BETTING SOUTH AFRICA Betfred purchases Betting World to crack South Africa 2 weeks ago Iwo Bulski Post Views: 71 Betfred has secured a foothold in the South African betting market, purchasing Betting World (bettingworld.co.za) from Phumelela, conducted via the newly established Betfred South Africa brand. Reportedly carried out at a purchasing price of R120 million (£6.1 million), subject to final adjustment relating to the net capital of working items, the transaction was considered officially concluded as of 31 May. The purchase of Phumelela’s online betting vertical is reported to have been disclosed by Phumelela business rescue practitioner John Evans, leading the bankruptcy arrangements of the heritage South African racetrack operator. Last summer, a distressed Phumelela Gaming and Leisure suspended its trading on the Johannesburg Stock Exchange (JSE) as the company filed for South African bankruptcy protection. Fred Done’s Betfred initially expressed interest in the financially troubled firm after the Johannesburg High Court placed its assets under bankruptcy protection, prompting the company to request additional investors in order to avoid outright liquidation. Agreeing on a business rescue plan arrangement, Phumelela was subsequently forced to place its South African racetracks for sale by creditors. Betfred original intent was to acquire all Phumelela racetrack properties for ZAR 875-to-925 million (€44-46m) in a bid that saw the Manchester bookmaker compete against a fund owned by racing enthusiast Mary Oppenheimer-Slack and her daughter Jessica Jell –members of South Africa’s richest mining family. Despite its significantly larger rescue offer, Betfred’s bid was refused to be reviewed by auditors, who had agreed to back the Oppenheimer fund as an existing creditor of Phumelela’s business. South African business news sources have branded Betfred acquisition of World Betting as a transformative deal for South Africa’s sports betting landscape – which to date has been strictly fenced for domestic incumbents. As yet, Betfred has made no official statement on its acquisition of Phumelela’s World Betting asset, disclosed by rescue practitioners. Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: Betfred, South Africa, sports betting Continue Reading Previous Novomatic Africa announces new management structureNext 8 tricks casinos use to keep you spending your money More Stories BETTING APO Group’s new deal with Getty Images will introduce African sport to the world 3 days ago Iwo Bulski EXPERTS SOUTH AFRICA Learn How Many Years It Takes for Different Materials to Break Down – Use Them Wisely! 3 days ago Samuel BETTING NIGERIA Multichoice Announced Plans to Increase it Stake in BetKing 3 days ago Adeleye Awakan BETTING HOT NEWS RWANDA Rwanda Gaming Operators Reopened After one year 4 days ago Adeleye Awakan BETTING KENYA Nairobi introduces citywide gambling regulations 4 days ago Samuel ONLINE SOUTH AFRICA Why is online gambling so popular in South Africa? 5 days ago Samuel BETTING WORLD NEWS Pronet Gaming unveils innovative sports betting widgets ahead of UEFA’s Euro 2020 5 days ago Iwo Bulski BETTING SOUTH AFRICA Hollywoodbets Announced Sponsorship for SA women League 6 days ago Adeleye Awakan BETTING UGANDA Fortebet unveils mighty Alex Muhangi as ambasador 6 days ago Szarlot EXPERTS SOUTH AFRICA Gambling Board CEO of South Africa’s most-populous province suspended 7 days ago Samuel HOT NEWS ONLINE SOUTH AFRICA Smartphone users will reach 26 million in South Africa by 2023 7 days ago Szarlot CASINO SOUTH AFRICA 8 tricks casinos use to keep you spending your money 7 days ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.