According to a report in the UK Times, British billionaire Joe Lewis is the man who now owns a 7 percent stake in betting company Ladbrokes.

"It is understood that Mr. Lewis believes Ladbrokes shares are undervalued and he is thought to be keen to acquire more blocks if and when they become available," reported the Times.

There are varying reports on whether Lewis will make a takeover bid for the company.

The Times reports that a takeover offer "is one of the options on the table" while other reports indicate otherwise.

"I can’t imagine there would be a bid," a source is quoted as telling the eGaming Review.