KingMakers Valuation, Funding & Investors

KingMakers is valued at $969M as of June 2021.

Last KingMakers valuation

$969M

Strategic investment · Jun 2021

Last KingMakers funding round

$282M

Strategic investment · Jun 2021

Cumulative funding KingMakers raised

$365M

across 2 funding rounds

Key investors in KingMakers

  • MultiChoice

KingMakers Overview

About KingMakers

KingMakers is a Nigerian online sports betting and digital entertainment company based in Lagos that operates the BetKing brand and was formerly known by that name. It offers sports betting and online games to African customers through its website and apps and through an agent network, which lets individuals earn income by serving customers in their communities. The company earns revenue from betting margins on the wagers it takes; revenue rose from $131 million in 2022 to $198 million in 2023, while losses grew from $19 million to $28 million as it invested to scale and faced losses on moving cash out of Nigeria. South African pay-TV group MultiChoice bought a 20% stake in September 2020 for R1.9 billion (about $112 million) and raised it to 49% in 2021 for a further $281.5 million, aiming to use its sports broadcasting to grow the betting business; according to KingMakers, 77% of DStv subscribers bet or make match predictions. In 2023 MultiChoice wrote down the investment by R2 billion, citing naira devaluation and expansion costs. KingMakers dropped planned expansions into Kenya and Ethiopia and hired Ronnie Whelan as chief operating officer. Its corporate parent is AGV Holdings Limited.


Founded

2018

HQ

NigeriaLagos

Status

Privately held

Customer focus

B2C

Revenue model

Commission

Valuation

$969M (Jun 2021)

KingMakers Valuation

KingMakers is currently valued at $969M, based on its strategic investment round in June 2021. Read the announcement ↗

The $282M round was led by MultiChoice.

KingMakers' valuation has grown 2.3x from $418M at its strategic investment round in November 2020 to $969M in June 2021, across 2 priced rounds.

KingMakers valuation by funding round

KingMakers valuation by funding round
DateStageValuation
Jun 2021Strategic investment$969M
Nov 2020Strategic investment$418M

KingMakers Funding History

KingMakers has raised a total of $365M across 2 funding rounds.

KingMakers' first fundraising round was a $84M strategic investment round in November 2020. The most recent completed round was a $282M strategic investment round in June 2021.

KingMakers funding rounds

KingMakers funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2021Strategic investmentMultiChoice (lead)$282M$969MMultiChoice acquired a 29% additional stake in KingMakers (formerly BetKing) in 2021 for $281.5 million, increasing its total ownership to 49%. The investment followed an initial 20% stake acquisition in September 2020 for $112 million. KingMakers is a Nigerian online sports betting company that operates BetKing and was positioned by MultiChoice as a strategic expansion into Africa's high-growth betting market. The partnership led to the development of SuperSportBet, a sports and casino betting platform leveraging MultiChoice's extensive sports content and DStv subscriber base. However, the investment faced significant headwinds. Between 2022 and 2023, while KingMakers' revenue grew from $131 million to $198 million, losses expanded from $19 million to $28 million due to expansion costs and currency challenges. MultiChoice subsequently recorded a $108 million write-down on its KingMakers investment due to naira devaluation in Nigeria. By the financial year ended March 31, 2025, KingMakers reported $106 million in revenue with a $9 million EBITDA loss, as the business absorbed costs from SuperSportBet's South African launch and currency headwinds, though the underlying Nigerian betting business remained EBITDA-positive.
Nov 2020Strategic investmentMultiChoice (lead)$84M$418MIn September 2020, MultiChoice acquired a 20% stake in Nigerian online sports betting company KingMakers (operator of BetKing) for R1.9 billion, approximately $112 million. MultiChoice subsequently increased its stake to 49% in 2021 for an additional $281.5 million investment, bringing total value of the shareholding to R5.9 billion ($393.5 million at that time). The KingMaker investment was intended to leverage MultiChoice's extensive sports coverage across its DStv and GOtv platforms to tap into Africa's growing sports betting market. By 2024, KingMakers reported a 37% growth in Nigerian betting customers and a 26% increase in revenue. In the financial year ended March 31, 2025, KingMakers achieved $106 million in revenue with a 76% year-on-year increase, though reported revenue was impacted 30% downward by Naira currency translation effects. The business held approximately $97 million in cash reserves as of December 2024 and remained focused on expanding its online betting operations across Africa.

Who has invested in KingMakers?

1 investor has backed KingMakers across its funding rounds, including MultiChoice.

Lead investors include MultiChoice.


KingMakers Investors

Investors in KingMakers by funding rounds participated
InvestorHQRoundsRoleFirst check

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KingMakers Competitors

KingMakers competitors include listed companies like Sportradar and Better Collective, and private ones like LiveScore Group, Suning Sports, OneFootball and OneTeam Partners.

Public and private companies comparable to KingMakers
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LiveScore GroupUnited KingdomLondonPrivate$133M-$665M5.0x
Suning SportsChinaNanjingPrivate--$2.6B-
SportradarSwitzerlandSwitzerlandPublicly listed$1.4B$597M$4B2.3x
OneFootballGermanyBerlinPrivate--$1B-
OneTeam PartnersUnited StatesUnited StatesPrivate--$1.9B-
Better CollectiveDenmarkDenmarkPublicly listed$378M$97M$386M1.7x

KingMakers Public Comps

KingMakers is still privately-owned, but its public comps include Tsuburaya Fields Holdings, ZEAL Network, Accel Entertainment, Tokyotokeiba, Cannae Holdings, Juventus FC, Ollamani, Playtech, Rank Group and Betsson.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tsuburaya Fields Holdings$1.1B$124M0.8x0.7x7.1x6.1x
ZEAL Network$245M$77M3.7x3.2x11.8x10.9x
Accel Entertainment$1.3B$184M1.0x1.0x7.5x6.1x
Tokyotokeiba$264M$137M2.9x2.9x5.7x5.4x
Cannae Holdings$424M($162M)2.0x2.2x(5.3x)(16.8x)
Juventus FC$586M$121M1.9x2.1x9.1x9.9x
Ollamani$348M$36M2.3x1.9x22.3x11.2x
Playtech$856M($26M)1.5x1.4x(49.2x)4.3x

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Common questions about KingMakers

When was KingMakers founded?KingMakers was founded in 2018.
Where is KingMakers headquartered?KingMakers is headquartered in Lagos, Nigeria.
Is KingMakers publicly listed?No, KingMakers is a private, VC-backed company.
What is KingMakers' valuation?KingMakers was last valued at $969M in its strategic investment round in June 2021.
How much funding has KingMakers raised?KingMakers has raised $365M across 2 funding rounds.
What was KingMakers' last funding round?KingMakers' last funding round was a $282M strategic investment round in June 2021, led by MultiChoice.
Who are KingMakers' investors?KingMakers' investors include MultiChoice.
Which companies are comparable to KingMakers?Companies comparable to KingMakers include LiveScore Group, Suning Sports, Sportradar, OneFootball, OneTeam Partners and Better Collective.

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