ONLINE SOUTH AFRICA Tsogo Sun set to acquire 50.1% stake in betting online operator Betcoza 1 month ago Szarlot Post Views: 83 Tsogo Sun Hotels, a gaming and entertainment business, has struck a deal move into the country’s sports betting market through the acquisition of a 50.1% stake in local land-based and online operator Betcoza. Its Tsogo Sun Alternative Gaming Investments subsidiary will pay ZAR49 million (US$2.8m) in cash for its stake in the company behind the Bet.co.za online sportsbook. As part of the transaction, it will also acquire an indirect interest in Betcoza’s retail sports betting licences, covering the provinces of Gauteng and Limpopo. “The acquisition represents a strategic opportunity for Tsogo Sun Gaming to enter the online betting space via an existing, developing business,” the company said in a statement to shareholders. The deal is classed as a small related party transaction under the Johannesburg Stock Exchange’s listing requirements, as the stake is being acquired from a wholly-owned subsidiary of Tsogo Sun majority shareholder Hosken Consolidated Investments. News of the deal comes after Tsogo Sun said in June that it was at an advanced stage of entering the online sports betting market. Following the devastation to its core hotels and land-based gaming businesses caused by the novel coronavirus (Covid-19) pandemic, the operator explained that it was searching for new sources of revenue. This, it added, made offering online casino games a natural progression, despite the vertical currently being prohibited in South Africa. In April this year Betcoza became SBTech’s first South African client, after it struck a deal to launch the DraftKings-owned supplier’s sports betting and igaming platform, supported by a tailored trading and risk management strategy for the market. This will also facilitate an expansion of Betcoza’s lottery offering, through an integration with BetGames.TV, allowing players to bet on live dealer games and live lottery draws. Rival Sun International has been bolstering its online gambling platform Sunbet with its recent introduction of bet games and live games from July. Tsogo Sun operates in a sector that has been struggling to survive as the coronavirus lockdowns forced hoteliers to shut their doors or operate within strict limitations. It recently bought more shares in its subsidiary Hospitality Property Fund (HPF) and is placing its bets on the recovery of SA’s hotel sector. In 2019, Tsogo Sun was broken into two parts: Tsogo Sun Hotels and Tsogo Sun Gaming, its gambling business. The two entities are listed separately on the JSE. Source: ceobusinessafrica.com About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: BetGames.TV, igaming, South Africa, Tsogo Sun Hotels Continue Reading Previous Why Kenyan Self-Exclusion Program Is BeneficialNext Youths need financial literacy to make money – investment decisions More Stories ONLINE WORLD NEWS BtoBet showcases full retail solution at ICE London 6 hours ago Iwo Bulski BETTING SOUTH AFRICA SIS, Kiron Interactive in Africa partnership 3 days ago Szarlot ONLINE SOUTH AFRICA The Rise of Mobile Gaming in South Africa 3 days ago Szarlot LOTTERIES SOUTH AFRICA 18 Lotto Fraudsters Arrested 4 days ago Szarlot CASINO SOUTH AFRICA Wild Coast Sun recognised as best luxury beach resort in South Africa 4 days ago Samuel ONLINE WORLD NEWS TVBET enhances its iGaming footprint through St8 partnership 4 days ago Iwo Bulski ONLINE “Ice Breaker”, cyberattacks targeting gaming and gambling industry 4 days ago Szarlot KENYA ONLINE The State of Gaming and E-sport Space in Africa 5 days ago Samuel ONLINE SOUTH AFRICA The Competitive Gaming Scene In South Africa 5 days ago Szarlot ONLINE WORLD NEWS Playtech to deliver €400m EBITDA for 2022 6 days ago Iwo Bulski ONLINE SOUTH AFRICA 2023 Northern Cape Online Championships 6 days ago Szarlot EXPERTS SOUTH AFRICA Only 2 Months at The BiG Africa Summit 2023! 6 days ago Iwo Bulski 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. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.