etfred is looking to expand its presence in the U.S. as a sportsbook operator as more states legalize the business.
Founded by brothers Fred and Peter Done in the UK, Betfred Group created 10 companies last year in Nevada to operate in states including Louisiana, Ohio and South Dakota, where lawmakers took steps this year to permit sports betting, according to registry filings.
The operator already has gaming licenses in Colorado, Pennsylvania and Iowa, which are among the roughly two-dozen states that have introduced sports betting in the past three years, since PASPA's repeal. Revenue from U.S. sportsbooks totaled $271.9 million in May, an increase of more than 700% from two years earlier, according to the American Gaming Association.
In its 2020 results released this month, Betfred said it “plans to be live in additional states in the future." A Betfred spokesman told Bloomberg that the company is planning to open in further U.S. locations by early 2022, subject to securing licensing agreements.
In the UK, Betfred now has more than 1,500 outlets across the country, according to its website. Betfred and the brothers’ other investments have paid dividends of more than 100 million pounds ($138 million) within the past five years. Those holdings include an e-gaming business and business services company Peninsula, which the Dones founded in 1983 to help small firms.
They also pocketed about $220 million by building a stake in William Hill Plc ahead of Caesars Entertainment completing its purchase of the Betfred rival this year. The Done brothers are worth about $1.3 billion, with their wealth mostly derived from Betfred, according to the Bloomberg Billionaires Index.