The Betfred Group has completed the deal to acquire Betting World, a subsidiary of Phumelela.
The deal worth £6.1m ($8.7m) which has been closed as of June 1, 2021, is waiting regulatory requirements in regard to the transfer of shareholding in the company.
As per Gambling Insider, 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”.
Through the acquisition of Betting World, Betfred is has paved its way to enter the South African market. Earlier Phumelela had rejected a $55m bid from Betfred, but the pandemic induced bankruptcy forced the operator to surrender.