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

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

Gambling has actually developed substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, sports betting pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually thrived, drawing in millions, particularly amongst the younger demographic dealing with high unemployment rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates an estimated annual revenue of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory procedures like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of obstacles in enforcement. Concerns such as inadequate age confirmation and marketing guideline breaches show industry regulatory gaps.

In spite of these challenges, sports betting wagering business continue to grow through efficient business models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have considerably contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans different functions in the gaming and sports betting show business, consisting of operating at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, sports betting 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, sports betting has actually turned into a leading e-commerce business in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually considering that broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 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 ecosystem that combines pertinent sports betting material, engaging functions, sports betting and a first-rate sportsbook.

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

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and helped form the market’s instructions. LiveScoreBet has actually attained significant user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having actually formerly acted as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has remained in the online gaming industry since 2000, holding different successful functions, consisting of General Manager of an information analytics team and Director sports betting of a digital marketing firm.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her covers the video gaming, property, and sports betting credit loaning industries, where he has developed himself as a strategic and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the business’s operational strategies and market growth.

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

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a completely practical website, setting a criteria in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

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

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a large range of sports betting choices 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 of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to create developmental policies targeted at 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 and sports betting entertainment company has actually rapidly grown its existence 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 jobs, the number of which is increasing annually. In the same year, sports betting 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 released in 2001 as an online wagering site and has because turned into among the world’s largest online gambling companies.

By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 company 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, sports betting an independent Nigerian property management company that generates financial investment returns and uses unique financial investment insights and solutions to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, 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 industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the business’s growth through partnerships, service method, and brand-new organization advancement.

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

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

22Bet is an online gaming platform that provides sports betting, casino video games, and sports betting live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a company registered in Cyprus and sports betting a subsidiary of Orakum N.V.. They are also 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, a company he established in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a substantial player in the industry, 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 the growing African web community. His financial investments show his commitment to cultivating innovation and development within the region.

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry 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 take advantage of innovative technology and a dedication to accountable gambling to change the sector.

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

At a press instruction, the business’s spokesperson, Akin Babatunde, said that the rise 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 enthusiastic entry. He added that the firm’s robust financial backing and professional team will allow it to scale and control the market quickly.

Islamic cops raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually begun shutting down sports betting shops, which they say are running 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.

Problems from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing variety of sports betting addicts, he said.

On the very first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a caution, the Sharia officer stated.

But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gaming, 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.

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

However, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.

Sports betting stores can be discovered all over the city. The majority of have tv screens, and customers watch the result of global football matches or sports betting horse races on which they have staked cash.

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

“They don’t have licences to operate as they were allowed to run video games centres, which they later transformed to wagering stores,” he said.

The sports betting industry has actually expanded dramatically throughout West Africa recently. The region is roughly divided between a mainly Muslim north and a predominantly Christian south.

Many people go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are also popular for sports betting on the result of occasions and groups.

Nigeria’s debilitating economic crisis has actually also indicated people want to run the risk of a percentage in the hope of winning big.

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

“These financial concerns we are facing in Nigeria is God informing 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 shops to either closed down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would face – typically, such infringements bring a fine.

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