Betting’s Multi-Billion Battleground: Industry Giants Face Double Challenge in Nigeria

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

sports betting has developed substantially in Nigeria from traditional types like pool staking and sports betting Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, sports betting where lovers would bet just N50-N200 on matches.

Slowly, with increased web access came virtual sports betting, which parallels international patterns. 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.

Regardless of financial obstacles such as inflation, Nigeria’s sports betting sector has prospered, sports betting drawing in millions, specifically amongst the youthful market facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates an approximated annual revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative 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 fair operations despite challenges in enforcement. Concerns such as inadequate age verification and advertising guideline breaches show market regulatory gaps.

In spite of these challenges, sports betting wagering companies continue to prosper through efficient organization models and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have substantially contributed to Nigeria’s $2 billion sports betting empire through their substantial 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 diverse career spans different roles in the gaming and show business, sports betting consisting of operating at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he functioned 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, sports betting founded in August 2011, has actually turned into a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, sports betting and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has since expanded its existence, attaining 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, sports betting he became the CEO of LiveScore Group, a completely incorporated ecosystem that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly revenue has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and assisted shape the industry’s direction. LiveScoreBet has attained major sports betting 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 previously acted as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has remained in the online gaming industry given that 2000, holding various successful roles, consisting of General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve its offerings. The business’s app has amassed significant 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 changing start-ups into institutionalized companies. Her competence covers the video gaming, realty, and credit loaning markets, where he has established himself as a tactical and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, sports betting she has actually worked as Managing Director and has supervised the company’s growth and operations in Lagos, Nigeria.

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

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

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

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a large range of sports betting choices 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 ventures, Ukanwoke has actually collaborated with African socio-economic organizations and 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, established and sports betting introduced 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 entertainment company has actually rapidly grown its presence in Nigeria, with outlets in major 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 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, sports betting the founder, majority investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually since become among the world’s largest online gaming companies.

By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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 business in Nigeria, established along with business person Kunle Soname, sports betting 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 company that creates investment returns and offers distinct investment insights and services to both specific 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 become a significant player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, sports betting he has contributed to the company’s development through collaborations, organization technique, and brand-new service development.

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

His career began at Jumia Group, where he operated in SEO, sports betting 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 gaming platform that uses sports betting wagering, sports betting casino video games, and live dealership games. It was released in 2017 and is owned and run 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, a company he developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become 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 sports betting the growing African internet environment. His financial investments show his dedication to promoting 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 firm is set to interrupt the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing how millions of 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 sports betting PwC, sports betting the company aims to utilize advanced technology and a commitment to accountable gaming to revolutionise the sector.

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

At a press briefing, the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and expert team will enable it to scale and control the marketplace rapidly.

Islamic police raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun shutting down sports betting wagering shops, which they state are operating unlawfully.

“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting called the Hisbah, informed the BBC.

Grievances from neighborhood leaders and sports betting parents prompted the crackdown, fretted about the growing number of gambling addicts, he stated.

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

But Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gambling, sports betting those flouting the rules would be arrested.

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

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

However, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

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

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

“They do not have licences to run as they were allowed to run computer game centres, which they later converted to sports betting stores,” he said.

The sports betting market has actually broadened significantly across West Africa recently. The area is roughly divided between a mainly Muslim north and a primarily Christian south.

Lots of people go to bookies to enjoy the friendship of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and teams.

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

But this had caused prevalent addiction, and sports betting parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.

“These financial concerns we are facing in Nigeria is God informing us to alter 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 shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty 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 sports betting prostitution, gaming and the usage of alcohol were prohibited.