Bet365 sells off its chain of UK betting shops to concentrate on the Internet

Following in the footsteps of the big High Street betting shop purchases earlier this year by William Hill and Ladbrokes, UK bookie Bet365 has sold its chain of betting shops to Coral Eurobet for an estimated GBP 40 million in a strategy to consolidate its online and tele-betting operations.

John Coates, Bet365's chief executive, told the media that the sale would provide welcome capital for future expansion for his company. "Remote betting and gaming has become our core business, with over 90 percent of our expected GBP 700 million turnover this year coming from that area," Coates said.

Bet365 has had a high street presence in the UK for more than twenty years, but in recent times has seen rapid growth following the introduction of an online business in 2001.

It is one of the few UK-based operations to accept bets from the US market, and has recently witnessed strong growth in turnover following the addition of bet365poker and casino gaming facilities.