Betfred completes acquisition of South Africa’s Betting World4th June 2021 9:42 am GMT
Betfred is looking to establish itself as a leading bookmaker in South Africa following the completion of its acquisition of Betting World.
Betfred entered into discussions with Betting World owner Phumelela Gaming and Leisure in August 2020 after Phumelela went into administration, initially seeking to acquire the entire business of the South African racecourse owner and betting operator for ZAR650m.
Phumelela’s administrator subsequently agreed the sale of Betting World to Betfred for ZAR120m (approx. €7.26m), with the transaction completing on May 31.
“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,” said Phil Siers, chief commercial officer at Betfred.
“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.”
Betting World is licensed and regulated by the Gauteng Gambling Board and operates an online betting platform offering bets on a range of sports, as well as retail betting outlets across the country.