MultiChoice Group strategic investment elevates BetKing’s reach in Africa
On 12 November, the MultiChoice Group (MCG) announced that it had formed a strategic equity investment with BetKing in which the Group acquired a 20% stake in the African digital entertainment and sports technology business. The investment follows a number of equivalent deals seen around the world – in particular Fox and Stars, CBS and William Hill, SkyBet, Turner/ESPN and Draft Kings, all being recent examples. However, the BetKing investment by Africa’s leading sports broadcaster is the first of its kind for the continent and is testament to the growth opportunity seen in the region. Byron Petzer, CEO and founder of BetKing said : “This is another step in disrupting the Industry and a big milestone in our journey to become the leading digital sports entertainment brand across Africa – by giving our customers an unrivalled entertainment and sports content experience – transforming their engagement and bringing fans closer to the games they love.” Africa is an increasingly important market, driven by technology penetration, improved connectivity, broadening choice of payment providers, a large yet young population (200m people between the ages of 18 and 24) and a strong interest in sports (largely football and horseracing). All of these dynamics are fuelling a rapid expansion of the industry in Africa.