Denise Coates, founder of UK-based betting company bet365, and her family have risen four places on the Sunday Times Rich List, which ranks the 1,000 wealthiest people in the U.K.
Key Takeaways
- Coates and her family worth £9.45 billion ($12.60 billion)
- Denise Coates founded bet365 in 2001
- Reports suggest bet365 could be sold
Denise Coates, the U.K.’s richest woman, launched bet365 in 2001, borrowing £15 million ($19.9 million) against the family-run retail betting estate. According to the Sunday Times, she, her father Peter, and her brother John are worth £9.45 billion ($12.60 billion), earning them 16th in the rankings, up from last year’s position of 20th.
Gambling execs showcase rising fortunes on Rich List
According to the rankings, the Coates were not the only betting industry figures to enjoy rising fortunes over the last year.
The founder of poker brand PokerStars, Mark Scheinberg, rose from 41st to 28th on the list, with a wealth of £5.08 billion ($6.75 billion). The founders of sports betting company Betfred, Fred and Peter Done, were up from 76th to 58th, thanks to their £2.92 billion ($3.88 billion) fortune.
Other notable betting industry entrepreneurs featured were Michael Tabor, the owner of the BetVictor brand; Ruth Parasol, the founder of the PartyGaming iGaming brand; and Tony Bloom, the owner of Brighton and Hove Albion soccer club, who founded the StarLizard betting consultancy.
Meanwhile, Richard and Ian Livingstone, who have a stake in iGaming company Evolution, fell from 28th to 34th this year, with a combined wealth of £5.73 billion ($7.61 billion).
Potential sale rumored for bet365
bet365 has also been the subject of persistent rumors this month. A report by the U.K. newspaper, The Guardian, claimed that the company is considering a sale. The report suggested that the sportsbook had discussed the issue with U.S. consultants and Wall Street banks, and that it was considering a range of options, including full or partial sale, or even floating on the U.S. stock exchange.
Another option reportedly discussed is selling part of bet365 to a private equity company. This would enable the Coates family to keep a stake in the company.
The discussions appear to have been prompted by a desire to get more heavily involved in the growing U.S. sports betting sector. Reports suggest the company could be valued at as much as $12 billion.
That would put it some way behind DraftKings, which has been valued at over $17 billion, but in a similar bracket to FanDuel, which is now owned by a former bet365 rival, Flutter.
