BLANTYRE-(MaraviPost)-Economic meltdown! A popular bet company has pulled out of the country, citing a surge in competition as the main reason.
Premier Bet Malawi adds that the company has terminated its premier bet agent agreement with all its agents in the country.
This means that there will be no ticket sales through Premier Bet agents in Malawi.
In a brief statement released on Tuesday, September 26, 2023, the company says the decision, which is effective September 30, has been due to non-profitability, decreasing performance amid a continuous surge in competition, and increasing operational costs.
“We understand that this may come as a disappointment, but we believe it is in the best interest of both parties given the circumstances, ” reads the statement in part.
The development is expected to create another unemployment among many as they rely on betting for daily income.
This comes amid court battles between Multichoice and the Malawi Communication Regulatory Authority (MACRA) over the DStv tariff hike.
Multichoice eventually closed DStv services in Malawi.
President Lazarus Chakwera’s Tonse Alliance government is in deep economic challenges including high inflation, forex, fuel shortages, and among others.
