This sharp spike comes amid turbulent times for the parent company, which continues to wrestle with declining DStv and GOtv<\/strong> subscriber numbers across Africa. But while Pay-TV might be losing steam, it\u2019s clear sports betting<\/strong> is proving to be the group\u2019s new MVP.<\/p>\n\n\n\n \u201cBetKing Nigeria has maintained strong momentum,\u201d MultiChoice <\/strong>noted in its latest financial update, according to the New National Star publication.<\/p>\n\n\n\n \u201cWe\u2019re acquiring higher-quality first-time bettors, shown by increased average wager per user, and seeing significant growth in our higher-margin online business.\u201d<\/p>\n\n\n\n Although exact user numbers weren\u2019t 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n The company made mention of the launch of SupersportBet in South Africa<\/strong> and how it impacted the overall business.<\/p>\n\n\n\n \u201cWhile 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,\u201d the company stated.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n MultiChoice first entered Nigeria\u2019s 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.<\/p>\n\n\n\n Strategically, the media giant is leveraging its sports broadcasting dominance <\/strong>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.<\/p>\n\n\n\n And the market is ripe for growth. KPMG <\/strong>forecasts online betting revenues in Africa to reach $5.5bn by 2027, with sports betting leading the charge. With BetKing\u2019s surge, MultiChoice is already cashing in.<\/p>\n\n\nThe launch of SupersportBet<\/h2>\n\n\n\n
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