Multichoice Takes A Punt In 'Sports Betting' With A US$ 81Million Investment Deal
Africa's biggest PayTV company, Multichoice Group, is reported to have taken a 20 per cent stake in the pan-African sports betting company BetKing. Reporting on the deal indicates that Multichoice has agreed to an up-front payment of almost US 81 million dollars and committed to another further payment of US 31 million dollars should specific targets be achieved.
Commenting on the deal in an interview, Calvo Mawela, the chief executive officer for MultiChoice said that "Sports betting is an interesting market that is aligned to our PayTV business, We have a lot of sport on our platform, and many people that are betting watch more games."
BetKing is a pan-African sports betting group that started business in Nigeria and has entered the phase of rapid growth within past two and a half years. According to the company's chief executive officer, they are looking forward, via the deal with Multichoice should enable it to enter the South Africa market successfully.