B etKing

Widely known as one of the leading sports betting sites in Nigeria, BetKing was founded by CEO Byron Petzer and Adekunle Adeniji, who once served as Bet9ja's virtual product manager. BetKing's annual statement for the financial year ended December 2020 shows a growth in revenue to $77.9 million, from $54.7 million in the previous year. Meanwhile, net asset value stood at $100.2 million. It is thus not hard to see the appeal in investing in the major sports betting company also considering that the market is growing significantly globally. Between 2020 and 2024, the industry is expected to grow by more than $134 billion, a Compound Annual Growth Rate of 10%, according to Technavio. Several sports betting companies currently operate in this part of the world too. In Nigeria, some popular names apart from BetKing include Bet9ja, Nairabet, Naijabet, Sporting Bet, Surebet24, etc. In 2018, it was reported that an estimated 60 million Nigerians between the ages of 18 and 40 were involved in active sports betting. Also, almost 2 billion was spent on sports betting daily in Nigeria, equivalent to nearly 730 billion in a year. Yet, Africa accounts for only 2% of global sports betting revenue. As the regional market begins to play catch up, it is poised for significant growth.