BetGoodwin eyes London IPO as gambling stocks struggle
A potential AIM listing would test investor appetite for gambling equities at a time when many major operators are under pressure.
Key takeaways
- BetGoodwin is reportedly considering a London AIM flotation that could value the company at around £80m.
- The bookmaker has reportedly hired Allenby Capital to advise on a potential IPO.
- Goodwin Racing’s cash reserves rose more than 122 per cent to £6.08m in 2024.
- The move comes as shares in major gambling groups including Entain and Rank Group have fallen sharply in 2026.
- Upcoming UK gambling tax increases could create further uncertainty for operators and investors.
BetGoodwin is reportedly weighing a London stock market debut despite one of the toughest periods for listed gambling companies in recent years. The bookmaker’s reported £80m AIM flotation would stand out against a backdrop of falling valuations, delistings and growing regulatory uncertainty across the UK gambling sector. If it proceeds, the offering could provide an early test of whether investors still see growth opportunities in gambling stocks.
UK.- BetGoodwin is reportedly exploring a stock market flotation in London, a move that would come at a challenging time for publicly listed gambling companies on the London Stock Exchange (LSE). According to Sky News, the online bookmaker is considering an initial public offering on the Junior AIM Market that could value the business at around £80m. The report also stated that BetGoodwin has engaged independent investment bank Allenby Capital to advise on the potential listing.
BetGoodwin serves as the online betting arm of Goodwin Racing, a long-established bookmaker which launched its telephone betting operation 25 years before the online brand entered the market in 2022. Since then, the company has steadily expanded its presence, with the Blask Index ranking it as the UK’s 74th-largest gambling operator and the 66th-largest in Ireland.
The group’s financial position has also strengthened. Goodwin Racing’s liquid cash reserves increased by more than 122 per cent in 2024, reaching £6.08m.
The reported IPO comes against a backdrop of poor stock market performance across much of the UK-listed gambling sector. In particular, several of the industry’s largest operators have endured a difficult 2026 on the LSE.
Flutter Entertainment, the world’s largest online gambling operator, completed its transition away from London this year, abandoning its UK listing in favour of a sole listing on the New York Stock Exchange (NYSE). The move reflected the group’s increasing focus on the US market, but it also followed a dramatic decline in its share price. Since moving exclusively to New York, its stock performance has remained under pressure, with the share price down 62 per cent in the year to date at around $81.
Entain, the largest gambling company still listed in London, has also faced a difficult year. Its share price has fallen by more than 40 per cent during 2026 and was trading at £4.49 at the time of writing. In September, Entain was removed from the FTSE 100 and relegated to the FTSE 250 after six years among the UK’s leading listed companies. Elsewhere, Rank Group shares have fallen by around 18 per cent this year to under 80p.
The one notable exception has been Evoke plc, owner of the William Hill and 888 brands. Its share price has risen by almost 90 per cent during 2026, although the increase has largely been driven by its agreed acquisition by Bally’s Intralot and its forthcoming departure from the London market.
Questions over the sector’s future outlook have also been heightened by the UK’s changing tax regime. Last year’s Autumn Budget confirmed that Remote Gaming Duty (RGD) would increase from 21 per cent to 40 per cent from April 2026, while General Betting Duty (GBD) is scheduled to rise from 15 per cent to 25 per cent in April 2027. With this year’s Budget only a week away, speculation has intensified that Machine Games Duty (MGD) could also be targeted for an increase, creating additional uncertainty for operators and investors alike.
Any BetGoodwin flotation remains speculative. Sky News reported that the bookmaker’s current owners, chief executive Julian Head and chief operating officer Ben Head, could seek to sell approximately 20 per cent of their holding as part of a listing.
FAQs
Is BetGoodwin planning an IPO?
According to reports from Sky News, BetGoodwin is exploring a potential flotation on London’s AIM market. The company has not confirmed the plans and declined to comment on the reports.
How much could BetGoodwin be worth in a stock market listing?
Sky News reported that a potential IPO could value BetGoodwin at approximately £80m, although no formal valuation has been confirmed.
Why is a BetGoodwin IPO surprising?
The reported listing comes as several major gambling stocks have struggled. Entain has fallen more than 40 per cent this year, while Flutter left the London Stock Exchange altogether in favour of a sole New York listing.
What gambling tax changes are affecting the UK market?
Remote Gaming Duty increased from 21 per cent to 40 per cent in April 2026, while General Betting Duty is due to rise from 15 per cent to 25 per cent in April 2027. There is also speculation that Machine Games Duty could face further increases.
Who owns BetGoodwin?
BetGoodwin is owned by Goodwin Racing and is led by chief executive Julian Head and chief operating officer Ben Head. Reports suggest the family owners could sell around 20 per cent of their stake as part of any future flotation.
