Taking advantage of its growing market share across the US, Betfred owner Fred Done has acquired a 3.03% share in rival bookmaker William Hill.
The move comes after Betfred has continued to expand across the post-PASPA market, having recently launched sportsbooks in both Colorado and Iowa, as well as securing an agreement with Scientific Games to go live in Pennsylvania.
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 $2.9bn of gross amounts wagered, either directly or indirectly, 55% of which was placed through online channels.
As confirmed in its full-year 2019 results, the operator revealed that it has handled one in four bets across the US, having gone live in 9 of the fourteen states which have legalised sports betting.