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

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

Gambling has actually developed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and sports betting kiosks, where lovers would wager as low as N50-N200 on matches.

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, particularly amongst the younger demographic facing high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates an approximated annual earnings of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory measures like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite challenges in enforcement. Concerns such as insufficient age confirmation and marketing guideline breaches reveal industry regulative spaces.

In spite of these challenges, sports betting business continue to flourish through efficient business models and sports betting aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have added to Nigeria’s robust $2 billion gambling sector, sports betting with CEOs playing vital functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria’s $2 billion gambling empire through their comprehensive 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 career spans various roles in the gaming and entertainment industry, consisting of working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he functioned 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 actually become a leading e-commerce company in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually considering that broadened its presence, 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, sports betting a fully integrated environment that integrates pertinent sports betting material, engaging features, and a world-class sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven significant development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and yearly revenue has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and sports betting assisted form the industry’s instructions. LiveScoreBet has attained major user engagement, 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 formerly acted as the company’s Marketing and Operations Director considering that 2015. He in 2013 and has actually been in the online gaming industry considering that 2000, holding different effective functions, including General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market presence and enhance its offerings. The company’s app has garnered considerable 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 differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her expertise spans the video gaming, realty, and sports betting credit financing industries, where he has actually developed himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, sports betting she has actually acted as Managing Director and has supervised 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 strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer instructional 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 company, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the first to release a completely practical website, setting a criteria in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

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

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a wide range of sports betting options and an user-friendly 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 endeavors, Ukanwoke has worked together with African socio-economic institutions and federal 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, founded and launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has rapidly grown its presence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing every year. In the 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 investor, sports betting and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online sports betting site and sports betting has actually given that grown into among the world’s biggest online gambling business.

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

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces investment returns and provides distinct financial investment insights and solutions to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a considerable player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

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

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

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

22Bet is an online gaming platform that uses sports betting wagering, gambling establishment games, and live dealer games. It was launched in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a worldwide 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 management, 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 role at SportyBet, Sudeep is an active investor in fintech and sports betting mobile payments and a strong supporter for the growing African web ecosystem. His investments reflect his dedication to cultivating development and development within the area.

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

The firm is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the company aims to take advantage of innovative technology and a commitment to accountable gaming to revolutionise the sector.

Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting wagering platform.

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

Islamic cops raid betting stores in northern Nigeria

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

«As you know, sports betting is prohibited in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, sports betting told the BBC.

Complaints from community leaders and parents triggered the crackdown, sports betting fretted about the growing number of gambling addicts, he stated.

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

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

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

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

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

Sports betting shops can be discovered all over the city. The majority of have television screens, and clients view the outcome of global football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookies had been able to operate under the radar as they had opened under false pretenses.

«They don’t have licences to operate as they were allowed to run video games centres, which they later on transformed to sports betting shops,» he stated.

The sports betting industry has actually expanded dramatically throughout West Africa in the last few years. The area is roughly divided between a generally Muslim north and a mainly Christian south.

Many individuals go to bookmakers to take pleasure in the sociability of other bettors, though mobile apps are also popular for wagering on the result of events and groups.

Nigeria’s crippling economic crisis has also meant people are willing to risk a percentage in the hope of winning huge.

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

«These financial issues we are dealing with in Nigeria is God telling us to change our methods 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 recommending those running those sports betting stores to either shut down or we’ll arrest them and take them to [a Sharia] court,» Mr Aminudeen stated.

It is unclear what punishment they would face – often, such infringements 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 usage of alcohol were prohibited.