Betfred strikes GVC deal to grow online businessComments Off on Betfred strikes GVC deal to grow online business
Betting billionaire Fred Done opened a new front in his expansion plans for the Betfred bookmaker today after striking a licensing deal to boost its online presence.
Done — who is worth around £1.3 billion — has said he is “ready to talk” with rivals Ladbrokes and Coral about buying up to 400 betting shops, which the competition watchdog says the duo must sell after their £2.2 billion merger.
Done’s Betfred already has 1400 shops and could face competition from PaddyPower Betfair and Ireland’s BoyleSports.
Under today’s deal, gambling company GVC, which owns Sportingbet, will use its own platform to host Betfred online in one of the biggest business-to-business deals GVC has struck.
Betfred’s chief executive John Haddock said the agreement will “support the continued growth of our online business”.
The deal could add at least £10 million a year to annual revenues at GVC, which bought Bwin.partygaming for £1 billion last year.
Chief executive Kenny Alexander said: “This recognises the strength of our proprietary technology.”