Leading UK bookmaker Betfred have continued their expansion this week, with the acquisition of shares in one of their leading rivals.
Aiming to capitalise on its growing share of the blossoming US sports betting market, the owner of Betfred, Fred Done, has bought a 3.03% stake in William Hill. The share acquisition comes as Betfred continues to show significant growth into the newly liberalised US sports betting market. The company, which has a strong base in the north of the UK, has recently announced that it will be launching sportsbooks in the US states of Iowa and Colorado. Betfred have also secured a new agreement with betting technology firm Scientific Games to launch betting operations in Pennsylvania.
And the Betfred US push hasn’t been limited to launching new sportsbooks. The firm has been taking a higher profile across the US sports industry. They were one of the official sponsors at the recent high-profile heavyweight title bout between Tyson Fury and Deontay Wilder on February 22. That saw a considerable boost for the firm, as its branding was displayed prominently in the ring.
Speaking to the UK betting publication, the Racing Post, Done didn’t reveal whether he intended to buy any more shares in William Hill, but explained his decision:
“I’ve bought Hills shares because they are massively undervalued and in my opinion when it comes to the US they are front-runners.”
As a result of the purchase, William Hill shares rose a point, although that ground was lost in later trading. William Hill continues to be at the forefront of the US sports betting revolution. In 2019, which was the first full year of sports betting legalisation in the US, the firm handled $2.6 billion in gross wagers, over half of which came through its online operations. The firm now operates in 9 of the 14 states that offer sports betting to US citizens.