MultiChoice, a big name in video entertainment, has joined hands with sports betting company KingMakers to roll out SuperSportBet, a new betting platform. This move is aimed at sports fans, betting enthusiasts, and those who enjoy a sporty lifestyle.
This partnership follows MultiChoice’s acquisition of a 20% stake in BetKing, one of Nigeria’s top online sports betting sites now rebranded as KingMakers, back in 2020 for R1.3 billion. By 2021, MultiChoice ramped up its investment, owning 49% for $281.5 million, making its total stake in KingMakers worth a whopping R5.9 billion.
MultiChoice CEO’s Enthusiasm
Calvo Mawela, the big boss at MultiChoice Group, is over the moon about this partnership. “We are thrilled to have joined forces with KingMakers to launch this innovative platform. SuperSportBet reflects our commitment to evolve into a platform-based business driven by innovation, delivering unparalleled entertainment experiences. We believe SuperSportBet is the ideal platform for fans to augment their sporting experiences,” he says.
He adds, “SuperSportBet is more than just a platform; it’s designed to offer entertaining, engaging, and responsible betting experiences. We want our users to engage smartly and responsibly.”
As global giants like Netflix turn up the heat, MultiChoice is on the lookout to expand its revenue streams. Despite some economic challenges, including weaker local currencies and consumer pressure, the company announced group revenue of R28.3 billion in its latest financial results.
The Streaming Battle
MultiChoice faces a tough battle, losing Premium subscribers to international streaming services like Netflix, Disney+, and Amazon Prime Video. Despite these challenges, the company’s investment in KingMakers has shown promise, with the betting firm reporting strong performance, especially in its online sportsbook.
KingMakers has shown robust growth, with a 22% increase in organic revenue. However, the weaker naira has meant that reported revenues saw only a modest increase to $95 million (R1.8 billion). The company also reported $10 million in EBITDA and managed to narrow its loss after tax to $8.6 million (R0.2 billion) for the first half of 2023.