{"id":690433,"date":"2023-05-23T13:14:06","date_gmt":"2023-05-23T11:14:06","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=690433"},"modified":"2023-05-23T13:14:06","modified_gmt":"2023-05-23T11:14:06","slug":"multichoice-betting-big-on-gambling-and-new-payment-platform-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/technology\/690433\/multichoice-betting-big-on-gambling-and-new-payment-platform-in-south-africa\/","title":{"rendered":"MultiChoice betting big on gambling and new payment platform in South Africa"},"content":{"rendered":"

Media group MultiChoice says it is working on a new online betting service and payment system for South Africa.<\/p>\n

The group has launched its inaugural capital markets day, in which the company outlined its long-term strategy of transforming its business from a predominantly video entertainment-based platform into a bigger technology platform encompassing new and emerging ecosystems.<\/p>\n

As part of this strategy, the group aims to expand its interactive entertainment segment with a big play in sports betting, while also expanding its fintech capabilities through the launch of a new payment platform, Moment.<\/p>\n

\"\"<\/p>\n

Sports betting<\/strong><\/p>\n

MultiChoice said that it is partnering with KingMakers, a sports and gaming betting company, to launch a new online betting service in South Africa.<\/p>\n

Sports betting is a regulated and legal form of gambling in South Africa, and legal bookkeepers and betting agencies can operate as long as they are licenced.<\/p>\n

The new South African platform will be called SuperSportBet, with the platform set to launch by the end of 2023, KingMakers’ CEO Kim Reid said.<\/p>\n

SuperSportBet will join KingMakers’ other businesses in Africa, including BetKing in Nigeria and SuperPicks in Ghana.<\/p>\n

KingMakers said that Africa is the fastest-growing gambling market in the world.<\/p>\n

Africa’s Gross Gaming Revenue (GRR) is expected to rise by 17% by 2027, beating Latin America and Asia and the Middle East, which are set to see growth of 13% and 7%, respectively.<\/p>\n

The growth in GGR is expected to be assisted by the expected GDP growth of 6% in Africa by 2027.<\/p>\n

Moreover, Africa is expected to see further internet access, mobile network penetration and smartphone penetration, allowing for greater digitisation.<\/p>\n

KingMakers added that online betting in Sub-Saharan Africa is set to rise from $2.9 billion (R55.7 billion) to $5.5 billion (R105 billion) in 2027.<\/p>\n

In South Africa, online betting is set to rise from $13 (R231) per head in 2022 to $18 (R346) by 2027.<\/p>\n

KingMakers said that its major focus will be on online betting and will leverage its relationship with MultiChoice to differentiate itself from the competitive and saturated market.<\/p>\n

The group noted that MultiChoice brands and well-recognised and trusted, which will reduce marketing costs. It also plans on leveraging MultiChoice’s database for growth opportunities, noting that around 77% of DStv subscribers are said to be active betters or engage in match predictions.<\/p>\n

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New payment system\u00a0<\/strong><\/p>\n

MultiChoice is also working on a new online payment company called Moment which aims to address the digital divide in Africa.<\/p>\n

Moment is a joint venture between MultiChoice, global payment platform Rapyd and Fintech Ventrue Capitalists General Catalyst, Entree Capital and Raba, and aims to build the biggest Pan-African payments network.<\/p>\n

According to research from Mastercard and the World Bank, across Africa, 90% of retail transactions are paid with cash, with 350 million underbanked on the continent.<\/p>\n

However, with the youngest working population in the world – expected to hit 1.7 billion people of working age by 2050, growing urbanisation and the improvement in mobile access, it is believed that digital adoption will increase across the continent.<\/p>\n

Moment will partner with real-time payment providers, such as payshap in South Africa, which will allow consumers and businesses to make payments instantly.<\/p>\n

It will also allow for instant cross-border payments in over 16 markets.<\/p>\n

The company is set to earn revenue by charging users when they pay bills, purchase in-App or redeem offers at a retailer location.<\/p>\n

Moment is currently in Beta, and its launch date is yet to be announced.<\/p>\n

\"\"<\/p>\n

\n

Read: South Africa is facing a massive ransomware problem<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

MultiChoice announces will soon launch SuperSportBet and Moment <\/p>\n","protected":false},"author":95,"featured_media":642271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9878],"tags":[26,1253],"class_list":["post-690433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-headline","tag-multichoice"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/690433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=690433"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/690433\/revisions"}],"predecessor-version":[{"id":690561,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/690433\/revisions\/690561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/642271"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=690433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=690433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=690433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}