Betting Industry Shake-up: Innovation Meets Control in Nigeria’s Betting Sector

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

Gaming has developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

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

In spite of financial obstacles such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, particularly among the youthful demographic dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an estimated yearly income of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulative steps like import tax duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Concerns such as insufficient age verification and marketing guideline breaches reveal market regulatory spaces.

In spite of these challenges, sports betting wagering companies continue to flourish through reliable organization designs and aggressive marketing methods, leveraging the creator influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers numerous roles in the video gaming and show business, including operating at among the United Kingdom’s biggest 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, founded in August 2011, has grown into a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has considering that expanded its presence, 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 became the CEO of LiveScore Group, a totally incorporated ecosystem that integrates relevant sports betting material, engaging functions, and a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has driven substantial growth for sports betting LiveScore Group. The company’s worker headcount has actually increased by 29%, and yearly profits has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually moved LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has attained significant 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, sports betting having actually formerly functioned as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market given that 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and boost its offerings. The company’s app has garnered 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 businesses. Her competence spans the video gaming, realty, sports betting and credit lending industries, where he has established himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has actually functioned as Managing Director and has actually 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 business’s operational methods and market growth.

She established DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned companies. DDWIN supplies frHer academic background includes 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, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a fully functional website, setting a benchmark in the industry.

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 actually developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering a wide range of wagering alternatives and an user-friendly 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and governments to create 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, sports betting established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has quickly grown its existence 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, creating over 100,000 tasks, the number of which is increasing yearly. In the same year, sports betting MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the creator, bulk investor, and sports betting joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has given that grown into among the world’s biggest online gambling business.

By 2016, Bet365 created $2 billion in incomes and assisted in $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has gathered substantial 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, sports betting developed alongside businessman Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates financial investment returns and provides distinct financial investment insights and solutions to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the company’s development through collaborations, business strategy, and new business advancement.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise worked 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 uses sports betting, casino video games, and live dealership games. It was released in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator understood for sports betting providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a considerable 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 financier in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments reflect his commitment to fostering development and development within the region.

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

The company is set to interrupt the sports betting market.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the company intends to utilize cutting-edge technology and sports betting a commitment to responsible gaming to change the sector.

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

At a press instruction, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, sports betting and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and professional team will allow it to scale and dominate the market rapidly.

Islamic cops raid betting shops in northern Nigeria

Islamic police in northern city of Kano have actually started closing down sports betting stores, which they say are operating illegally.

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

Complaints from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – alongside secular law.

Bookmakers 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.

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

Sports betting stores can be discovered all over the city. The majority of have television screens, and consumers see the outcome of international football matches or horse races on which they have actually staked money.

Mr Aminudeen said such bookies had been able to run under the radar as they had actually opened under false pretences.

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

The sports betting market has expanded considerably throughout West Africa in the last few years. The area is approximately divided between a generally Muslim north and a primarily Christian south.

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

Nigeria’s debilitating economic crisis has actually likewise indicated people are willing to risk a percentage in the hope of winning big.

However this had actually caused prevalent dependency, and moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.

“These financial concerns 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, thought about a resort area in the northeast of the city– visitors flock there at weekends.

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

It is uncertain what punishment they would deal with – frequently, such infringements bring a fine.

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