BetKing Review

3.5 rating

Guess how much money BetKing makes online

₦2B

In Net Profit

8.2M

Unique Bets Accepted

₦90.2M

In Net Profit

359.8K

Unique Bets Accepted

₦7.3M

In Net Profit

28.6K

Unique Bets Accepted

BetKing Online Market share

Before we discuss the share of the gambling market that is held by BetKing, first we will talk about what a market share is, and why it is important to look at this when evaluating the pros and cons of a specific casino.

A market share is the percentage of the total sales of a particular industry that is held by a single company in that industry. Think of market share like a slice of a pie. If the entire pie represents 100 percent of the gambling industry, then the pie is cut into larger and smaller slices that represent how much of that industry is captured by various casinos.

BetKing currently has 4.34% of the Nigerian casino market as of this writing. This calculation is based on their total sales over the last fiscal year. While it may not seem like a very large percentage, compared to say Bet9ja, which holds by far the largest share of the market, it is still quite a respectable amount and easily one of the top in the country.

betking home

As we discuss below, regulatory activity has become more rigorous in Nigeria and the fly by night companies are either having their licenses suspended or not granted in the first place. This means that legitimate companies like BetKing are in an excellent position to grab an even higher percentage of the market.

And how will that happen? Well, there are fewer casinos in the industry, there is an increase in the number of smart phones being used by Nigerians, and a larger portion of the younger generations are flocking to online gambling. So we expect to see great things come from BetKing in the future.

Annual Online Profit

BetKing’s online annual profits, as of this writing, are coming in at ₦529,4M as of the fiscal year 2018.

As a comparison, one of the most profitable companies in Nigeria, Breweries Plc, which as of 2018 had a profit of more than ₦19 billion.

betking virtual

Number of Internet Players

With a market share of 4.4%, BetKing is the place to go to bet for 750K players. And that number is only going to rise.

Even though the Nigerian economy has had its ups and downs in recent years and there is such widespread poverty in our country, the gambling industry has never faltered, and in fact has only grown since 2016.

Betting on sports events remains one of the top forms of entertainment in Nigerian culture, with 60 million of us placing wagers on football, cricket, rugby, ice hockey and horse racing events happening around the world.

With the sharp increase in smart phone use, it is now easier than ever for us to place bets on an event, watch that event in real time, and collect our winnings with just a few taps on the screen of our phone. And with banking and other financial transactions going mobile, it’s possible to do almost everything we need right on our phone, no matter where we are.

So we are keen to see where the gambling industry will go next as it reaches ever new heights.

betking markets

Licensing

BetKing has one of the most impressive collection of licenses that we have seen in our review of the Nigerian casino landscape. BetKing is licensed by the Lagos State Lotteries Board, Anambra State Gaming Organization and holds a games and gaming permit issued by the Osun State Government. And, it was granted a permit by the National Lottery Regulatory Commission.

Usually, a casino only holds one license – issues either by the state in which they are headquartered, or by the National Lottery Regulatory Commission. They are only required to hold one license, although one from the state and one from the national level is welcomed. However, with steep fees assigned to the licensing process, it can be prohibitively expensive to obtain multiple licenses.

This is one of the reasons why BetKing holding so many licenses is such a good sign. For one, it shows the customer that they have enough capital to afford the many licensing fees. And for another, the fact that so many agencies have done their due diligence of BetKing and have found it worthy of a license will make many players breathe a sigh of relief. This is certainly no shady operation. BetKing appears to be here for the long haul.

BetKing aside, we are heartened by the efforts on behalf of Nigerian agencies to step up their regulatory practices when it comes to online casinos and bet shops. From increased transparency about license holders’ status to making the requirements more strict to obtain a license in the first place, customers are able to better see which casinos are going to be a good bet for their hard earned money.

BetKing Welcome Bonus

BetKing offers a 100% matching bonus for as much as 100,000 naira. You have to bet those matching funds four times over before you can initiate a withdrawal of those funds. That’s a pretty good deal compared to the many casinos that require you to bet matching funds through 35 times over.

betking bonus

BetKing History

BetKing was originally launched in 2013 under the name Pocket Rockets Casino. It shut down in 2015 and then reopened as BetKing in 2017 with a capitalization of USD $6.5 million.

In a modern twist, BetKing works using cryptocurrency. At first they were only able to bet with Bitcoin. As the casino expanded however they decided to let people use other cryptocurrencies. Today people can use Litecoin or Ethereum to place their bets. They can also use the BetKing Bankroll Token.

BetKing uses the most modern SSL encryption technology to make sure all of their transactions are as safe as humanly possible.

BetKing uses slots provided by NetEnt. This is one of the world’s most well known and well respected game providers. All of their games have a return to player ratio of 96% or higher. That gives players a decent chance of winning at BetKing.

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