Betting’s Multi-Billion Battleground: Industry Leaders Face Double Threat in Nigeria

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

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

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

In spite of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has actually thrived, drawing in millions, particularly among the younger demographic dealing with high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an approximated yearly earnings of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulatory measures like import tax duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Concerns such as insufficient age confirmation and marketing rule breaches reveal market regulative gaps.

Despite these obstacles, sports betting wagering business continue to thrive through reliable organization designs and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion sports betting 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 considerably contributed to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers various roles in the video gaming and show business, consisting of working at among the United Kingdom’s largest 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 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 company in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, sports betting 2006, and has given that broadened its existence, 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated community that combines pertinent sports betting content, sports betting engaging features, and a world-class sportsbook.

Since taking the helm right before the pandemic, Sam has driven considerable growth for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and annual income has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and assisted shape the industry’s direction. LiveScoreBet has actually achieved major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having formerly acted as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online gaming market because 2000, holding numerous successful roles, including General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market presence and enhance its offerings. The company’s app has amassed substantial 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 services. Her know-how covers the video gaming, real estate, and credit lending markets, where he has developed himself as a tactical and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has functioned as Managing Director and has actually managed 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 company’s operational techniques and sports betting market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer academic background consists of 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, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a totally 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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is completely accredited.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting offering a large range of wagering choices and an easy to use 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, and sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and federal governments to design developmental policies aimed at 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 sports betting introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting home entertainment company has actually quickly grown its presence 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, developing over 100,000 jobs, the variety of which is increasing yearly. In the very 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 founder, sports betting majority shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually because turned into among the world’s largest online gambling business.

By 2016, sports betting Bet365 generated $2 billion in earnings and facilitated $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 wagering business in Nigeria, developed along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and 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 uses distinct investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has actually been working as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the company’s growth through collaborations, company technique, and brand-new organization advancement.

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

His profession began at Jumia Group, where he worked in SEO, CRM, sports betting 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 provides sports betting, casino video games, and sports betting live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are also 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 established in 2013.

SportyBet is a global sports betting and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, sports betting SportyBet has actually become a substantial gamer in the industry, 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 environment. His investments show his dedication to promoting development and advancement within the region.

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

The company is set to interrupt the sports betting industry.

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 development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of cutting-edge innovation and a dedication to responsible sports betting to change the sector.

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

At a press instruction, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and sports betting professional group will enable it to scale and control the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually begun closing down sports betting shops, which they say are operating unlawfully.

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

Complaints from community leaders and parents prompted the crackdown, worried about the growing variety of sports betting addicts, he said.

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

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

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

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

Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the economic center of northern Nigeria.

sports betting wagering shops can be found all over the city. Many have tv screens, and customers see the outcome of worldwide football matches or horse races on which they have staked cash.

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

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

The sports betting wagering industry has actually expanded dramatically throughout West Africa in recent years. The region is roughly divided between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are also popular for sports betting on the result of occasions and groups.

Nigeria’s crippling recession has likewise meant people are willing to run the risk of a small amount in the hope of winning big.

But this had actually resulted in prevalent addiction, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.

“These financial problems we are dealing with in Nigeria is God informing us to alter 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 encouraging those running those wagering shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would face – often, such violations carry a fine.

Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and sports betting the consumption of alcohol were banned.