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

Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.

Gaming has actually developed significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.

Despite economic challenges such as inflation, Nigeria’s sports betting wagering sector has prospered, bring in millions, especially amongst the younger demographic facing high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates an estimated yearly revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory measures like excise tasks and sports betting VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of challenges in enforcement. Issues such as inadequate age verification and advertising guideline breaches reveal market regulative spaces.

In spite of these difficulties, sports betting wagering companies continue to flourish through efficient business models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have actually considerably contributed to Nigeria’s $2 billion gambling empire through their substantial audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession covers various roles in the video gaming and entertainment industry, including working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he worked as the Lead Engineer in a Bingo and sports betting 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 actually turned into a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 2006, sports betting and has actually because expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated community that integrates relevant sports betting content, engaging features, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and annual earnings has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually attained 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 formerly functioned as the business’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry since 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her know-how covers the gaming, real estate, and sports betting credit financing markets, where he has established himself as a tactical and operational leader.

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

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

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a totally practical website, sports betting 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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, sports betting where it is fully certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a wide variety of wagering choices 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and sports betting federal governments to design developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and sports betting released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and 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 partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing every year. In the exact 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, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has given that turned into one of the world’s biggest online sports betting business.

By 2016, Bet365 generated $2 billion in and helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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 company in Nigeria, developed along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates financial investment returns and offers distinct financial investment insights and options to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the company’s growth through collaborations, service strategy, and new organization development.

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

His career began at Jumia Group, where he operated in SEO, CRM, and 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, sports betting Management, and Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online sports betting platform that provides sports betting wagering, gambling establishment games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company 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 a worldwide sports betting and real-money video gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for sports betting the growing African web ecosystem. His financial investments reflect his commitment to fostering innovation and advancement within the region.

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

The firm is set to interfere with 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 growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage advanced technology and a commitment to responsible gambling to revolutionise the sector.

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

At a press briefing, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for sports betting Sunbet’s ambitious entry. He included that the company’s robust financial backing and specialist group will allow it to scale and control the market quickly.

Islamic cops raid betting stores in northern Nigeria

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

“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, sports betting told the BBC.

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

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

But Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.

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

Bookies and bars tend to be allowed to run in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

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

sports betting wagering stores can be discovered all over the city. The majority of have tv screens, and clients enjoy the result of international football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookies had actually had the ability to operate under the radar as they had opened under false pretences.

“They do not have licences to operate as they were allowed to run video games centres, which they later converted to wagering stores,” he said.

The sports betting wagering market has broadened considerably across West Africa in recent years. The area is approximately divided in between a generally Muslim north and a primarily Christian south.

Many individuals go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for sports betting wagering on the outcome of events and teams.

Nigeria’s debilitating recession has likewise implied people want to run the risk of a percentage in the hope of winning big.

However this had actually led to extensive dependency, and parents were even complaining that kids were dropping out of school to bet, Mr Aminudeen stated.

“These economic problems we are facing in Nigeria is God telling us to change our ways by stopping sins,” he stated.

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

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

It is unclear what punishment they would deal with – typically, such violations bring a fine.

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