The UK bookmaking firm, Betfred, has effectively broadened its presence into the South African market through the purchase of Betting World. The transaction, concluded on June 1st, involved Betfred assuming control of Betting World from its parent entity, Phumelela, which had been facing financial difficulties.
Although the preliminary arrangement was established at £6.1 million (roughly $8.7 million), the ultimate sum is contingent upon slight modifications. This acquisition represents a substantial maneuver for Betfred, showcasing its aspirations for expansion even amidst demanding circumstances.
Phil Siers, Betfred’s Chief Commercial Officer, conveyed enthusiasm regarding the company’s entry into South Africa, aspiring to become a dominant force within the territory. This acquisition comes in the wake of Phumelela’s economic woes, which were intensified by the global health crisis and resulted in the company seeking business rescue.
The UK-based wagering company, Betfred, has solidified its presence in the South African gaming market by purchasing Betting World.
