What Happened to bet365?

Founded in 2000 by Denise Coates in a portable building in Stoke-on-Trent, bet365 rapidly transformed from a traditional family betting shop business into a pioneering online gambling operator. Coates secured a £15 million loan against the family's betting shop estate to launch the digital platform in March 2001, eventually selling the retail chain for £40 million in 2005 to focus entirely on online operations. This early and decisive shift positioned bet365 ahead of its competitors in the burgeoning online betting space.

Over the years, bet365 has become one of the world's largest privately owned betting and casino sites, known for its proprietary in-house technology, particularly its live betting engine, which offered a crucial speed advantage in updating odds. The company's product offering includes sports betting, online casino, online poker, and online bingo, serving over 120 million customers globally. Denise Coates remains the majority shareholder and joint-chief executive, alongside her brother John Coates, with their father Peter Coates serving as chairman.

The period leading up to 2026 has been marked by significant international expansion and strategic recalibration. In the fiscal year ending March 2025, bet365 reported a 9% increase in sports and gaming revenue to £4.036 billion, driven by a 5% rise in sports betting and a 25% increase in gaming revenue. However, pre-tax profits saw a substantial 44% decline to £348.7 million, primarily due to increased costs associated with aggressive new market entries and a one-off restructuring charge of £59.2 million. This strategic pivot involved exiting certain markets, notably China in March 2025, to focus on regulated jurisdictions for long-term sustainable revenue.

North America has been a key focus for expansion. After launching in New Jersey in 2019, bet365 expanded its US footprint to 17 states by April 2026, including significant launches in Illinois, Tennessee, Kansas, Maryland, Missouri in 2025, and Michigan in April 2026. The company also opened a 120,000-square-foot US headquarters in Denver in 2024 at a cost of $135 million and launched a new marketing campaign across North America in March 2026. In Europe, bet365 launched in France in May 2026, ahead of the FIFA World Cup, securing a triple license for sports betting, horse race betting, and online poker.

Regulatory challenges have also been prominent. In March 2024, Australia's financial crime agency, Austrac, initiated an investigation into bet365 for potential non-compliance with anti-money laundering and counter-terrorism financing laws. In July 2026, bet365 entered a binding agreement with Austrac to improve its internal controls. Similarly, in February 2026, the Dutch gambling regulator flagged bet365 for offering prohibited sports betting options involving under-21 players in 2025 and for not adequately handling affordability warning signals. The company continues to invest in responsible gambling initiatives, including tools for deposit limits, session limits, and self-exclusion.

As of August 2026, bet365 remains a privately held company, with the Coates family retaining full ownership and control. The company continues to innovate, launching bet365 Fantasy Sports in North America in June 2026. Despite the recent dip in profits due to heavy investment, its global customer base and aggressive expansion into regulated markets underscore its ongoing ambition to maintain its position as a leading online gambling brand.