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

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

sports betting has actually evolved significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

Slowly, 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 sports betting is projected to almost double to $182.02 billion by 2030.

In spite of financial obstacles such as inflation, Nigeria’s sports betting wagering sector has actually flourished, drawing in millions, specifically amongst the vibrant group dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates an estimated annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory measures like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of difficulties in enforcement. Problems such as insufficient age verification and advertising rule breaches show industry regulative gaps.

Despite these obstacles, sports betting wagering business continue to prosper through effective business designs and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing important roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria’s $2 billion sports betting 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 various functions in the video gaming and sports betting entertainment industry, including working at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he worked 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 become a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and . The company was included in Nigeria on November 7, 2006, and has since broadened its presence, sports betting 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 ended up being the CEO of LiveScore Group, a totally integrated environment that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has driven substantial development for LiveScore Group. The business’s employee headcount has increased by 29%, and yearly earnings has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and sports betting assisted form 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 appointed CEO of Betway in November 2017, having actually previously functioned as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming industry since 2000, sports betting holding various effective functions, consisting of 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 existence and improve its offerings. The company’s app has actually gathered 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 transforming start-ups into institutionalized organizations. Her knowledge covers the video gaming, property, and credit loaning markets, where he has actually developed himself as a tactical and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has actually functioned as Managing Director and has supervised the business’s development and operations in Lagos, sports betting Nigeria.

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

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to launch a completely functional site, sports betting 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 actually developed itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a large range of sports betting choices 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 teamed up with African socio-economic institutions and governments to create 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, founded and released in Nigeria on February 22, 2018, 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 existence in Nigeria, sports betting 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 tasks, the variety of which is increasing annually. 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has because become among the world’s largest online gaming business.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 business in Nigeria, developed along with business owner 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 possession management company that generates investment returns and offers unique investment insights and options to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the company’s growth through collaborations, business technique, and brand-new company advancement.

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

His profession started at Jumia Group, sports betting 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 gaming platform that uses sports betting wagering, gambling establishment video games, and live dealer video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered 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 sports betting CEO of SportyBet, a business he developed in 2013.

SportyBet is a global sports betting and real-money video gaming operator sports betting understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, sports betting SportyBet has actually become a considerable gamer 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 sports betting in fintech and mobile payments and sports betting a strong advocate for the growing African internet environment. His investments show his commitment to promoting development and advancement within the region.

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

The company is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, sports betting with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage innovative technology and a commitment to accountable gaming to revolutionise the sector.

Backed by the financial power of four prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.

At a press instruction, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for sports betting Sunbet’s ambitious entry. He included that the company’s robust financial backing and expert team will enable it to scale and control the market quickly.

Islamic authorities raid wagering shops in northern Nigeria

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

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

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

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

However Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the rules would be detained.

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

Bookies and sports betting bars tend to be allowed 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 areas of Kano, a sprawling city and the economic hub of northern Nigeria.

Sports betting stores can be found all over the city. Many have tv screens, and clients enjoy the outcome of worldwide football matches or horse races on which they have staked cash.

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

“They don’t have licences to run as they were allowed to run computer game centres, which they later on transformed to wagering stores,” he said.

The sports betting market has actually expanded significantly across West Africa in recent years. The area is approximately divided between a primarily Muslim north and sports betting a mainly Christian south.

Many individuals 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 groups.

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

However this had led to widespread addiction, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.

“These economic issues we are dealing with in Nigeria is God telling us to alter our ways by stopping sins,” he said.

The raids on Tuesday focused 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 closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would face – typically, such violations 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 usage of alcohol were prohibited.