Tim Heath, the Australian founder of the major crypto gambling platform Sportsbet.io, is reportedly considering a full exit from the grey market gambling industry. This move could potentially lead to the closure or sale of his entire Yolo Group.
According to a report from The Australian, sources close to Heath indicate he is looking to shift his focus entirely to new blockchain and gambling ventures in the Middle East. To pursue these opportunities, he would likely need to sever all ties with his current operations, which thrive in jurisdictions without specific online gambling regulations.
The Yolo Group, which also operates Bitcasino.io, is a dominant force in the crypto betting world, with a reported monthly turnover exceeding AU$5 billion. Like its competitors, Stake and Shuffle—also founded by Australians—Yolo Group has built a billion-dollar business by operating in international "grey markets," despite Australian laws prohibiting these platforms from targeting domestic customers.
Heath, who grew up in Warracknabeal, Victoria, recently relocated to Dubai after an attempted kidnapping at his previous home in Tallinn, Estonia, where Yolo Group is headquartered. While the report does not include direct comments from Heath or the company, it aligns with sentiments he recently expressed on his Substack. There, he wrote that gambling operators are approaching a critical juncture where they must choose to become fully regulated or be pushed further toward the black market.
A potential exit by Heath marks a significant potential shift in the landscape of global crypto gambling.