Betting’s Multi-Billion Battleground: Industry Leaders Face Dual Challenge in Nigeria

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

Gambling has actually evolved considerably in Nigeria from standard types like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

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

Despite economic obstacles such as inflation, Nigeria’s sports betting sector has actually flourished, attracting millions, particularly among the younger group dealing with high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates an approximated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is considering 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 ensure fair operations in spite of difficulties in enforcement. Issues such as insufficient age verification and advertising rule breaches reveal industry regulative gaps.

Despite these challenges, sports betting wagering companies continue to flourish through efficient company designs and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually significantly contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans numerous roles in the video gaming and entertainment industry, including operating at among the United Kingdom’s biggest video 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has turned into a leading e-commerce organization in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has considering that expanded its existence, accomplishing 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, he became the CEO of LiveScore Group, a completely integrated ecosystem that combines relevant sports betting content, engaging features, and a first-rate sportsbook.

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

Sam’s leadership and strategic vision have moved LiveScore Group’s success and helped shape the market’s direction. 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 selected CEO of Betway in November 2017, having actually previously worked as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has been in the online gaming market because 2000, holding various successful roles, consisting of General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market existence and boost its offerings. The business’s app has actually 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 identified herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her know-how spans the video gaming, real estate, and credit financing industries, where he has developed himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has actually functioned as Managing Director and sports betting has actually managed the business’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 strategies and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN supplies frHer academic 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, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a totally practical site, setting a criteria 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 established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is totally licensed.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a large range of wagering alternatives and an easy to use 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 institutions and sports betting federal governments to create 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, established and released 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 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, producing over 100,000 jobs, the variety of which is increasing each year. In the same year, MultiChoice broadcaster purchased 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, sports betting the creator, majority investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has because grown into among the world’s biggest online sports betting companies.

By 2016, Bet365 generated $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 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 sports betting co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, established together with entrepreneur 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 business that returns and provides distinct investment insights and sports betting services to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the company’s development through collaborations, company technique, and brand-new company advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, sports betting and Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise acted as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and sports betting 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, casino games, and live dealer games. It was released in 2017 and is owned and operated 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed 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 role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet community. His financial investments reflect his commitment to cultivating innovation and development within the region.

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

The firm is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has said 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, the firm intends to take advantage of cutting-edge innovation and a commitment to accountable gambling to change the sector.

Backed by the monetary 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 ingenious sports betting wagering platform.

At a press instruction, the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile usage, and the continent’s deep passion for sports betting, sports betting especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and specialist team will enable it to scale and dominate the marketplace quickly.

Islamic authorities raid wagering shops in northern Nigeria

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

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

Problems from community leaders and parents triggered the crackdown, worried about the growing number of sports betting addicts, he stated.

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

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.

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

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

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

sports betting wagering stores can be found all over the city. Many have television screens, and consumers watch the result 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 actually opened under false pretences.

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

The sports betting industry has expanded dramatically throughout West Africa in recent years. The area is approximately divided between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to take pleasure in the sociability of other gamblers, though mobile apps are also popular for wagering on the outcome of events and teams.

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

But this had led to extensive dependency, and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“These economic concerns we are dealing with in Nigeria is God informing us to change our methods by stopping sins,” he stated.

The raids on Tuesday focused 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 apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would deal with – typically, such infringements carry a fine.

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