MultiChoice sports betting power play

Online sports betting is becoming increasingly popular in South Africa, and MultiChoice believes its KingMakers investment is well-positioned to capitalise on the boom.

In its latest annual financial results, MultiChoice reported that KingMakers delivered a solid performance in terms of organic growth and operational execution.

Net gaming revenue grew by 76% on an organic basis to $106 million (R1.9 billion), underpinned by two major areas during the year.

These were the revenue generation in its newly-launched South African business and a strong improvement in the underlying operating performance of the Nigerian business due to a better customer cohort.

While KingMakers reported an EBITDA loss of $9 million (R165 million) for the year, MultiChoice explained that this was due to investment in the launch of SuperSportBet in South Africa and a much weaker Nigerian naira.

“The business is sufficiently capitalised to fund its growth ambition and held cash balances of $97 million (R1.8 billion) at end December,” MultiChoice reported.

“BetKing Nigeria has maintained strong momentum. It is acquiring better quality first-time betters, as evidenced by the higher average wager per user, and is enjoying significant growth in its higher-margin online business.”

Encouragingly, MultiChoice reported that the KingMakers board declared a $11 million (R201 million)  dividend, of which MultiChoice will receive its $5.6 million (R103 million) proportionate to its share.

MultiChoice increased its stake in KingMakers to 49% last year for R4 billion after initially taking a 20% stake in the business in November 2020 when it was still known as BetKing.

SuperSportBet, the South African business that launched in partnership with KingMakers, is showing early signs of success and reported a material increase in monthly net gaming revenue over the year.

“As a new start-up, the business has been focusing on refining its business model, ensuring platform and operational stability,” MultiChoice stated.

SuperSportBet is also working with the Western Cape Gambling and Racing Board to launch Aviator and other Casino offerings to round out the platform’s interactive gaming portfolio.

When MultiChoice announced the launch of SuperSportBet in January 2024, it said the platform was aimed at being the ultimate destination for sports fans, the betting fraternity, and sports lifestyle enthusiasts.

“Sports betting is quickly growing to be a game-changer in the country and on the continent,” said SuperSportBet GM Barrie Swart.

“SuperSportBet will, with its exciting features and its association to a rich brand like SuperSport, set itself apart in a competitive and saturated market.”

SuperSport is arguably the best sports broadcaster in the world. During MultiChoice’s 2024/45 financial year, it recorded 47,839 hours of live coverage and 1,029 live productions.

In addition to extensive football, rugby, and cricket coverage, SuperSport also features F1 and MotoGP, tennis grand slams, top golfing tournaments, and athletics.

SuperSport also offers subscribers access to premium fight sports bouts, including boxing matches and UFC fights, that would regularly attract $100 ticket prices elsewhere on pay-per-view.

Betting on a boom

The Outlier recently reported that South Africans wagered more than R1 trillion last year. Two-thirds of this was spent on sports betting and horse racing, with most bets placed online.

It noted that turnover from betting now far surpasses casinos, which used to be the most popular way to gamble in South Africa.

According to the National Gambling Board, half the gross revenue from gambling is from online betting.

“Gambling has transitioned from a pastime enjoyed by small pockets of society to being a commonplace activity,” the National Gambling Authority stated.

InfoQuest conducted a survey in April 2025, which found that nearly half (48%) said they are gambling more often than a year ago.

The April survey was a follow-up to InfoQuest’s March 2024 study on approximately 300 South African gamblers.

“This surge in frequency points to growing engagement, possibly fuelled by the rise of easily accessible online platforms, aggressive marketing, and shifting social norms,” said InfoQuest managing director Claire Heckrath.