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 actually evolved considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, sports betting swimming pool staking was a typical sight at motor sports betting parks and kiosks, where lovers would bet just N50-N200 on matches.

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

Regardless of economic challenges such as inflation, Nigeria’s sports betting wagering sector has grown, attracting millions, specifically amongst the youthful demographic facing high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces a projected annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory measures like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of challenges in enforcement. Concerns such as inadequate age confirmation and marketing guideline breaches show industry regulative spaces.

In spite of these difficulties, sports betting business continue to flourish through effective organization models and aggressive marketing strategies, leveraging the developer influencer market.

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

Constable 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 profession spans different functions in the video gaming and show business, consisting of working at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and Bowling Club.

Olaniyan holds a BSc in Geography from the University of Ilorin and sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce organization in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, sports betting 2006, and has actually given that broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated community that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.

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

Sam’s leadership and tactical vision have moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has accomplished 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 previously functioned as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market considering that 2000, holding various successful roles, consisting of General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The company’s app has garnered significant 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 track record of changing start-ups into institutionalized organizations. Her know-how covers the gaming, real estate, sports betting and credit lending industries, where he has actually developed himself as a tactical and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually served as Managing Director sports betting and has actually supervised the business’s development and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN supplies frHer instructional background consists of 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 company, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully practical website, 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 international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and sports betting the world. The company runs in more than 50 nations, including Nigeria, where it is totally certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a wide range of wagering 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 these ventures, sports betting Ukanwoke has actually teamed up with African socio-economic organizations and governments to develop 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, founded and sports betting introduced 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 and home entertainment business has actually quickly 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing every year. In the same year, 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, majority investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has considering that turned into among the world’s largest online sports betting business.

By 2016, Bet365 created $2 billion in profits and helped with $45 billion in annual bets. The company also 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, established along with businessman Kunle Soname, who also 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 produces investment returns and uses distinct financial investment insights and options to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has been functioning as the Country Director for 22BET in Nigeria since June 2021. In this role, he has added to the company’s growth through partnerships, business technique, and brand-new business advancement.

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

His career started 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting, gambling establishment games, and live dealership games. It was launched 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 business he developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated 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 investor in fintech and mobile payments and a strong advocate for the growing African web community. His investments reflect his commitment to cultivating development and sports betting development within the area.

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize cutting-edge technology and sports betting a dedication to responsible gaming to change the sector.

Backed by the financial power of 4 popular African billionaires, Sunbet, 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, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic 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 wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering stores, which they say are operating unlawfully.

“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.

Complaints from neighborhood leaders and parents triggered the crackdown, fretted about the growing variety of sports betting addicts, he stated.

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

But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be detained.

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

Bookmakers 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.

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

Sports betting shops can be found all over the city. Most have television screens, sports betting and consumers view the outcome of worldwide 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 opened under false pretenses.

“They do not have licences to operate as they were allowed to run computer game centres, which they later transformed to wagering stores,” he stated.

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

Many individuals go to bookmakers to delight in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the result of events and groups.

Nigeria’s crippling recession has actually likewise meant people are willing to risk a percentage in the hope of winning huge.

However this had resulted in prevalent addiction, and moms and dads were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.

“These economic concerns we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he said.

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

“I am recommending 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 deal with – frequently, 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 the consumption of alcohol were prohibited.