The Betfred gaming conglomerate has effectively entered the South African market through the purchase of Betting World. The agreement, concluded on June 1st, saw Betfred assuming control from Phumelela, Betting World’s previous proprietor. Although the ultimate cost is estimated at $8.7 million, some minor alterations are anticipated.
A prominent figure at Betfred, Phil Sears, conveyed enthusiasm about entering this new domain. He stressed their goal of becoming a leading force in the South African gaming industry, pledging exceptional service to a new influx of patrons.
This acquisition follows a tumultuous period for Phumelela, which encountered substantial financial obstacles due to South Africa’s stringent lockdown protocols. These challenges compelled the company into a reorganization process to address a debt surpassing $300 million. Notably, Phumelela had initially declined a comparable proposition from Betfred the previous year. Nevertheless, the company ultimately embraced the deal as part of its restructuring arrangement with lenders.
British oddsmaker Betfred has broadened its presence in the South African market through the purchase of Betting World.
admin