South African pay TV operator Multichoice has acquired a 20% stake in Nigerian sports betting company BetKing, in an $81M USD deal. 

The agreement also provides for earn-out payments of up to $31M if the operator meets specific targets between December 2022 and December 2024. 

Nigeria-based BetKing is also active in Ethiopia and Kenya – which it entered in June 2020, when it also agreed a five-year $11M deal to sponsor the Football Federation Kenya, replacing former sponsor SportPesa. 

Though Multichoice has said it intended to introduce new products and services to power growth, it has said it intends to pull the plug on European soccer rights deals. 

AYO.NEWS says:

The homegrown African betting and gaming industry seems to be waking up at last, as it realises the immense potential of an increasingly online population. Earlier today we reported that African operator Sahara Games has launched an omni-channel solution in partnership with Pronet Gaming in Uganda, and intends to roll it out in Kenya and Nigeria shortly. 

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