Betfred has secured a foothold in the South African betting market, purchasing Betting World 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.