MultiChoice, Africa’s biggest pay-TV operator, has acquired a 20% stake in BetKing, a pan-African sports betting group.
As part of the deal, MultiChoice has made an made an upfront investment of $81 million
(R1.3 billion), with the potential for a further payment of $31 million (R500 million) should certain earn-out targets be met between December 2021 and December 2023.
As the group exercises significant influence over BetKing, the business will be equity accounted as an associate from 1 October 2020 by MultiChoice.
The company said the deal is part of its plans to expand the its entertainment
ecosystem.
BetKing is a high-growth sports betting group with operations in Nigeria, Kenya and Ethiopia.
Among the offerings of the company’s services are sports betting, not restricted to football, hockey, cricket, tennis, basketball and more, customized state-of-the-art virtual games including the exclusive Kings’ League and Colour-Colour.
