Strengthening its foothold in the US market, UK-based independent bookmaker Betfred has acquired a 3.03% share in rival bookmaker and market ‘front-runners’ William Hill.
Betfred has been increasing its presence across the post-PASPA market in recent months, having recently launched sportsbooks in both Colorado and Iowa, as well as securing an agreement with Scientific Games to go live in Pennsylvania.
Scientific Games was selected as the technology provider to launch retail solutions at Wind Creek Casino in Bethlehem, Pennsylvania, in the first half of 2020 as part of Betfred’s partnership with the property.
In advance of the 2020-2021 NFL season, the duo have outlined plans to launch digital sports betting for the state’s bettors.
Betfred was also named as an official sponsor of the fight between Deontay Wilder and Tyson Fury on 22 February, whereby the independent bookmaker saw its branding feature prominently in the ring.
Done, who did not reveal whether he had plans to increase his stake in William Hill, told the Racing Post: “I’ve bought Hills shares because they are massively undervalued and in my opinion when it comes to the US they are front-runners.”
Following the announcement, shares in William Hill climbed one point, rising 4.55p above their closing price on Friday before dropping by approximately 3% to 129.45p on Monday afternoon.
During 2019, William Hill US handled one in four bets placed across the US, after going live in 9 of the 14 states which have legalised sports betting.
The sportsbook also handled $2.9bn of gross amounts wagered, either directly or indirectly, 55% of which was placed through online channels.