BetGoodwin considers a 80 million pound IPO

UK-based online betting company BetGoodwin is considering an IPO on the London Stock Exchange's AIM market for smaller companies. If the plan goes ahead, the company could be valued at around 80 million pounds. The final decision and the timetable have not yet been announced.

The company is controlled by father and son Julian and Ben Head. Julian Head serves as chief executive and Ben Head as chief operating officer. Allenby Capital is reported to be advising on the transaction. According to people familiar with the process, the owners may sell about 20 percent of their existing shares. The company is not expected to raise new capital.

The news comes ahead of a new budget statement in the UK. Companies in the sector warn that possible further tax increases would add to the pressure on them.

BetGoodwin is the online brand of Goodwin Racing, which was founded in 1997 as a retail betting company. The Head family bought the company in 2015, developed its telephone betting service and launched the BetGoodwin platform in 2022. The last remaining betting shop was closed after the pandemic. The company offers sports betting and casino products, and attracts customers through partners such as Oddschecker and At The Races.

Julian Head previously held a 50 percent stake in Choicebet, which was sold to Gala Coral in 2013. Gala Coral later became part of Entain, the owner of Ladbrokes and Coral.