The secretive billionaire behind South Africa’s biggest political donations

Martin Moshal is a pioneer in the online gaming industry and the biggest individual political party donor in South Africa.

Moshal made headlines over the last year because of his multi-million donations to the Democratic Alliance (DA) and ActionSA ahead of the 2024 general elections.

He donated R35 million to the Democratic Alliance, R29.5 million to ActionSA, and R4 million to Build One South Africa (Bosa).

Although he was prominently featured in the Electoral Commission of South Africa (IEC) disclosures of political donations, Moshal is very secretive.

He is notoriously media-shy, with no prominent interviews, and little is known about his business dealings.

However, historical documents about Moshal and his company, Microgaming, shed light on how he amassed his wealth and became a billionaire.

Moshal was born in Durban. He studied business science at the University of Cape Town and was ready to launch a new business as the Internet gained traction.

He had an idea to develop online casino games through his software company but needed funding for the project.

He approached Discover Bank Limited for funding. However, he could not secure an investment without a good credit score or track record.

Good fortune struck when he met merchant banker Roger Raatgever at the bank, who was willing to co-sign the loan for a 50% stake in the company.

Moshal agreed, and he co-founded Microgaming. In 1994, the company launched The Gaming Club in South Africa using the domain casino.co.za.

The company continued developing new games and licensed online casino games, including blackjack, slots, and roulette, to new players.

A big development came in 1998, when Microgaming introduced Cash Splash, the first online progressive jackpot slot game.

It linked the game’s jackpot across all online casinos which offered the game, which means the jackpot could rapidly increase.

In May 2009, Microgaming’s progressive slot Mega Moolah paid out $6,374,434—the largest online casino payout at the time.

Microgaming continued its innovation in online gambling and became the market leader. While others faded, it remained a top player in the industry for three decades.

In November 2021, Microgaming released more than a dozen new games, including exclusive titles and some developed with its development partners.

It remains a privately held company based in the Isle of Man. It boasts 200 staff with a portfolio of more than 850 games.

Raatgever, who served as chief executive since 2001, stepped down in 2018. New CEO Stephen Fisk expressed excitement over the company’s new plans.

One of their biggest bets is sports betting, which will play a growing role in Microgaming’s growth strategy.

Microgaming powers Betway, a British gambling company founded in 2006 that offers sports betting, online casinos, online poker, and online bingo. Moshal is one of Betway’s backers.

In July, Betway signed a 3-year sponsorship deal worth R900 million with South Africa’s Premier Soccer League as its title sponsor.

Besides Microgaming, Moshal has been behind many other successful businesses as a founder and investor.

He is the co-founder of Entree Capital, which invests in various technology and business innovation companies worldwide.

He also maintains additional investments in leading companies, including real estate, technology, and start-ups.

He launched the Moshal Foundation and the Moshal Scholarship Program, which funds students’ university fees and assists them in getting employment after graduation.

He is also South Africa’s largest individual political donor, which he believes will help the country fulfil its potential.

He told the South African Jewish Report that the social returns of good governance and a growing economy are enormous.

“As individuals, there’s only so much we can achieve. A government can have an impact on the entire country, for better or worse,” he said.

“That’s why investment in competent parties with integrity can have such an impact on the country as a whole.”

He supported the Democratic Alliance, ActionSA, Mmusi Maimane’s Build One South Africa, and the Inkatha Freedom Party.

“If they come together or work in some way as a team, they could provide solid leadership and government of the country,” he said.

He is particularly proud of the work done through the Moshal Program, which was started in 2009 to help individuals transform their lives through higher education.

It is a social transformation organisation that provides opportunities to promising individuals and supports them as they overcome their challenges.

The Moshal Program partnered with top South African universities in science, technology, Mathematics, engineering, and commerce.

The Moshal Program has 1,400 alumni from Israel and South Africa, with 300 new graduates joining the community each year.

“You don’t need to pay us back, but you do need to pay it forward,” Moshal told the program’s graduates.

Moshal has received an honorary PhD from Technion, the Israel Institute of Technology, and is also an honorary fellow of the Hebrew University of Jerusalem.

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