Betfred set to gain betting shop portfolio from Ladbrokes-Coral
British bookmakers Betfred seems to be set to win the bid for the 360 betting shops being sold off as a result of the £2.2 billion (€2.5 billion) Ladbrokes and Gala Coral merger.
Earlier this year the Irish betting chain Boylesports made a €118 million bid for betting shops confirming their interest at the sell-off in the initial stages. However, Betfair is the frontrunners in the process and industry source experts predict that Boylesports will be unsuccessful when the winning bids are announced shortly.
The green light was given to Ladbrokes and Gala Coral to sell off in July by the UK’s Competition and Markets Authority. But in order to meet UK CMA competition standards, the sale of hundreds of shops was necessary as it became potential competition issues in over 600 locations.
Betfred which is based in Warrington, UK currently operates over 1,370 betting shops. One of the UK’s big ‘4’ high street bookmakers, the chain is determined in their expansion plans. In 2011 they bought the British state-owned bookmaker The Tote business in a deal that was worth £265 million.
Betfred founder Fred Done has expressed his firm’s interest in obtaining the Ladbrokes-Coral real estate as well earlier on in 2015 when the two companies announced their merger.
The results of the Ladbrokes-Coral betting shops is expected to have an official announcement within the next few days.
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