Pay-TV operator, Multichoice has recorded significant growth in its betting business in Nigeria for the financial year ended March 31, 2024, as users of its betting platform, KingMakers, increased by 37%.
The company disclosed this in its financial results for the year, which was released recently.
This came amid an 18% decline in subscribers for its main business, DStv and GOtv partly due to economic hardship and three consecutive price increments implemented by the company in the last one year.
This indicates that more Nigerians are going into betting as a means of survival hoping to make more money by gambling with the little they have as inflation bites harder.
Coming as a reprieve for the company whose Pay-TV business suffered declines across its operations, Multichoice said the online gaming business also saw a 26% year-on-year revenue increase from Nigeria in constant currency.
