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.

sports betting has evolved significantly in Nigeria from traditional forms like pool staking and Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where lovers would wager as low as N50-N200 on matches.

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

In spite of financial difficulties such as inflation, sports betting Nigeria’s sports betting wagering sector has actually prospered, attracting millions, especially among the vibrant demographic dealing with high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates an estimated yearly revenue of N730 billion. The federal government has not gone undetected by this development, which is considering regulative steps like excise responsibilities and sports betting VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite difficulties in enforcement. Concerns such as insufficient age verification and marketing rule breaches reveal market regulative gaps.

Regardless of these difficulties, sports betting wagering business continue to grow through effective company designs and aggressive marketing methods, sports betting leveraging the creator influencer industry.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have significantly contributed to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Sheriff 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 spans different roles in the gaming and show business, consisting of working at one of 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 a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has become a leading e-commerce organization in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has because expanded its presence, achieving over 5,000 downloads on the 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 incorporated community that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company’s worker headcount has increased by 29%, and sports betting yearly income has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has accomplished significant 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 formerly functioned as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and sports betting has been in the online gaming industry given that 2000, holding different successful roles, including General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The business’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 differentiated herself as a senior executive with a track record of changing start-ups into institutionalized services. Her proficiency spans the gaming, realty, sports betting and credit financing markets, where he has established himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has functioned as Managing Director sports betting 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, critical in the company’s functional methods and market growth.

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

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting options and an user-friendly 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 Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and governments to develop developmental policies aimed 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has quickly grown its presence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing every year. In the exact 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, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has since grown into one of the world’s largest online gambling business.

By 2016, sports betting Bet365 produced $2 billion in profits and assisted in $45 billion in yearly bets. The business also 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, sports betting established alongside business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that creates investment returns and offers unique financial investment insights and services to both individual and sports betting institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has been working 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 strategy, and brand-new company development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he worked 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, sports betting Benin Republic.

22Bet is an online gaming platform that offers sports betting, casino video games, and sports betting live dealership video 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 also 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 a worldwide sports betting wagering and real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, sports betting SportyBet has ended up being a significant player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His financial investments reflect his commitment to fostering development and development within the region.

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

The firm is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has stated 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 projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage innovative innovation and sports betting a commitment to responsible sports betting to revolutionise the sector.

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

At a press briefing, the business’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and expert team will enable it to scale and control the marketplace quickly.

Islamic authorities raid betting stores in northern Nigeria

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

«As you understand, wagering is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting referred to as the Hisbah, informed the BBC.

Complaints from community leaders and moms and dads prompted the crackdown, fretted about the growing variety of gambling addicts, he said.

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

But Mr Aminudeen cautioned that now that the 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 bulk Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.

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

Nevertheless, sports betting the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting stores can be found all over the city. A lot of have television screens, and customers watch the result of worldwide football matches or horse races on which they have actually staked money.

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

«They do not have licences to run as they were allowed to run video games centres, which they later on converted to sports betting shops,» he said.

The sports betting industry has actually broadened considerably across West Africa recently. The region is roughly divided between a mainly Muslim north and a primarily Christian south.

Many individuals go to bookmakers to delight in the friendship of other bettors, though mobile apps are also popular for wagering on the result of occasions and teams.

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

However this had caused extensive dependency, and moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.

«These economic concerns we are dealing with in Nigeria is God informing us to alter our ways by stopping sins,» he said.

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 stores to either closed down or we’ll arrest them and take them to [a Sharia] court,» Mr Aminudeen said.

It is uncertain what penalty they would deal with – frequently, such violations bring a fine.

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