BlueBet, the sport and racing bookmaker owned by Michael Sullivan, is believed to be considering a float on the ASX.
The understanding is that the company has recently been speaking with brokers about a potential initial public offering.
Shares in online rival PointsBet are surging amid the pandemic.
Based on the PointsBet multiple, the understanding is that Mr Sullivan could achieve a valuation of about $170m for the business. PointsBet shares have surged from about $5 a year ago to $15.60, taking its current market value to $3.35bn.
Mr Sullivan was previously the chief executive of Sportingbet and Centrebet, which were the biggest bookmakers in Australia of their time.
Sportingbet was sold to William Hill for about $700m almost seven years ago.
Following Mr Sullivan’s departure from the business, William Hill later sold the operation for about $300m.
After a period where he agreed to not compete in the industry, Mr Sullivan launched BlueBet about five years ago. BlueBet consists of members from his original team. Operating out of Randwick racecourse in Sydney, it is understood to turn over about $200m annually.
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