Due to increased betting interest in Nigeria, Multichoice’s KingMakers revenue has increased by 76%.
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For the fiscal year that concluded on March 31, 2025, KingMakers, the MultiChoice Group’s sports betting business and operator of BetKing Nigeria, saw a 76% increase in income. The Group claims that during the reviewed period, the company’s sales increased to $106 million, supported by a notable improvement in the Nigerian business’s fundamental operating performance.
According to the financial report, Multichoice is profitable on the betting side even though its Paytv, DStv, and GOtv subscriptions in Nigeria are declining.
“BetKing Nigeria has remained quite active. The increased average stake per user indicates that it is attracting higher-quality first-time bettors, and its higher-margin online business is expanding significantly, Multichoice said.
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Although the company did not disclose its customer base in the most recent figures, Multichoice recorded a 26% increase in revenue and a 37% increase in betting users in Nigeria for the 2024 fiscal year.
Naira volatility’s effects
However, Multichoice pointed out that reported revenue had decreased 30% to $103 million as a result of the weak Naira’s effect on financial performance translation.
The video entertainment company paid $281.5 million to raise its ownership of KingMakers to 49% in 2021, increasing its overall shareholder worth to R5.9 billion.
MultiChoice intended to increase the betting business by utilizing its wide range of sports coverage.
77% of DStv members are active bettors or make match predictions, according to internal data supplied by KingMakers. This creates a sizable consumer base for a betting product.
A KPMG analysis estimated that by 2022, the gambling market in Africa would be worth $37 billion, with sports betting driving the majority of this expansion.
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