Betting Industry Shake-up: Disruption Meets Control in Nigeria’s Betting Space

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

Gaming has evolved significantly in Nigeria from standard forms like pool staking and sports betting Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.

Slowly, with increased web gain access to came virtual sports betting, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.

Despite economic difficulties such as inflation, Nigeria’s sports betting sector has prospered, drawing in millions, particularly amongst the younger market facing high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting, sports betting driving an industry that produces an estimated yearly revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory procedures like excise duties and sports betting VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of challenges in enforcement. Problems such as inadequate age verification and sports betting advertising rule breaches reveal market regulatory spaces.

Regardless of these obstacles, sports betting wagering companies continue to flourish through reliable organization models and aggressive marketing techniques, leveraging the creator sports betting influencer market.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have considerably contributed to Nigeria’s $2 billion gaming empire through their substantial audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous functions in the video gaming and entertainment industry, including working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he acted 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, sports betting founded in August 2011, has grown into a leading e-commerce company in the sports betting and gaming sector, sports betting running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually given that expanded its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a completely integrated ecosystem that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company’s worker headcount has actually increased by 29%, sports betting and yearly income has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and assisted shape the industry’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 selected 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 remained in the online gaming industry because 2000, holding numerous successful roles, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s management, sports betting Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has actually amassed substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her know-how covers the video gaming, realty, and credit lending industries, where he has developed himself as a tactical and functional leader.

Damilare has been instrumental in NairaBET’s success for sports betting over 14 years. Because June 2019, she has worked as Managing Director sports betting and has overseen the business’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s functional techniques and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

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

Femi Babalola- General Manager of 1Xbet Nigeria Limited

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

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a large range of wagering options and an easy to use platform. The 1XBET app has more than 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic institutions and governments to design developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting 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 entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, sports betting the variety of which is increasing yearly. In the exact same year, MultiChoice broadcaster bought 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 founder, majority investor, and joint Chief Executive of Bet365, sports betting an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has considering that become one of the world’s biggest online sports betting companies.

By 2016, Bet365 created $2 billion in incomes and sports betting facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered significant 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 wagering business in Nigeria, developed along with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces financial investment returns and offers unique financial investment insights and services to both private and sports betting institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, sports betting he has added to the business’s growth through partnerships, service strategy, and new organization advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, and sports betting Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he operated in SEO, CRM, and sports betting content management. Fikayo also functioned 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 sports betting platform that offers sports betting wagering, gambling establishment video games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a global sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.

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

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

The firm is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage cutting-edge innovation and a dedication to accountable gaming to change the sector.

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

At a press briefing, the business’s spokesperson, sports betting Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, sports betting has set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and expert team will enable it to scale and control the market rapidly.

Islamic authorities raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started shutting down sports betting stores, which they state are operating illegally.

“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.

Problems from neighborhood leaders and parents prompted the crackdown, fretted about the growing variety of gambling addicts, he stated.

On the first day of raids, 30 shops were closed in one residential area alone, sports betting and their owners were sent home with a warning, the Sharia officer said.

But Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on gaming, sports betting those flouting the rules would be apprehended.

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

Bookmakers and bars tend to be permitted to operate in Kano’s Christian neighbourhoods, sports betting though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the current crackdown is focused on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.

Sports betting stores can be discovered all over the city. Many have television screens, and clients view the result of global football matches or horse races on which they have staked money.

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

“They do not have licences to run as they were permitted to run computer game centres, which they later transformed to sports betting stores,” he stated.

The sports betting wagering industry has actually broadened drastically throughout West Africa in the last few years. The region is roughly divided between a mainly Muslim north and a predominantly Christian south.

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

Nigeria’s crippling recession has likewise indicated individuals want to risk a small amount in the hope of winning big.

However this had actually resulted in prevalent dependency, and sports betting parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“These financial issues we are facing in Nigeria is God telling us to alter our ways by stopping sins,” he said.

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

“I am encouraging those running those sports betting shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would face – frequently, such infringements bring 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.