Betting’s Multi-Billion Battleground: Industry Giants 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 thriving sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

Despite economic obstacles such as inflation, Nigeria’s sports betting wagering sector has prospered, attracting millions, particularly among the younger market dealing with high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces a projected annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative steps like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of difficulties in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches reveal industry regulative gaps.

In spite of these obstacles, sports betting companies continue to flourish through efficient business models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential functions in expanding audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting business who have actually significantly contributed to Nigeria’s $2 billion sports betting empire through their comprehensive 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 career covers numerous roles in the video gaming and show business, including working at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting where he acted 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 company 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, sports betting and has actually considering that broadened its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated community that integrates appropriate sports betting content, engaging features, and sports betting a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has driven considerable growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and assisted form the market’s direction. 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 appointed CEO of Betway in November 2017, having actually previously worked as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and sports betting has remained in the online video gaming market since 2000, holding various successful roles, consisting of General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has gathered significant 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 companies. Her expertise covers the video gaming, sports betting realty, and credit financing industries, where he has actually developed himself as a strategic and functional leader.

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

Before this, sports betting 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 company empowering women-owned businesses. DDWIN supplies frHer instructional background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a fully functional website, setting a standard in the market.

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 actually developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is totally accredited.

Under Babalola’s leadership, sports betting 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a large range of sports betting options and an user-friendly 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and governments to create 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, established 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 and entertainment company has quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a collaboration 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, which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the founder, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has because turned into among the world’s biggest online sports betting companies.

By 2016, Bet365 created $2 billion in profits and sports betting assisted in $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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 company in Nigeria, developed alongside business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates financial investment returns and provides special investment insights and sports betting solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the company’s growth through collaborations, organization strategy, and brand-new service development.

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

His profession began at Jumia Group, where he worked in SEO, CRM, and sports betting content management. Fikayo likewise 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, sports betting Management, sports betting and sports betting Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online gaming platform that provides sports betting wagering, casino games, and live dealership games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise 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 company he established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has become a considerable 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 sports betting a strong advocate for sports betting the growing African web community. His investments reflect his dedication to fostering innovation and advancement within the region.

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

The company is set to interfere with the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced innovation and a commitment to responsible gaming to revolutionise the sector.

Backed by the monetary power of four prominent 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 business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and professional group will allow it to scale and control the market quickly.

Islamic cops raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting wagering stores, which they state are operating illegally.

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

Grievances from community leaders and moms and sports betting dads triggered the crackdown, worried about the growing variety of sports betting addicts, he said.

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

However Mr Aminudeen alerted that now that the general public was aware 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 majority Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.

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

However, the present crackdown is focused on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting stores can be found all over the city. A lot of have television screens, and clients see the outcome of worldwide football matches or sports betting 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 do not have licences to run as they were permitted to run computer game centres, which they later on converted to wagering stores,” he said.

The sports betting wagering market has expanded significantly throughout West Africa recently. The area is roughly divided in between a generally Muslim north and a primarily Christian south.

Lots of people go to bookmakers to delight in the camaraderie of other bettors, sports betting though mobile apps are likewise popular for wagering on the result of events and sports betting groups.

Nigeria’s debilitating economic crisis has actually also indicated people want to run the risk of a small amount in the hope of winning huge.

But this had caused prevalent addiction, and sports betting parents were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

“These economic problems we are dealing with in Nigeria is God informing us to alter our methods by stopping sins,” he said.

The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am advising those running those sports betting stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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