Premier Bet terminates agent agreements due to tough economic environment

Premier Bet Malawi

Premier Bet says Premier Bet Agents will stop selling bet tickets in Malawi this month as the company has terminated agent agreements due to deteriorating economic environment.

The company has said this in a statement today.

According to Premier Bet, it has not been making profits through sale of bet tickets.

“We have decided to terminate our Premier Bet Agent agreement with all our agents in Malawi due to non-profitability, decreasing performance amid continuing surge in the competition, and the increasing costs of operation amid deteriorating economic environment,” reads part of the statement.

It adds that Premier Bet will cease all ticket sales through its agents in Malawi.

The move will affect hundreds of young people who make money by working as Premier Bet Agents in various areas across the country. Others also work in shops where tickets are sold and games are played.

Premier Bet is the latest company to mention that the current economic environment is affecting their business.

Over the past months, companies have been raising prices of their products or services and making changes due to the operating environment under the Lazarus Chakwera administration.