The Guardian reports the billionaire Coates family is exploring a potential sale of bet365 in a deal that could value the business at up to £9bn.

The company, headed by Denise Coates, has held talks with Wall Street banks and US advisers in recent weeks about a full or partial sale, sources familiar with the matter said.

Informal discussions explored options for a potential sale, including a medium-term plan to float the business on a US stock exchange.

Speculation rose about the future of the company in March when it was revealed bet365 was pulling out of China, saying they would be concentrating “on gaining market share in regions that provide long-term sustainable revenue”.

One option on the table includes a partial sale to a private equity investor, with the Coates family retaining a stake before an eventual listing. It could also see a spin-off of part of the business, rather than a full listing of the Stoke-on-Trent-based firm.