SuperSportBet launching in South Africa
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MultiChoice, the prominent media group, has revealed its ambitious plans to enter the online betting industry and introduce a new payment system in South Africa. During its inaugural capital markets day, the company outlined its strategy of transforming its business from a primarily video entertainment-focused platform into a broader technology platform that encompasses emerging ecosystems.
MultiChoice is collaborating with KingMakers, a sports and casino betting company, to introduce an online betting service in South Africa as part of its strategy to grow its interactive entertainment business.
By the end of 2023, SuperSportBet, the new platform, will be unveiled. SuperSportBet will join the successful African businesses already operated by KingMakers, such as BetKing in Nigeria and SuperPicks in Ghana.
The decision to enter the sports betting market is well-grounded, as Africa is currently experiencing the fastest growth in the global gambling industry. Projections indicate that Africa’s Gross Gaming Revenue (GRR) will rise by 17% by 2027, surpassing the expected growth rates in Latin America, Asia, and the Middle East. The growth in GGR can be attributed to Africa’s anticipated GDP growth of 6% by 2027, alongside increased internet access, mobile network penetration, and smartphone usage.
Big potential
KingMakers highlights the immense potential of online betting in Sub-Saharan Africa, with an expected surge from $2.9 billion to $5.5 billion in 2027. In South Africa specifically, online betting is predicted to increase from $13 per person in 2022 to $18 by 2027. To differentiate itself in a highly competitive and saturated market, KingMakers plans to leverage its partnership with MultiChoice. The group recognizes the strong brand recognition and trust associated with MultiChoice, which will help reduce marketing costs. Furthermore, KingMakers intends to tap into MultiChoice’s extensive customer database, as approximately 77% of DStv subscribers are active bettors or engage in match predictions.
In addition to venturing into online betting, MultiChoice is also focusing on addressing the digital divide in Africa by launching a new online payment company called Moment. This joint venture between MultiChoice, global payment platform Rapyd, and fintech venture capitalists aims to build the largest Pan-African payments network. Across Africa, a staggering 90% of retail transactions are still conducted in cash, and around 350 million individuals lack access to traditional banking services. However, with Africa’s youthful population and the increasing penetration of mobile technology, it is anticipated that digital adoption will rise significantly.
Quick payments
To facilitate quick payments for both individuals and enterprises, Moment wants to collaborate with real-time payment service providers like payshap in South Africa. The technology would support smooth transactions and enable cross-border payments in many markets.
User fees for bill payments, in-app purchases, and redemptions at different retail locations will all be sources of income for Moment. Moment has not yet made an official announcement on its launch date, although it is now in the Beta stage.
MultiChoice’s foray into online betting and the launch of the Moment payment system demonstrates the company’s commitment to staying at the forefront of technological innovation and meeting the evolving needs of its customers. With the introduction of SuperSportBet, South African sports enthusiasts can look forward to an immersive and secure online betting experience. Simultaneously, Moment aims to bridge the digital divide, ushering in a new era of digital payments and financial inclusion across the African continent.
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