Betting Industry Revolution: Disruption Meets Control in Nigeria’s Betting Space

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.

Gaming has actually evolved substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

Gradually, with increased internet gain access to came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.

In spite of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has prospered, bring in millions, specifically among the youthful group dealing with high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, sports betting driving a market that generates an estimated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory steps like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite difficulties in enforcement. Concerns such as insufficient age confirmation and marketing rule breaches reveal market regulatory gaps.

Regardless of these difficulties, sports betting companies continue to prosper through efficient business designs and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually considerably contributed to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers numerous functions in the video gaming and show business, sports betting including operating at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and Bowling Club.

Olaniyan holds a BSc in Geography from the University of Ilorin and a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce service in the wagering and gaming sector, sports betting running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has considering that broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated environment that combines appropriate sports betting content, engaging features, sports betting and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual income has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has accomplished major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having actually formerly worked as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually been in the online video gaming market since 2000, holding numerous effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve its offerings. The business’s app has gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her proficiency covers the video gaming, real estate, and credit financing markets, where he has developed himself as a tactical and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has actually worked as Managing Director and sports betting has actually overseen the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating from 2010 to June 2019, critical in the business’s operational methods and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a totally practical site, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and sports betting the world. The company operates in more than 50 nations, consisting of Nigeria, where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of wagering options and an easy to use platform. The 1XBET app has over 500,000 downloads on the Play Store.

Gossy Ukanwoke – CEO of Betking Nigeria

Gossy Ukanwoke is the CEO of BetKing, Managing Director of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and governments to create developmental policies targeted at empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting established and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing yearly. In the very same year, MultiChoice broadcaster purchased a 20% stake in BetKing, which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the creator, bulk investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was released in 2001 as an online wagering website and has because turned into one of the world’s largest online gaming companies.

By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has amassed considerable user engagement, with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and co-founder of Bet9ja, a leading sports betting business in Nigeria, established alongside businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates financial investment returns and provides special financial investment insights and services to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually become a substantial gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, sports betting he has contributed to the company’s development through collaborations, sports betting organization strategy, and new company development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and client experience, and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held various digital marketing functions at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he operated in SEO, CRM, and sports betting content management. Fikayo also served as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, casino video games, and live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web ecosystem. His financial investments show his dedication to fostering innovation and advancement within the area.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, sports betting participating in a seed round valued at $2.5 million.

The company is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize innovative technology and a commitment to accountable gambling to change the sector.

Backed by the monetary power of 4 popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting platform.

At a press instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and professional group will allow it to scale and control the market quickly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started closing down sports betting wagering stores, sports betting which they state are running unlawfully.

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.

Grievances from neighborhood leaders and sports betting parents prompted the crackdown, worried about the growing number of gambling addicts, he stated.

On the first day of raids, sports betting 30 stores were closed in one suburban area alone, and sports betting their owners were sent out home with a caution, the Sharia officer stated.

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – together with nonreligious law.

Bookmakers and bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, sports betting a vast city and the economic hub of northern Nigeria.

Sports betting shops can be found all over the city. A lot of have television screens, and clients view the result of worldwide football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookmakers had actually had the ability to run under the radar as they had actually opened under false pretenses.

“They don’t have licences to run as they were permitted to run computer game centres, which they later converted to wagering stores,” he said.

The sports betting wagering market has actually broadened dramatically across West Africa in recent years. The area is roughly divided in between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and groups.

Nigeria’s debilitating economic crisis has likewise suggested individuals want to run the risk of a small amount in the hope of winning huge.

But this had led to widespread dependency, and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.

“These financial concerns we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he stated.

The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those wagering stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would deal with – frequently, such violations carry a fine.

Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and the consumption of alcohol were prohibited.