UK online gambling operator BetGoodwin is considering a London stock market listing that could value the business at approximately £80 million, despite mounting financial pressure across the British betting industry.
The company, controlled by father-and-son team Julian and Ben Head, has reportedly engaged investment bankers to assess a potential initial public offering (IPO) on London’s junior AIM market.
Julian Head serves as chief executive, while his son is chief operating officer. Allenby Capital is understood to be advising on the proposed transaction, although no final decision or timetable has been announced.
According to people familiar with the discussions, the owners could sell approximately 20% of their existing shareholding through the flotation. The company is not expected to raise new capital.
The reports emerge ahead of another UK government budget, with gambling operators warning that additional tax increases could place further pressure on the industry.
BetGoodwin Expands Beyond Traditional Bookmaking
BetGoodwin operates as the online brand of Goodwin Racing, a company established in 1997 as a high-street bookmaker.
The Head family acquired the business in 2015 and subsequently developed its telephone betting services before launching the BetGoodwin online platform in 2022.
The operator offers sports betting and casino gaming products, with plans to grow its customer base through digital channels.
Julian Head previously held a 50% interest in Choicebet, which was sold to Gala Coral in 2013. Gala Coral later became part of Entain, the owner of Ladbrokes and Coral.
Goodwin Racing closed its remaining retail betting shop following the pandemic, leaving the company focused on telephone and online operations.
The business reportedly views its limited physical infrastructure as a cost advantage over larger competitors with extensive retail networks.
BetGoodwin also works with affiliate partners, including Oddschecker and At The Races, to attract customers to its platform.
According to the Blask Index, the operator ranks as the 74th-largest gambling business in the UK and 66th-largest in Ireland.
Goodwin Racing’s liquid cash reserves increased by more than 122% to £6.08 million in 2024, while people familiar with the business have indicated that revenue is growing rapidly.
As reported by Sky News, BetGoodwin declined to comment on the reported IPO discussions, and Allenby Capital did not confirm its involvement.
Gambling Tax Increases Raise Concerns
The potential flotation comes during a challenging period for UK gambling operators, with recent tax changes adding to operating costs.
Remote Gaming Duty increased from 21% to 40% in April 2026, while General Betting Duty is scheduled to rise from 15% to 25% in April 2027.
Further increases may follow, with industry reports suggesting that Machine Games Duty could rise by five percentage points to 25%.
The Betting and Gaming Council has urged the government to reconsider additional taxation, warning that higher costs could threaten jobs and retail betting businesses.
Several major operators have already announced cost reductions.
Flutter Entertainment, the owner of Paddy Power and Betfair, has outlined plans to eliminate more than 1,000 UK positions, while other bookmakers have reduced their retail operations.
BetGoodwin’s online-focused model may help limit some expenses associated with physical betting shops, although it remains exposed to taxation affecting digital gambling services.
London-Listed Gambling Shares Face Difficult Year
The reported IPO plans also contrast with the recent performance of several major gambling companies on the London Stock Exchange.
Flutter Entertainment completed its departure from the London market in 2026, consolidating its listing on the New York Stock Exchange.
During its final year of London trading, Flutter’s shares declined from £228.60 in July 2025 to £75.88 in July 2026.
Entain has also experienced substantial losses, with its share price falling more than 40% during 2026. The company moved from the FTSE 100 to the FTSE 250 in September.
The Rank Group has recorded a decline of approximately 16% this year.
Evoke, which owns William Hill and 888, has performed differently, with its shares rising following an acquisition agreement with Bally’s Intralot. However, the transaction is expected to result in evoke leaving the London market.
The wider exchange has also experienced departures involving companies outside the gambling industry, including Hargreaves Lansdown and TUI.
Against this backdrop, BetGoodwin’s consideration of an AIM listing represents a potential addition to London’s publicly traded gambling sector.
The proposed flotation remains at an exploratory stage, with its eventual completion dependent on the company’s decision and prevailing market conditions.