Betting World, Phumelela’s sports betting subsidiary, offers a wide range of casino games for customers to bet on. These games include popular sports like cricket, rugby, and football. On 31 May 2021, the company was sold for a sale price of ZAR120m (£6.1m/€7.1m/$8.7m), subject to final adjustments. The final price will be revealed in a future business rescue plan update.
Last year, Phumelela went into business rescue due to the impact of Covid-19 lockdowns in South Africa. The company’s business rescue plan disclosed significant debts of up to ZAR1.17bn (£236.0m/€261.3m/$312.0m). Instead of accepting a ZAR925m (£41.9m/€46.7/$55.0m) acquisition offer from BetFred, Phumelela opted for a deal with Mary Oppenheimer Daughters.
In December, Phumelela decided to cease business operations and delisted from the Johannesburg Stock Exchange. This strategic move aims to repay creditors by breaking up the company. Phumelela has ensured that all creditors who submitted their claims have either been paid or will be paid in due course. The deadline for claim submissions was 30 November 2020, with late claims being processed over a longer timeframe.
