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

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

Gaming has actually progressed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

In spite of economic difficulties such as inflation, Nigeria’s sports betting wagering sector has thrived, attracting millions, especially amongst the youthful market dealing with high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that produces an estimated annual revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory procedures like excise duties and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Problems such as inadequate age verification and advertising guideline breaches reveal industry regulatory spaces.

Regardless of these difficulties, sports betting business continue to prosper through effective service designs and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually considerably added to Nigeria’s $2 billion gaming 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 varied profession covers various functions in the video gaming and entertainment industry, consisting of operating at one of 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 service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has since expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven considerable growth for LiveScore Group. The business’s staff member headcount has increased by 29%, and annual earnings has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has actually accomplished 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 business’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually been in the online video gaming market since 2000, holding various effective roles, including General Manager of an information analytics team 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 business’s app has 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 businesses. Her proficiency covers the video gaming, property, and credit lending markets, where he has actually established himself as a tactical and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has actually worked as Managing Director and 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 company’s operational strategies and market expansion.

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, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to launch a fully 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 global sports betting wagering 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, including Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of wagering alternatives and an easy to use 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 collaborated with African socio-economic organizations and federal 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, 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 home entertainment company has rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing annually. In the exact 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 sports betting joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has given that grown into one of the world’s biggest online sports betting business.

By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has garnered substantial 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 company in Nigeria, established together with 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 property management business that creates financial investment returns and offers special financial investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the company’s growth through partnerships, business technique, and brand-new service development.

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

His profession started at Jumia Group, where he operated in SEO, CRM, and 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that offers sports betting wagering, casino video games, and live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 CEO of SportyBet, a business he established in 2013.

SportyBet is a global sports betting and real-money video gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually 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 investor in fintech and mobile payments and a strong supporter for the growing African internet community. His investments show his commitment to cultivating 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 company is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced technology and a dedication to responsible sports betting to revolutionise the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and expert group will enable it to scale and the market quickly.

Islamic police raid betting shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started shutting down sports betting stores, which they state are running unlawfully.

“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.

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

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

But Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on gaming, 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 – along with secular law.

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

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

Sports betting stores can be found all over the city. Many have tv screens, and consumers view the result of worldwide football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had been able to operate under the radar as they had actually opened under false pretenses.

“They do not have licences to run as they were allowed to run video games centres, which they later on transformed to sports betting stores,” he said.

The sports betting wagering industry has broadened considerably across West Africa recently. The region is approximately divided in between a generally Muslim north and a mainly Christian south.

Many individuals go to bookmakers to enjoy the friendship of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and groups.

Nigeria’s debilitating economic crisis has actually also meant people want to risk a percentage in the hope of winning huge.

But this had actually led to widespread addiction, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.

“These economic problems we are facing in Nigeria is God telling 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 recommending those running those sports betting shops to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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