Crypto-gambling billionaire Tim Heath is reported to be “in the late stages” of selling the Yolo Group brands Sportsbet.io and Bitcasino.io.

An expected sale has been reported by The Australian, in a move that would see Heath complete a full exit from the crypto-gambling market as he repositions Yolo Group toward regulated online gambling jurisdictions.

In 2025, Heath ordered the shutdown of Sportsbet.io and Bitcasino.io as part of a strategic withdrawal from unregulated “grey markets”. At the time, Yolo stated the decision was taken to prioritise securing new licences ahead of the forthcoming iGaming regime in the United Arab Emirates (UAE). 

Sportsbet.io and Bitcasino.io were among the first Bitcoin-enabled gambling platforms, launched in 2015 under Heath’s former Coingaming business, which later evolved into Yolo Entertainment.

The brands were domiciled in Estonia, employing hundreds of staff across Tallinn and international hubs. Yolo Group consists of Yolo Entertainment, which manages Sportsbet.io and Bitcasino, and the ventures arm Yolo Investments.

At their peak just two years ago, the brands were reported to be generating EBITDA of around €100m annually. However, income declined through 2024 and 2025, preceding the closure decision and triggering significant redundancies, including almost 300 job losses in Estonia alone.

Sources cited by The Australian suggest Heath has recently rehired some staff to maintain operational capacity while negotiations continue, in an effort to preserve value ahead of a potential sale.

Heath maintains a business presence in Estonia as the owner of the Bombay Club Casino in Tallinn, but has moved his residence to Dubai. 

Is Betsson the buyer?

The frontrunner buyer is reported to be Stockholm-listed Betsson AB, with a deal reportedly being discussed at a “valuation below €50m”. The sum is  a fraction of the brands’ former worth, but still offers a tech platform and customer base as Heath pivots Yolo Group to service regulated markets.

SBC reached out to Betsson for comment, who stated: “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, company leadership has previously hinted at an interest in crypto betting, potentially seeing a regulatory future for this industry under the EU’s Markets in Crypto Assets (MiCA) regulations.

“We are seeing regulation happening now, we have the MICA regulation in Europe for crypto,” said Jesper Svenson, Betsson Group CEO, at the SBC Summit Lisbon in September 2025. 

“It’s not standing still, and this gives some opportunities for companies, like our company, to tap into these areas.”

Alongside existing consumer-facing crypto gambling, Yolo has secured vendor licences in the UAE for its B2B gaming content operations, allowing the group to supply regulated operators rather than directly run casinos. 

Heath has framed the shift as a long-term commitment to regulated market development and compliance-led growth for a changed Yolo Group.

Despite withdrawing from grey-market operations, Heath remains an active investor across the global iGaming ecosystem through the Yolo Fund, which manages a portfolio of more than 72 companies as of January 2026, with assets under management exceeding €700m.