that fresh capital could help the company accelerate its American growth strategy.

A Strategic Pivot in the U.S. Market

Bet365 has carved out a dominant position in the U.K.’s legal sports betting sector and remains one of the most recognizable names in European online gambling. However, its U.S. operations remain in a growth phase. The company offers sports betting in several states and iGaming in just two—New Jersey and Pennsylvania. Notably, it has no presence in Michigan, one of the largest iGaming markets in the country.

Recent revenue figures highlight Bet365’s modest but growing U.S. footprint. In March, it ranked sixth in taxable sports betting revenue in New Jersey and seventh in Pennsylvania, through its partner Presque Isle Downs. However, its iGaming performance remains middling: 13th out of 28 operators in New Jersey and 10th out of 12 in Pennsylvania.

This underperformance in the online casino space could be a motivating factor behind the Coates family's interest in attracting outside investment. Analysts point to the capital-intensive nature of scaling an iGaming brand in the U.S.—including marketing, product development, and player incentives—as a key barrier to further expansion.

According to The Guardian’s Rob Davies and Anna Isaac, Denise Coates—who holds a controlling 58% stake in Bet365—is weighing multiple scenarios. These include the sale of minority stakes, a partial divestment, or a complete sale of the company. While Bet365 has not commented publicly on the report, the potential outcomes suggest that the company is exploring strategic flexibility in how it approaches future growth.

New investment could support an aggressive marketing campaign to gain market share in New Jersey and Pennsylvania. Entering Michigan, however, presents a more complex challenge. The state’s regulatory structure requires online casino operators to partner with a licensed land-based casino or tribal operator—most of whom already have exclusive partnerships. Acquiring an existing partner or operator could involve high costs, raising questions about the return on such a move.

Reading the Market—or the Exit?

Industry observers note that Coates may be signaling recognition of the long-term capital demands of U.S. expansion. Building a competitive iGaming presence in a mature, high-value market could require more resources than Bet365 is willing to commit under current ownership. The timing of the report could suggest an openness to stepping back and allowing new stakeholders to lead the charge.

Still, no deals are reported to be imminent. The Coates family may simply be gauging market interest to understand Bet365’s current valuation and potential.

Bet365’s U.S. footprint remains in a growth phase, with significant room for expansion in the online casino market despite its success in sports betting.

Conclusion

Whether Bet365 brings in new investors or undergoes a full ownership transition, the implications for the U.S. market are significant. A capital infusion could allow the brand to scale more aggressively, particularly in the highly competitive iGaming sector. At the same time, the company’s cautious approach to growth and current market gaps underscore the challenges of competing with entrenched U.S. rivals.

For now, Bet365 remains a strong contender in sports wagering with ambitions that extend into broader online gambling—provided it can navigate the capital and regulatory hurdles ahead.