MultiChoice Partners With Kingmakers to Launch SuperSportBet

MultiChoice Group, the leading video entertainment company in Africa, has forged a strategic partnership with KingMakers, a prominent digital entertainment and sports betting company, to introduce SuperSportBet. This betting platform is poised to transform the sports betting landscape for enthusiasts throughout South Africa.

Developed in collaboration with SuperSport, the sport and casino betting platform aspires to become the ultimate hub for sports fans, betting enthusiasts, and followers of the sports lifestyle. MultiChoice Group CEO, Calvo Mawela, expressed enthusiasm about the collaboration, stating, “We are excited to collaborate with KingMakers in launching this innovative platform. SuperSportBet underscores our commitment to evolving into a platform-based business, driven by innovation and delivering unparalleled entertainment experiences. We believe SuperSportBet provides fans with an ideal platform to enhance their sporting experiences.”

With a focus on incorporating innovative technology, Mawela emphasized that SuperSportBet goes beyond being just a platform, aiming to offer entertaining, engaging, and responsible betting experiences. “We want our users to engage intelligently and responsibly,” he added.

MultiChoice has lost a substantial amount of money following an investment of nearly R6 billion in Blue Lake Ventures, which operated as BetKing and later rebranded as KingMakers. Headquartered in Nigeria, KingMakers specializes in sports betting and entertainment, aspiring to expand its reach across Africa.

In 2020, MultiChoice invested $81 million (R1.4 billion) in cash and $31 million (R500 million) in potential earn-out targets to acquire a 20% shareholding in BetKing, later rebranded as KingMakers. The earn-out targets were met, triggering the additional $31 million payment, resulting in a total investment of $112 million (R1.9 billion) for the 20% stake. In 2021, MultiChoice increased its shareholding in KingMakers to 49% by investing $281.5 million. The total consideration for MultiChoice’s 49% stake amounted to $393.5 million, equivalent to approximately R5.9 billion.

However, KingMakers fell short of expectations. Despite increasing revenue, the associated costs of growth surpassed initial projections. Since MultiChoice’s acquisition, KingMakers experienced a significant increase in losses, recording a record-high loss after tax of $28 million (R500 million) in the last financial year.

MultiChoice attributed the substantial loss to investments aimed at scaling the business and losses from cash extraction in Nigeria, amounting to $13 million. Additionally, KingMakers’ expansion plans did not unfold as expected, leading to exits from operations in Kenya and Ethiopia. MultiChoice views sports betting as a natural extension to its video entertainment platform, anticipating growth in the global sports betting market, particularly in Africa, where it comprises only 2% of global sports betting revenue.

Despite the challenges of growing a business in the African market, MultiChoice are forging ahead and see significant value in the South African sports betting market.