MultiChoice Buys 20% of BetKing
MultiChoice announced yesterday that it has acquired a 20% stake in the popular Nigerian online sports betting company BetKing.
The announcement came shortly after the company had presented it’s half-year results, describing BetKing as Pan-African.
BetKing, which is valued at around $400million, now has its 20% stake acquired by multichoice.
And, multichoice has paid R1.3billion, and a further rise of R500million which will be paid as the company expands its entertainment ecosystem.
Although, BetKing currently operates in only a few countries in Africa (Ethiopia, Nigeria and Kenya) but it has an eye for growth and could see an exponential expansion with the new deal with multichoice.
The group claimed that the first payment was an “upfront investment” and that the additional payment will depend on earn-out targets which could be up to the end of 2023.
What This Means For Multichoice (DStv and Gotv)
We all know multichoice has a European soccer right but is currently observing the market to see how it can increase revenues with soccer.
The rising in the European soccer right in terms of aggregate price is affecting profit margins in Africa as consumers are discovering a new way to be entertained.
And the stake in BetKing could see multichoice growing its revenues with football betting without paying more money to hold the right to European football.
What This Means For BetKing
BetKing believes that sports betting is driven by love for the games which multichoice holds the right to. And understands that to make a change, there must be a passion for change.
BetKing mission is to create an efficient system that enables the quests of Kings and Kingmakers.
They believe that they can only fulfil this mission by providing the right technology, radical innovation, and uncompromising service to all customers, which is where multichoice comes in.
As we wait to see how this deal will change the gaming system in Nigeria including other countries in Africa, we believe anything can happen. But this deal could just be the starting point of BetKing Africa – beyond Nigeria.
How To Open An Account With BetKing
You might be interested in opening an account with BetKing especially now that part of its stakes is now bought by one of the most entertaining TV companies in Africa – the multichoice group.
To open an account on BetKing, visit https://betking.com.
Click on the “Register” button, which is displayed in green at the top right corner of the screen.
Follow the steps and fill out your information.
Opening account only takes a few seconds and you’ll be able to start placing bets once you’ve funded your account after.