betPawa posts record $111 million profit in 2024

PawaTech Group, the U.K.-registered company behind the betPawa betting platform founded by director Kresten Buch, reported a step-change in results for 2024 as its mobile-first technology gained ground with licensed operators in African markets, newly filed accounts show.

Revenue rose to $180.9 million from $54.6 million in 2023, pushing operating profit to $135.6 million. Net profit climbed to $111.1 million, reflecting a year of rapid expansion and tighter operating leverage, the filing shows.

Cash generation accelerated. The group produced $95.4 million from operations, finished the year with $67.9 million in cash and reported $124.0 million in net assets. Management kept investing in the platform, recording $5.1 million of technology development spending. It also repaid a $6.5 million unconverted loan note.

Shareholder distributions increased. PawaTech paid an interim dividend of $19 million during 2024 and, after the reporting date, declared and paid a $50 million interim dividend for 2025.

PawaTech describes itself as a B2B software developer that provides licensed online mobile gaming technology and operational support to fully licensed operators in regulated, fast-growing African markets. Its gaming technology is licensed under the betPawa brand, allowing the group to focus on building the platform while franchise partners run the consumer-facing operations in their jurisdictions. Its biggest licensee is Choplife Gaming, a company owned by Nigerian entertainer and businessman Oluwatosin Ajibade popularly known as ‘Mr. Eazi.’

The filing highlights a deliberately technical build. The core development team is based in Estonia, with emphasis on stability and scale. The platform integrates with telecommunications providers to move funds over mobile money rails — a key part of how customers deposit and withdraw in several of the group’s markets.

Growth came from both adding markets and deepening with existing partners. Average headcount rose to 237 from 129 as the company added regional and technical roles to support demand. Adjusted EBITDA increased to $146.7 million from $31.2 million.

Directors list a set of practical risks. Licenses and tax rules can change, especially in newer online betting regimes; competition is intensifying with the rise of mobile internet; and continuity depends on banking and payment partners that remain selective about exposure to the industry. The company also cites lessons from the pandemic’s disruption to the sports calendar and notes product diversification as a mitigant.

The board says it will continue to invest in the platform and expand alongside partners, with regular oversight of performance and stakeholder engagement. For now, the numbers point to a business whose infrastructure-first model — with operators running the local brand — is translating into scale and cash.