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

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

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

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, especially among the youthful market dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates a projected yearly income of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering 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 ensure fair operations regardless of in enforcement. Concerns such as inadequate age confirmation and advertising rule breaches show industry regulatory spaces.

Despite these difficulties, sports betting companies continue to flourish through efficient service designs and aggressive marketing strategies, leveraging the developer influencer market.

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

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers numerous roles in the video gaming and entertainment industry, including operating at among the United Kingdom’s biggest 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, founded in August 2011, has actually become a leading e-commerce organization in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has because broadened its presence, achieving 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated community that integrates relevant sports betting material, engaging features, and a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly revenue has 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 instructions. LiveScoreBet has attained significant 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 formerly acted as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online gaming market given that 2000, holding different successful functions, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The company’s app has actually gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her proficiency covers the gaming, property, and credit financing markets, where he has developed himself as a tactical and operational leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully functional 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed 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 fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering a large range of sports betting 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 endeavors, Ukanwoke has worked together with African socio-economic organizations and federal governments to design developmental policies targeted at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and introduced 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 home entertainment company has actually rapidly 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 collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing yearly. In the 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, the creator, bulk shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that turned into among the world’s biggest online sports betting companies.

By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 alongside business person 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 company that generates financial investment returns and uses unique financial investment insights and options to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, he has contributed to the company’s development through collaborations, business technique, and new service advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer 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 profession started at Jumia Group, where he operated in SEO, sports betting CRM, and content management. Fikayo likewise acted 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, gambling establishment games, and live dealership video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up 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 established in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a significant 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 financier in fintech and mobile payments and a strong supporter for the growing African web ecosystem. His financial investments reflect his commitment to cultivating development and advancement within the region.

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

The firm is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how countless 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 intends to leverage innovative innovation and a dedication to responsible sports betting to change the sector.

Backed by the monetary power of four prominent African billionaires, Sunbet, which will launch in the very 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 spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and professional team will allow it to scale and control the market quickly.

Islamic cops raid betting stores in northern Nigeria

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

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

Grievances from neighborhood leaders and parents triggered the crackdown, stressed over the growing variety of sports betting addicts, he said.

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.

However Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on gambling, those flouting the rules would be jailed.

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

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

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

sports betting wagering shops can be discovered all over the city. Many have tv screens, and consumers watch the result of international football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookmakers had actually had the ability to run under the radar as they had actually opened under false pretenses.

“They don’t have licences to operate as they were allowed to run computer game centres, which they later transformed to sports betting shops,” he said.

The sports betting wagering industry has actually broadened dramatically across West Africa over the last few years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.

Many individuals go to bookmakers to take pleasure in the friendship of other bettors, though mobile apps are also popular for sports betting on the result of events and teams.

Nigeria’s debilitating economic crisis has likewise meant individuals want to run the risk of a small amount in the hope of winning huge.

However this had actually resulted in widespread dependency, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“These financial issues we are facing in Nigeria is God telling us to change our methods by stopping sins,” he said.

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 shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – typically, such violations carry a fine.

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