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
About KingMakers
KingMakers is a Lagos-based digital sports entertainment platform that delivers fantasy sports and gaming experiences across Africa. Launched in Nigeria, it engages millions of users with daily fantasy contests featuring soccer, basketball, and tennis. The company integrates blockchain for secure transactions and partners with telecom operators like MTN for mobile access. KingMakers expanded to Ghana and Kenya, hosting tournaments with cash prizes and live leaderboards since its inception in 2020.
Founded
2018
HQ
LagosWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales, Advertising
Valuation
$969M (Jun 2021)
Sectors
KingMakers Valuation
KingMakers is currently valued at $969M, based on its strategic investment round in June 2021.
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
| Date | Stage | Valuation |
|---|---|---|
| Jun 2021 | Strategic investment | $969M |
| Nov 2020 | Strategic 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2021 | Strategic investment | MultiChoice (lead) | $282M | $969M | MultiChoice 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 2020 | Strategic investment | MultiChoice (lead) | $84M | $418M | In 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 KingMakers investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialKingMakers Competitors
KingMakers competitors include listed companies like Crisp Momentum and MNC Digital Entertainment, and private ones like Suning Sports, EXCEL ESPORTS, Fenway Sports Group and OneFootball.
| Company | HQ | Status | Revenue | EBITDA | Valuation |
|---|---|---|---|---|---|
 Nanjing | Private | - | - | $2.6B | |
 London | Private | - | - | $138M | |
 Boston, MA | Private | - | - | $7.3B | |
| United States | Publicly listed | $0K | ($8M) | $44M | |
 Berlin | Private | - | - | $1B | |
 Indonesia | Publicly listed | $216M | $73M | $1B |
KingMakers Public Comps
KingMakers is still privately-owned, but its public comps include Juventus FC, MNC Digital Entertainment, Better Collective, Ollamani, HUYA, Borussia Dortmund, DeNA, Fenerbahce SK, Olympique Lyon and Parken Sport.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $602M | $125M | 2.1x | 2.2x | 10.1x | 10.3x | |||
| $216M | $73M | 4.7x | - | 14.0x | - | |||
| $388M | $100M | 2.5x | 2.4x | 9.8x | 7.7x | |||
| $378M | $39M | 2.1x | 1.9x | 20.5x | 11.3x | |||
| $970M | ($27M) | 0.1x | 0.1x | (4.2x) | 11.3x | |||
| $606M | $133M | 0.7x | 0.8x | 3.1x | 3.6x | |||
| $950M | $177M | 1.1x | 1.1x | 5.8x | 6.5x | |||
| $176M | $17M | 2.3x | - | 22.9x | - | |||
This data is available for Pro users. Sign up to see all KingMakers competitors and their valuation data. Start Free Trial | ||||||||
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 Suning Sports, EXCEL ESPORTS, Fenway Sports Group, Crisp Momentum, OneFootball and MNC Digital Entertainment. |
See companies similar to KingMakers
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.