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Centrebet International says it is "facilitating discussions" with organisations which have expressed interest in taking over the the punting company.
Centrebet said this morning that it had received indicative, non-bonding and conditional proposals from a number of companies.
Its shares jumped on the news and closed the day up 17 cents, or 10 per cent, at $1.80.
Centrebet, which has previously disclosed that it was considering consolidation opportunities, either as an acquirer or as a target, described the proposals as "confidential, indicative, non-binding and conditional".
"Consistent with this and in light of the proposals received, Centrebet is facilitating discussions with the prospective parties, in order to determine whether a proposal can be developed that may be viewed in the best interests of Centrebets shareholders and is capable of being put to Centrebet's shareholders," the company said.
The online gaming and wagering company said in a statement to the Australian Securities Exchange (ASX) that no agreements had been reached and it could not provide further details on the offers.
"Given the nature of the proposals and that further proposals may well be received, it is not considered appropriate or in the best interests of Centrebet and its shareholders to provide any further details concerning the proposals received at this stage," it told the market.
"In considering any proposal, the Centrebet Board will be seeking to maximise shareholder value and will have regard to the strong growth potential of the business, courtesy of the company's current strategy and the positive industry landscape in Australia in particular."
Centrebet said the discussions may take several months. It was possible that no changes to the ownership of the business might eventuate.
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