British sports betting giant Betfred has reportedly secured a foothold in the potentially lucrative South African market after purchasing an approximately £ 6.1 million ($ 8.7 million) online sports betting domain at BettingWorld.co.za.
The acquisition ended last week, according to a report by SBC News, but is still subject to final adjustments related to the net equity of the current position. The source detailed that the transaction was handled through the recently established Warrington-based buyer Betfred South Africa, after the previous owner, Phumelela Gaming and Leisure Limited, filed for bankruptcy protection last summer.
Established in 1967, Betfred now operating well over 1,500 retail and betting shops have spread to the UK while its Petfre (Gibraltar) Limited the subordinate is responsible for the domain of online sports betting at
Johannesburg-based Phumelela Gaming and Leisure Limited is responsible for four horse racing objects in South Africa, including the prestigious Turffontein Racecourse, but reportedly put into administration last year after struggling with debts worth more than £ 25.3 million ($36 million). His tragic situation allegedly did not help
iGamingBusiness.com used its own report on the matter to reveal that Phumelela Gaming and Leisure Limited took steps to cease operations in December after deletion from the Johannesburg Stock Exchange. The source explained that such moves usually lead to business breakdowns to pay off creditors, and new owner Mary Oppenheimer Daughters recently stated that
all current beneficiaries were already paid or will be satisfied by the end of November.
Many industry experts reportedly predicted that a purchase BettingWorld.co.za by Betfred is set to change the face of online sports betting in Africa's second richest country. Licensed by Gauteng Gambling Board, the domain already offers markets for many sports competitions, including those involving soccer, cricket and rugby, as well as horse racing taking place around the world, while its new owner could now allegedly increase interest through the premiere of a series of special offers and promotions .National Domination:
Although Betfred has not yet officially commented on its latest acquisition, the bookmaker is reportedly set to enter a market that has so far been strictly fenced for local incumbents . Such a bold move could allegedly cause BettingWorld.co.za to happen one of the brands that South Africa's online sports betting enthusiasts choose and see how its new owner benefits significantly financially.