Betting Industry Revolution: Disruption Meets Control in Nigeria’s Betting Space
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
sports betting has actually developed significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.
Gradually, with increased web gain access to came virtual sports betting, 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 sector has actually grown, attracting millions, specifically amongst the vibrant group facing high unemployment rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates an estimated yearly earnings of N730 billion. The federal government has not gone undetected by this growth, which is considering regulative steps like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of difficulties in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal market regulative spaces.
Despite these obstacles, sports betting wagering companies continue to flourish through efficient service models and aggressive marketing strategies, leveraging the developer influencer industry.
These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have actually substantially added to Nigeria’s $2 billion sports betting empire through their extensive audience reach.
Constable Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession covers different roles in the video gaming and sports betting show business, including working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting 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, sports betting founded in August 2011, has turned into a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, sports betting 2006, and has actually since expanded its presence, sports betting 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, sports betting he became the CEO of LiveScore Group, sports betting a fully incorporated ecosystem that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.
Because taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The company’s worker headcount has increased by 29%, and yearly earnings has actually surged from approximately ₤ 10 million to over ₤ 80 million.
Sam’s management and sports betting tactical vision have actually propelled LiveScore Group’s success and helped shape the industry’s instructions. LiveScoreBet has achieved 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, sports betting having actually previously served as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry considering that 2000, holding different effective roles, 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 boost its offerings. The company’s app has amassed considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her proficiency covers the video gaming, sports betting property, sports betting and credit financing markets, where he has established himself as a tactical and operational leader.
Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has acted as Managing Director and has actually overseen 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 strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, sports betting Nigeria’s pioneering sports betting business, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a fully 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 international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is totally certified.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of wagering choices 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and federal governments to develop 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, sports betting by Byron Petzer and Adekunle Adeniji, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and sports betting home entertainment business has actually quickly grown its existence 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, creating over 100,000 tasks, the variety of which is increasing annually. 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 creator, sports betting bulk investor, sports betting and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually because grown into among the world’s largest online gaming business.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered significant user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye – CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting company in Nigeria, established 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 possession management business that generates financial investment returns and offers unique investment insights and solutions to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business’s development through partnerships, organization technique, and new business advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and sports betting Betty Bingo.
His profession started at Jumia Group, sports betting where he worked in SEO, CRM, and content management. Fikayo also 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 gaming platform that offers sports betting wagering, casino video games, and live dealer games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered 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 business he developed in 2013.
SportyBet is a worldwide sports betting and real-money gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a considerable player in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web community. His investments show his commitment to cultivating innovation and development within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced innovation and a commitment to responsible gambling to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s largest and most innovative sports betting platform.
At a press briefing, the business’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, sports betting especially football, has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and expert team will allow it to scale and dominate the marketplace quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering stores, which they say are running unlawfully.
“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of sports betting addicts, sports betting he said.
On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent home with a warning, the Sharia officer said.
However Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on sports betting, sports betting those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a bulk 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 face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is focused on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
sports betting wagering shops can be discovered all over the city. The majority of have television screens, and consumers enjoy the outcome of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had actually been able to run under the radar as they had actually opened under false pretences.
“They do not have licences to operate as they were allowed to run video games centres, which they later on converted to wagering stores,” he stated.
The sports betting wagering industry has broadened drastically throughout West Africa over the last few years. The area is approximately divided between a primarily Muslim north and a predominantly Christian south.
Lots of people go to bookies to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and groups.
Nigeria’s crippling recession has also meant individuals are willing to run the risk of a percentage in the hope of winning big.
But this had actually caused widespread addiction, and sports betting parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.
“These economic concerns we are dealing with in Nigeria is God telling us to change 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 recommending those running those sports betting shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what punishment they would deal with – frequently, such violations carry a fine.
Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gambling and sports betting the intake of alcohol were prohibited.
