BETTING SOUTH AFRICA Betfred purchases Betting World to crack South Africa 2 years ago Iwo Bulski Post Views: 383 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. About Post Author Iwo Bulski Issues 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. See author's posts 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 ONLINE SOUTH AFRICA Why some players play the crypto game 21 hours ago Szarlot BETTING SOUTH AFRICA How soccer has the potential to transform Africa’s landscape 23 hours ago Samuel BETTING Twain Sport Enters Africa via New Partnership with Betway 24 hours ago Szarlot CASINO SOUTH AFRICA The party goes on at The Palace Sun City 2 days ago Samuel BETTING WORLD NEWS Online eSports Betting with GGBet: Real Earnings and Fast Payouts! 2 days ago Iwo Bulski BETTING KENYA How mobile money supercharged Kenya’s sports betting addiction 3 days ago Samuel LOTTERIES SOUTH AFRICA Lottoland brings the excitement of the Spanish Christmas Draw to South Africans! 3 days ago Iwo Bulski BETTING NIGERIA Man Arrested For Allegedly Stealing Friend’s Funds To Bet In Lagos 4 days ago Samuel EXPERTS SOUTH AFRICA South Africa starts regulating cryptocurrency exchanges 7 days ago Samuel LOTTERIES SOUTH AFRICA Final call for R7.5m Powerball jackpot winner 7 days ago Szarlot ONLINE SOUTH AFRICA Bitville Gaming South Africa Expands Its Product Bouquet through TVBET 1 week ago Iwo Bulski BETTING SOUTH AFRICA Pragmatic Play Expands South African Footprint with World Sports Betting 1 week 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. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.