South African pay-TV company Multichoice has paid 1.3 billion rand – and could pay another 500 million rand – for a 20% stake in Nigerian sports betting company BetKing, it revealed. Thursday.

He had purchased the stake “[i] n in order to further expand the group’s entertainment ecosystem,” he said in a brief note in his interim earnings release.

The first payment was an “upfront investment,” Multichoice said, valuing Betking registration at a low of R6.5 billion. The additional payment depends on earn-out targets, which he did not disclose, until the end of 2023.

Although Multichoice described BetKing as “pan-African”, it only has significant betting operations in Nigeria, Ethiopia, and, as of June this year, Kenya, where it has entered into a major football sponsorship.

In his home country, he has built an agent network which he says has over 8,000 in part thanks to a commission structure that offers traders up to 30%, for transactions through the equipment. that it provides, with the promise of payment within 24 hours.

In order to earn high commissions, agents need to push players into high-risk bets. Those who don’t will earn 1% instead.

Multichoice said his group intends “to further broaden its entertainment ecosystem and revenue prospects by offering new products and services and pursuing new growth opportunities.”

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