Who is the owner of BetKing? A look at the cofounders and where they are now
Who is the owner of BetKing? MultiChoice, an African media company, owns a significant minority stake in the gaming and sports betting company. It was founded by Byron Petzer and Adekunle Adeniji in 2018, and it has grown to be popular in Nigeria, Kenya, and other key markets in Africa. Many betting enthusiasts have mistakenly believed that Nigerian football legend Jay-Jay Okocha, who serves as the brand’s ambassador, is the owner.
Source: UGC
TABLE OF CONTENTS
Key takeaways
- BetKing was founded in Nigeria on 22 February 2018 by Byron Petzer and Adekunle Adeniji.
- Byron Petzer was the company’s CEO for approximately five years before exiting and establishing Thrill Labs.
- Adekunle Adeniji helped build the business early on but left after a few months and has founded multiple companies ever since. He serves as the CEO of Lofit Gaming.
- MultiChoice, a South African media company, owns a significant stake in BetKing, around 49%, through strategic investments.
- BetKing now operates under SV Gaming Ltd and has grown into a pan-African betting brand.
Who is the owner of BetKing? A closer look at its two co-founders
BetKing is one of Africa’s fastest-growing sports betting platforms, with a strong presence in Nigeria, Kenya, and other markets. The company was founded and is owned by Byron Petzer and Adekunle Adeniji. Below is a look at each of the company’s co-founders.
Byron Petzer
Source: UGC
Byron Petzer is a young entrepreneur from South Africa with a deep background in gaming and digital entertainment. He co-founded BetKing alongside Adekunle Adeniji in February 2018 and was involved in the company’s early leadership and strategic direction.
Petzer served as BetKing’s CEO for approximately five years until April 2022. During his tenure, he helped the betting and gaming company expand rapidly across African markets, adding millions of customers and a strong agent network. With its significant market share, it competes with other established companies such as Sportpesa, Betika, and BetNaija.
Adekunle Adeniji
Source: UGC
Adekunle Adeniji is a Nigerian entrepreneur who played a pivotal role at the start of BetKing’s journey. Before co-founding BetKing, Adeniji had significant experience in the betting industry, including working with other betting companies, such as Bet9ja, where he managed virtual product offerings.
According to his LinkedIn profile, Adeniji took his undergraduate studies in banking and finance at Federal Polytechnic Offa and Kwara Polytechnic, Ilorin. He also has an associate's degree in project management.
Adeniji was not only a co-founder, but he was also the company’s chief business development officer and helped it establish more than 2,000 shops. He voluntarily left the company in June 2018, citing a conflict of ideas with other partners.
Where are the BetKing co-founders today?
The BetKing co-founders have followed distinct paths since building one of Africa’s fastest-growing betting platforms. After exiting BetKing, Bryon Petzer went on to found Thrill Labs in June 2024, a company focused on crypto gaming innovation.
Adekunle Adeniji also moved on to several leadership and entrepreneurial roles after leaving BetKing. He became the managing director of BetBonanza in May 2019, a position he held for nearly four years until February 2024. In 2022, he founded Betrelate, Africa’s first social networking app for bettors.
Source: UGC
Beyond gaming, Adeniji founded Micserah, Nigeria’s first indigenous watch brand, in November 2018 and later co-founded Ludo Naira in April 2024. He currently serves as the CEO of Lofit Gaming, a role he has held since May 2024.
What happened to BetKing after its co-founders? Its ownership structure
BetKing operates under a mixed ownership structure combining founder equity and institutional investment. The company was founded in 2018 by Byron Petzer and Adekunle Adeniji through Blue Lake Ventures, with both co-founders holding the initial controlling stake and driving early expansion in Nigeria.
A major change occurred in October 2020 when MultiChoice acquired a 20% stake in BetKing. This was followed by a further investment in June 2021, which increased MultiChoice’s shareholding to 49%, making it the largest single institutional investor without taking full control.
Source: UGC
The MultiChoice deal also led to the creation of an Employee Share Ownership Plan (ESOP), which set aside a portion of equity for staff. This initiative was aimed at motivating employees and supporting long-term growth.
The remaining shares are held by the founders and minority investors, though detailed figures are not publicly available. BetKing operates under SV Gaming Limited and is part of the wider KingMakers group, which oversees gaming operations across several African markets.
Does Jay Jay Okocha own BetKing?
The Nigerian former professional football player does not own the sports betting and gaming company. He serves as the company’s brand ambassador, lending his reputation and visibility to the platform. When the brand was launched in February 2018, Jay Jay Okocha was also unveiled as its ambassador, and has since then been in a long-running promotional partnership with the brand.
FAQs
- What is BetKing about? It is a sports betting and gaming platform that operates both online and through an expansive agent network across countries like Nigeria, Kenya, Ghana, and Ethiopia.
- Who founded BetKing? South African Byron Petzer and Nigerian Adekunle Adeniji founded the sports betting and gaming company.
- When was BetKing founded? The betting company was founded in Nigeria on 22 February 2018.
- What is Adekunle Adeniji's net worth? There is no official, up-to-date public figure for the BetKing co-founder’s net worth.
- Is Jay Jay Okocha the owner of BetKing? The legendary Nigerian football player is not an owner of BetKing. However, he has served as its brand ambassador since February 2018.
- Is BetKing a Nigerian company? The betting and gaming company was founded in Nigeria and is headquartered in Lagos. It is licensed to operate in Nigeria and also has a presence in other African markets.
- Does MultiChoice own BetKing? The South African media company does not fully own BetKing but holds a significant minority stake in it, approximately 49%, following investment deals in 2020 and 2021.
Knowing who the owner of BetKing is shows how far the company has come to become a leading African betting brand. Founded by Byron Petzer and Adekunle Adeniji, it grew with strategic vision and investment. MultiChoice’s stake further boosted its expansion, and today, even though its co-founders have moved on to other ventures, BetKing remains a strong Nigerian-founded brand across Africa.
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Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
