Recent rumors suggest that Bet365 is contemplating a significant transaction, such as a complete or partial sale or a US initial public offering (IPO), although the number of trustworthy buyers is perceived to be limited. Among various gaming firms, it might just be DraftKings (NASDAQ: DKNG) and no other.
To clarify, neither Bet365 nor DraftKings have addressed that speculation, and it's uncertain whether the two parties have communicated. Last week, it emerged that the Coates family, who oversee Bet365, has engaged in talks with Wall Street banks regarding several options for the UK-based betting powerhouse. These options consist of a sale that would enable the family to capitalize on its stakes in the business or possibly selling stock in New York.
According to The Sunday Times, UK betting companies Entain and Flutter Entertainment, the parent of FanDuel (NYSE: FLUT), are improbable to make an offer for Bet365 due to potential antitrust issues raised by regulators. Additionally, there is considerable overlap between Bet365's European activities and those of Entain and Flutter.
According to The Times, this might make DraftKings the most sensible remaining candidate from the gaming sector for Bet365.
Speculation suggests that if Bet365 decides to sell completely, CEO Denise Coates aims to achieve a $12 billion valuation.
With a market capitalization of $17.12 billion at today's US market close, DraftKings has the capacity to pursue the British firm, but the proposal would probably consist mostly of equity with a minor cash portion.
If a deal is finalized in that manner — which isn’t assured — it would probably position the Coates family as one of the biggest DraftKings investors. There’s danger in that since insiders at the gaming firm often sell their shares and the stock has decreased by 18.52% in the last year.
Regarding the potential for DraftKings to bid on a UK firm, there is a history. In 2021, the operator proposed a cash and equity offer worth $22.4 billion for Entain, but some analysts think it was a strategic move aimed at increasing Entain's price to hinder MGM Resorts International (NYSE: MGM) from gaining complete control of BetMGM.
As reported by Casino.org last week, due to their connections to the gaming sector, private equity firms Apollo Global Management and CVC Capital might be logical candidates for Bet365. The Times included Blackstone in that list, although none of those three have shown public interest in purchasing the gaming company.
All three asset managers are legitimate potential buyers since they can offer the Coates family more immediate cash than DraftKings could probably provide.
Moreover, the private equity firms can provide the family with greater flexibility compared to a buyer focused solely on gaming. A private equity purchaser might take over Bet365 completely or a portion of it while gearing up for a US listing that would further benefit Denise Coates and her family.
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