Betfred Buys 3% Stake in William Hill

In an interesting and significant development, Fred Done, the owner of Betfred, has purchased a 3.03% stake in its competitor William Hill.

“I’ve bought Hills shares because they are massively undervalued and in my opinion when it comes to the US they are front-runners,” Fred Done said.

He did not reveal whether he had plans to increase his stake in William Hill.

Following the stake purchase, shares in William Hill climbed one point. In 2019, William Hill US handled $2.9bn of gross amounts wagered, 55% of which was placed through online channels.

The operator has reportedly handled one in four bets across the USA, having gone live in 9 of the 14 states which have legalised sports betting.