Multichoice will pay an initial $81.0m (£60.6m/€68.2m) to take a stake in the business, which is headquartered in Nigeria but also active in both Kenya and Ethiopia.
The deal also includes earn-out payments for up to an additional $31m, should BetKing meet certain targets between December 2022 and December 2024
In line with the agreement, BetKing has been equity accounted as an associate of Multichoice since 1 October.
The acquisition comes after BetKing in July agreed a deal to become the new title sponsor of Kenyan Premier League.
The five-year deal, agreed with the Football Kenya Federation (FKF), is worth KES1.2bn (£8.2m/€9.2m/$11.0m), with each Premier League receiving KES8m per year.
BetKing replaced SportPesa as title sponsor of the competition, after the latter’s decision to withdraw from the Kenyan market in August 2019, ceasing all of its sponsorships in the country as a result.
Sportpesa has since attempted to resume operations in Kenya, but has seen its route back into the market blocked by the country’s Betting Control and Licensing Board.