Phumelela Gaming & Leisure Limited have acquired a 50% interest in fixed odds sports betting operator, Supabets.
The company is described as one of the leading and fastest growing sports betting and gaming groups in Africa with a specific focus in the high growth fixed odds sports betting market.
The Johannesburg-based company was founded in 2008 by the Anastassopoulos family and boasts a staff complement of more than 1 400. Their product offering includes sports betting, virtual sports betting, limited pay out machines, via telephone and online betting, and through its branch network across South Africa.
The rationale behind the acquisition is based on the principle that the transaction represents a unique opportunity for Phumelela to invest in an industry leading business with an innovative management team that furthers various strategic objectives and will add value to Phumelela as a whole.
An opportunity thus exists to share knowledge, technology, and product and industry best practice.
The intention is that Phumelela will leverage off Supabets’ business model and management team to enhance and add critical scale and mass to its existing Betting World operations. The opportunity also exists to cross-sell its totalisator products into Supabets’ branch network.
The purchase consideration is said to be in the region of R470 million.
