MultiChoice’s sports betting arm wins big with 76% revenue surge in Nigeria
Despite currency headwinds and Pay-TV woes, Multichoice’s sports betting arm nets $106m as it doubles down on digital wagering.
Nigeria.- In a bold twist of fortune, MultiChoice’s sports betting arm, KingMakers (operator of Nigeria’s BetKing) has reported a substantial 76 per cent jump in revenue, raking in $106m for the financial year ending 31 March 2025.
This sharp spike comes amid turbulent times for the parent company, which continues to wrestle with declining DStv and GOtv subscriber numbers across Africa. But while Pay-TV might be losing steam, it’s clear sports betting is proving to be the group’s new MVP.
“BetKing Nigeria has maintained strong momentum,” MultiChoice noted in its latest financial update, according to the New National Star publication.
“We’re acquiring higher-quality first-time bettors, shown by increased average wager per user, and seeing significant growth in our higher-margin online business.”
Although exact user numbers weren’t disclosed this time around, KingMakers previously reported a 37 per cent surge in Nigerian customers and a 26 per cent rise in revenue in 2024. But not all the numbers are winning tickets.
The group was hit by a 30 per cent decline in reported revenue due to currency translation losses, thanks to the battered Naira. Despite the local business remaining EBITDA positive, the overall balance sheet took a hit.
The launch of SupersportBet
The company made mention of the launch of SupersportBet in South Africa and how it impacted the overall business.
“While the Nigerian business remained EBITDA positive, the launch of SuperSportBet in South Africa and the currency impact led to a $9m EBITDA loss, compared to a $3m profit the year before,” the company stated.
Still, KingMakers has enough financial firepower to keep placing bets on future growth. The business boasts $97m in cash reserves as of December 2024, ample runway for its African expansion plans.
MultiChoice first entered Nigeria’s betting arena in 2020, buying a 20 per cent stake in BetKing for R1.3 billion. That stake has since grown to 49 per cent at a total investment of $281.5m.
Strategically, the media giant is leveraging its sports broadcasting dominance to fuel its betting empire. With 77 per cent of DStv viewers actively engaged in betting or match predictions, the synergy is a natural fit.
And the market is ripe for growth. KPMG forecasts online betting revenues in Africa to reach $5.5bn by 2027, with sports betting leading the charge. With BetKing’s surge, MultiChoice is already cashing in.
