[image credit : William Hill]
Done Brothers (Cash Betting) Ltd, owner of gambling operator Betfred, has acquired a 3% stake in William Hill for an undisclosed sum.
William Hill confirmed in market update that Betfred purchased 874,189,537 shares, which represents 3.03% of the group.
When contacted about the share acquisition by iGB, neither William Hill nor Betfred commented on the purchase.
The announcement comes after William Hill last month posted a loss of £32.7m (€37.6m/$43.0m) for 2019, primarily due to efforts to mitigate the effects of the £2 fixed odds betting terminal (FOBT) stake cap.
Shortly after publishing the results, William Hill has set out how it plans to grow into a “digitally led, internationally diverse business of scale”, with a focus on growing revenue, improving operational efficiency and scale, underpinned by a competitive customer offering and agile team.