Despite ongoing uncertainties regarding local tax compulsions, India-based social and mobile gaming operator Nazara Technologies has bought into Kenya’s real-money sports betting market.
If a report in Weetracker is to be believed, Nazara has bought a 70% stake in the Kenyan subsidiary NZ World Kenya Ltd, while the remaining 30% stake will be controlled by its local partner.
It also has secured a betting license from the ‘Betting Control Board of Kenya’ to operate certain products within the gamut of the permit.
The company has a focus on emerging markets such as India, Middle East, Latin America and Africa for its products.
Nazara plans to introduce its existing products into the Kenyan market, including its social prediction sports and fantasy sports apps, developed by its investee company Mastermind Sports. The product is a real-time social prediction sports game where players can bet real-time among their friends.
The real-money products will launch in Kenya ahead of this month’s kickoff of the 2018 FIFA World Cup in Russia.
“Real money gaming is popular in African countries like Nigeria, Ghana, Cameroon in addition to Kenya, primarily on account of a well laid out and clear licensing framework. We will leverage Nazara’s on-ground network built over the past few years, focusing on the sports betting and fantasy market in African countries, beginning with FIFA 18,” Manish Agarwal, CEO of Nazara Technologies told ET.
NZ World will focus on players in the age group of 20 to 45 and expect to see individual monetary transactions worth Rs 20-25 take place on a daily basis, through the real money game launch.
Pratik Shah, Founder & CEO, Mastermind Sports said, “Worldwide, real-money sports gaming is becoming mainstream. We’re excited to create a differentiated product experience by leveraging fan insights & our technology expertise. We believe that Africa, starting with Kenya, presents a growth opportunity for us with their appetite for live sports gaming”.
Recently, the US Supreme Court in a majority verdict in Murphy (Governor of New Jersey) versus National Collegiate Athletic Association abolished the Professional and Amateur Sports Protection Act, 1992 (PASPA) on May 14. PASPA was a federal legislation that prevented states from promoting, operating, licensing and authorizing sports betting.
In India, Nazara has licensed mobile gaming rights to popular IPs like Virat Kohli, Hrithik Roshan, Chhota Bheem, among others.
Headquartered in Mumbai, the company has offices in Dubai, London, Africa, and Singapore and has its operations in 61 countries across emerging markets.
