Tim Heath’s Yolo explores sale of Sportsbet.io and Bitcasino.io

Crypto gambling billionaire Tim Heath is reportedly close to selling Yolo Group’s flagship brands Sportsbet.io and Bitcasino.io. According to reports from The Australian, Heath is expected to conclude the sale and step away from crypto-gambling operations as Yolo Group pivots toward regulated markets.

The move follows Heath’s decision in 2025 to shut down both brands and withdraw from unregulated grey markets. Concurrently, Yolo said the closure was to prioritise licensing opportunities ahead of the United Arab Emirates’ developing iGaming framework.

From Bitcoin pioneers to strategic retreat

Sportsbet.io and Bitcasino.io were among the earliest Bitcoin-enabled gambling platforms, launched in 2015 under Heath’s former Coingaming business before evolving into Yolo Entertainment. At their peak just two years ago, the brands reportedly generated around €100m in annual EBITDA, employing hundreds of staff across Tallinn and other international hubs.

However, revenue pressures through 2024 and 2025 led to declining performance and significant redundancies, with nearly 300 jobs lost in just Estonia. Sources cited by The Australian claim some employees have recently been rehired to maintain operational capacity. This will preserve value while sales negotiations continue.

Heath still maintains business interests in Estonia through the Bombay Club Casino in Tallinn but has relocated his residence to Dubai.

Betsson linked as potential buyer

Stockholm-listed Betsson AB have been speculated as frontrunners to acquire the brands, with the valuation set below €50m. Though this is only a fraction of the brands’ worth, the deal still provides a technology platform and existing customer base.

Betsson declined to comment, stating: “We have a long-standing policy of not commenting on rumours or speculative reporting. Betsson consistently evaluates opportunities in a structured and disciplined way, and we do not discuss any such matters publicly.”

However, previous comments from Betsson leadership have suggested an interest in crypto betting. They can potentially operate under the EU’s Markets in Crypto Assets regulations.

This was confirmed by CEO Jesper Svenson while speaking at SBC Summit Lisbon in September 2025. “We are seeing regulation happening now, we have the MICA regulation in Europe for crypto. It’s not standing still, and this gives some opportunities for companies, like our company, to tap into these areas.”

Yolo shifts focus to regulated growth and investment

Aside from the reported sale process, Yolo has also secured vendor licences in the UAE for its B2B gaming content operations, allowing the group to supply regulated operators instead of running casinos directly. Heath has framed the transformation as a compliance-driven evolution for the business, positioning Yolo to benefit from emerging regulated markets. 

Despite stepping back from grey-market operations, Heath continues to invest in the global iGaming ecosystem through the Yolo Fund. The venture arm manages a portfolio of more than 72 companies as of January 2026, with over $700m in assets under management.