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Betfred purchases 3% share of rival William Hill

Betfred purchases 3% share of rival William Hill

Betfred owner, Fred Done, buys share of William Hill stating "When it comes to the US they are front-runners".

by MariaNeves   |   comments 0

As the William Hill market share exponentially grows, they become a true rival to the best bookmakers worldwide. With this in mind, Fred Done, the owner of Betfred, has bought a 3% share of this growing company.

Done has his reasons for this investment, as he told 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." According to Hills' financial results, William Hill takes one in every four sports bets placed in the US and has gone live in 9 out of the 14 states that legalised sports betting.

After the announcement, on Friday, William Hill shares climbed 4.55p above their closing price but fell right after to 129.45p on Monday afternoon.

Even though Fred Done didn't talk about weather he planned to further invest more in William Hill, Betfred has agreements in place to offer sports betting in casinos in Colorado, Iowa and Pennsylvania.

Source: Racing Post

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