Could canny Fred Done's ante-post punt on William Hill pay off twice over?

As ante-post punts go, Fred Done's investment in William Hill has proved to be as shrewd as they come.

Over the last two years Done and his brother Peter have built up a six per cent stake in their rival bookmaker, a shareholding which is now worth more than £170 million, after their hunch Hills shares were undervalued because of the company's strong position in the US proved to be on the money.

In March, before the first Covid-19 lockdown, the brothers built up their stake to three per cent when Hills shares were priced at 129.45p and continued to buy as the shares fell during the first lockdown when they reached a low of 36.7p.