21
JAN

BetFred Gaming Company was sold for 27.2 Million GBP!

Written by: Nikola Zugic on 21/01/2009 21:00
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Recently, BetFred.com was up for grabs. BetFred.com, a huge gambling company, has several legs that include casino, poker, sportsbooks, and of course, our favorite game of online bingo. It has recently announced its intention to sell the whole enterprise. And now, BetFred.com was sold for a whopping £27.2 million! Who would have thought that this company is valued at that? Well apparently it's true according to the Crain Manchester Business report. Let’s hear more about this news in greater details below.

For those who don’t know, BetFred.com is owned by two brothers from the UK. Pete and Fred Done have established this big gaming empire and have become the largest independent bookmakers in the world’s history. And mind you, BetFred.com is not just an online gaming network but also has a lot of offline franchises to make them such a big company. To date, the company employs about 5,000 people within their outlets amounting to 750! Of course, don’t forget the biggest detail that BetFred  is proud about – the £1.5 billion turnover!

Prior to the purchase, BetFred.com was originally licensed in Netherlands Antilles. Now, as of the 19th of January 2009, it is already licensed in Gibraltar. According to the brothers who founded BetFred, the deal has been made last year in 2008. However, they were not allowed to disclose the name of the buyer. But of course, they had to announce that it was already sold, not to mention for a big amount of £27.2 million! It only made commercial sense to tell the public of course of this purchase. Of course, they promise that BetFred will grow stronger even more, now that it has been recently purchased. You can expect greater things to come for this gaming enterprise who has increased its operating profits by 22.7% from 2007 to 2008.

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