BETTING NIGERIA Multichoice Announced Plans to Increase it Stake in BetKing 3 months ago Adeleye Awakan Post Views: 402 Multichoice has announced a formal offer of around R4 billion (USD 281.5m) to increase its shareholding in Blue Lake Ventures Limited (Betking) from 20% to 49 per cent, the company board announced. The board approved the formal offer to acquire more of the sports betting company on June 10, 2021. However, the request is subject to the substantive conditions being met and the transaction becoming effective. The equity investment will also result in the payment of the contingent consideration of USD31m (ZAR 0.5bn) relating to the acquisition of the first 20 per cent in BetKing. This comes after MultiChoice announced in November last year that it had acquired a 20 per cent stake in Betking for approximately R1.8 billion. “Sports betting is an interesting market that is aligned to our Pay-TV business“, MultiChoice group CEO Calvo Mawela said at the time. “We have a lot of sport on our platform and, many people that are betting watch more games.” Betking started in Nigeria, and Mawela said it had shown rapid growth over two and a half years. “They plan to be pan-African and will be entering South Africa at some stage too,” Mawela said. Meanwhile, Multichoice is Africa’s leading entertainment company showcasing compelling local and international stories creating and secures the rights to phenomenal content from all over the world, bringing people together around a shared passion. BetKing is a sports betting and Entertainment brand launched on February 22, 2018, in Lagos. Since then, the company has expanded its footprints to Kenya and Ethiopia and the leading sponsor for both Kenya Premier and Ethiopian Premier League. In essence, it has significant betting operations in Nigeria, Ethiopia, and Kenya. As of June last year started the soccer sponsorship for Kenya and Ethiopia in December, same here in its home country; it also sponsors an athletic competition named Betking Making of Champions (MoC). It has also built an agent network. In addition, it has more than 8,000 retail operations in part through a commission structure that offers shop-owners up to 30 per cent for the transaction via equipment it provides. It is quite an astonishing development for the Africa gaming industry and a testament to the growth of Betking, which is just over 3 in the Africa sports betting scene. This, of course, an eye-opener that the Africa gambling industry is booming in the last couple of years especially sports betting is the preferred choice for bettors and mobile-first tools for carrying out their daily activities as contributed astronomically to Africa. Adeleye AwakanAuthor E-play Africa, sports betting reviews, thoughtful leardership articles in Africa gambling industry, marketing gaming platforms in Africa with strong networking relationship with gaming operators in Africa, Expertise in PR, marketing communication, and consultant on gaming in Africa. Facebook Twitter LinkedIn Email Print Tags: Betking, Multichoice, Nigeria Continue Reading Previous Rwanda Gaming Operators Reopened After one yearNext APO Group’s new deal with Getty Images will introduce African sport to the world More Stories BETTING HOT NEWS KENYA UK Seized SportPesa Firm Assets Worth Sh 2bn 14 hours ago Adeleye Awakan BETTING NIGERIA SOFTSWISS Gears for Nigerian Online Gambling Market Debut 14 hours ago Samuel BETTING GHANA False Predictions by a Ghanaian Prophets Sports Betting Enthusiast were devastated 2 weeks ago Adeleye Awakan NIGERIA ONLINE Developing Countries Provide Huge Opportunities For Crypto 2 weeks ago Samuel BETTING KENYA TVBET goes live in Kenya and Nigeria via Sahara Games 2 weeks ago Iwo Bulski NIGERIA ONLINE Planned Nigerian e-naira discourages cryptocurrency investors 2 weeks ago Szarlot BETTING WORLD NEWS How Italian bookies survived the tough year 3 weeks ago Samuel NIGERIA ONLINE Nigeria’s SEC eyes regulations to protect investors’ crypto investments 3 weeks ago Iwo Bulski BETTING NIGERIA Manual for sports betting top betting sites in Nigeria 3 weeks ago Iwo Bulski BETTING KENYA Kapsabet-based contractor wins Sh1m Betsafe jackpot 3 weeks ago Szarlot BETTING WORLD NEWS GiG signs partnership agreement with Betway for marketing compliance 3 weeks ago Iwo Bulski BETTING SOUTH AFRICA Evolution goes live in South Africa with SunBet 3 weeks ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.