Last month NEXT.io broke the news Ireland’s largest private bookie was looking to sell-up and has been canvassing potential suitors, according to multiple sources.
Despite macro-factors negatively affecting the business like UK tax hikes, the company has been highlighted as fundamentally strong by some expert observers, while others believe it may struggle to achieve a worthwhile valuation for its assets.
David Brohan, head of Goodbody’s gaming research practice, said: “Their offering in Ireland is very competitive. I would say their betting shops are as good as anyone’s, and their online business stacks up well. It’s an attractive asset – but it has to be at the right price.”
NEXT.io understands the sale process has been ongoing for several years at least and at least one bid came very close to succeeding. Boyle Sports declined to comment on this story when contacted.
This included at one stage an offer from a major regulated operator in Europe, which almost inked a deal that would have seen Boyle’s chain of retail outlets and its online operation sold for a figure in the hundreds of millions of euros range.
More recently, one source told NEXT.io JP Morgan is the bank which is shopping the company around to potential suitors.
Names raised as possible buyers internally have included at differing points French lottery giant FDJ United and Fred Done’s Betfred, as well as various operators with an established Irish presence.
Owner John Boyle is said to still be heavily involved in the business despite having officially stepped down as CEO close to a decade ago and is reportedly keen to retire.
Chief commercial officer Troy Cox, hired in 2024 from SKS365, is understood to be leading on the Boyle Sports’ sale from within the business.
Would a PE sale make sense??
Top execs have been interested in a possible sale to private equity, which could be a useful route given the underperformance of gaming businesses in recent years and the continued strength of the assets in Irish retail.
Brohan added: “As much as all these [gambling] companies are very much out of favour in public markets at the moment, these businesses are still very attractive from a cash flow perspective.”
Sources suggest there’s scope for one of the big PE firms to make a move in this area, with Apollo “having powder” from exiting its Lottomatica investment in 2025, and both KKR and Blackstone involved in sports betting-adjacent spaces.
On Blackstone’s side, this includes co-owning major Romanian B2C player Super Technologies.
One source told NEXT.io that Boyle Sports has been attempting to “fatten the pig” with its recent strategic moves and investments, which has included a well-publicised €100m push outside of Ireland and into the UK market.
This came alongside a costly West Ham front-of-shirt sponsorship, a deal understood to be in the region of €13m, during a season in which the Hammers were relegated from the Premier League.
The East London club will compete in the second tier of English football next season, which has much less global appeal and marketing reach than the top-flight.
These investments, paired with other recent developments, have negatively affected the company’s EBITDA, which could fall to below €60m for the first time in years, according to one source close to the company who spoke to NEXT.io on the condition of anonymity.
The Boyle Sports assets have historically been considered to be worth somewhere between €350m and €450m, NEXT.io understands.
One expert said Boyle Sports may have focused too much on expanding into other markets at the expense of their manifest strength in the Irish market.
They added: “The big issue I’ve always had with [Boyle Sports], is they had these grand ambitions for global expansion or for a big ticket move into the UK, and they could never really materialise.
“Whereas I think if it focuses on what it is – which is the number two player in Ireland – then actually with Paddy Power closing shops and de-emphasising the UK, number one is definitely achievable for them.
“It’s not a super sexy business, but it can be a decently profitable business and kick off a decent bit of cash. If they can do that, then that’s fine, but I think it’s never going to be a global player.”
Dingnews.com 12/06/2026