The group completed the deal as of June 1 and says it is currently in the process of fulfilling its regulatory requirements in regard to the transfer of shareholding in the company.
It is reported that the price of the deal is £6.1m ($8.7m); parent company Phumelela has said this price was subject to final adjustments and that the total figure will be announced soon.
Betfred CCO Phil Siers said: “We are delighted to see the Betfred International service extended to South Africa, and look forward to becoming a leading South African bookmaker and providing a world class service to all our new customers.
"The last 12 months have been difficult for all businesses, but Betfred is excited about the future of Betting World and intends to make a major investment in Africa over the coming years".
Not long ago, Phumelela suspended its trading on the Johannesburg Stock Exchange as the company went into bankruptcy.
The company was placed in a state of business rescue, as lockdowns in South Africa had severely affected business. The rescue plan entailed debts of around $312m.
Last year, Phumelela also rejected a $55m bid from Betfred; instead it decided to accept a deal from Mary Oppenheimer Daughters as its creditors accepted the rescue deal.
But through the acquisition of Betting World, Betfred is able to enter the South African market after all.
