The sports betting company has acquired Betting World, a South African gambling platform, to enter the market.
South Africa.- Betfred Group has announced it has acquired Betting World, a subsidiary of Phumelela Gaming and Leisure, which is the largest horseracing and betting company in South Africa.
According to a statement, the group completed the deal on June 1 and is in the process of fulfilling its regulatory requirements to transfer the shareholding in the company.
The deal was reportedly sealed at £6.1m ($8.7m), but according to Phumelela this price was subjected to final adjustments. The final figure is yet to be announced.
Betfred CCO Phil Siers said: “We are delighted to see the Betfred International service extended to South Africa, and look forward to becoming a leading South African bookmaker and providing a world class service to all our new customers.
“The last 12 months have been difficult for all businesses, but Betfred is excited about the future of Betting World and intends to make a major investment in Africa over the coming years”.
Betfred’s long path to enter the South African market
Last summer, Phumelela filed for South African bankruptcy protection and sought a rescue offer.
Betfred’s original intention was to acquire all Phumelela racetrack properties for ZAR 875-925m (€44-46m), but despite the significant offer, auditors refused to review Betfred’s bid.
South African business news sources have branded Betfred’s acquisition of World Betting as a transformative deal for South Africa’s sports betting landscape, which to date has been tightly controlled by domestic incumbents.