Betting Industry Shake-up: Innovation Meets Control in Nigeria’s Gaming Space

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

sports betting has developed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

Slowly, with increased internet access came virtual sports betting, which parallels worldwide trends. 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 financial challenges such as inflation, Nigeria’s sports betting wagering sector has flourished, drawing in millions, especially among the younger market dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates an approximated yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this development, sports betting which is thinking about regulatory steps like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite difficulties in enforcement. Problems such as insufficient age verification and sports betting advertising guideline breaches reveal market regulative gaps.

In spite of these difficulties, sports betting wagering companies continue to prosper through effective service designs and sports betting aggressive marketing strategies, leveraging the creator influencer market.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually significantly added to Nigeria’s $2 billion gambling empire through their extensive audience reach.

Sheriff Olaniyan – CEO Surebet247

is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans various functions in the gaming and show business, consisting of working at among the United Kingdom’s biggest video 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 sports betting 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 sports betting and video gaming sector, operating through online, mobile, and retail channels. The business 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 ended up being the CEO of LiveScore Group, a totally integrated community that integrates pertinent sports betting material, sports betting engaging features, and sports betting a first-rate sportsbook.

Because taking the helm prior to the pandemic, sports betting Sam has actually driven substantial development for sports betting LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly profits has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped form the industry’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 designated CEO of Betway in November 2017, having actually previously acted as the company’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market since 2000, holding different successful roles, including General Manager of an information 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 company’s app has actually amassed 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 performance history of transforming start-ups into institutionalized businesses. Her competence covers the gaming, realty, and credit loaning industries, where he has actually developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually acted as Managing Director sports betting and has actually managed the company’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 techniques and market expansion.

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

Akin Alabi, the creator 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, sports betting it was the first to introduce a totally functional site, 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide 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, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic organizations and governments to create developmental policies focused on empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing each year. In the very 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 founder, majority investor, and sports betting joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually considering that grown into among the world’s biggest online gambling business.

By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered considerable 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, established alongside business person Kunle Soname, sports betting who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that generates investment returns and offers special investment insights and solutions to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the business’s development through partnerships, sports betting organization method, and brand-new business advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he worked in SEO, sports betting CRM, and content management. Fikayo also acted as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, casino video games, and sports betting live dealership games. It was introduced 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 an international sports betting and real-money gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a significant gamer in the market, with over 1 million downloads on the Store.

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments show his dedication to fostering innovation and advancement within the area.

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

The firm is set to interfere with 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 growth forecast in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm aims to leverage innovative technology and a dedication to accountable gaming to change the sector.

Backed by the monetary power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent’s largest and most ingenious sports betting platform.

At a press instruction, the business’s spokesperson, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and expert team will allow it to scale and dominate the market quickly.

Islamic cops raid betting stores in northern Nigeria

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

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

Complaints from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing variety of sports betting addicts, sports betting he said.

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

But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be detained.

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

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

However, the present crackdown is focused on Muslim areas of Kano, sports betting a sprawling city and the economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. The majority of have television screens, sports betting and consumers watch the outcome of worldwide football matches or horse races on which they have actually staked money.

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

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

The sports betting market has actually broadened considerably throughout West Africa over the last few years. The region is roughly divided between a mainly Muslim north and a primarily Christian south.

Many people go to bookies to enjoy the friendship of other gamblers, though mobile apps are likewise popular for wagering on the result of occasions and teams.

Nigeria’s debilitating economic crisis has actually likewise indicated people are willing to run the risk of a percentage in the hope of winning big.

However this had actually resulted in widespread addiction, and sports betting moms and dads were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.

“These financial problems we are facing in Nigeria is God informing us to alter our ways 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 detain them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would face – typically, such infringements bring a fine.

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