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

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering industry.

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

Gradually, with increased internet access came virtual sports betting, which parallels international trends. 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.

Despite financial obstacles such as inflation, Nigeria’s sports betting sector has grown, bring in millions, especially amongst the youthful demographic facing high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces an estimated annual earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory measures like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of challenges in enforcement. Issues such as insufficient age verification and marketing guideline breaches reveal market regulative spaces.

In spite of these challenges, sports betting companies continue to thrive through effective organization models and aggressive marketing techniques, leveraging the creator influencer industry.

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

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans various roles in the gaming and sports betting show business, consisting of working at one of the United Kingdom’s biggest 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, Wales. Surebet247, founded in August 2011, sports betting has actually turned into a leading e-commerce organization in the wagering and sports betting video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually considering that expanded its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that integrates relevant sports betting material, engaging features, sports betting and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, sports betting Sam has driven substantial growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and yearly revenue has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has actually achieved major 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 formerly functioned as the company’s Marketing and Operations Director sports betting considering that 2015. He joined Betway in 2013 and has remained in the online gaming market given that 2000, holding numerous effective functions, consisting of General Manager of a data analytics team and Director sports betting of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market existence and sports betting boost 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 differentiated herself as a senior sports betting executive with a track record of changing start-ups into institutionalized services. Her knowledge spans the video gaming, property, sports betting and credit loaning industries, where he has actually developed himself as a tactical and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has served 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 operational methods and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. 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 company, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a completely functional site, setting a benchmark 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 global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a wide range of wagering choices and an easy to use 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 Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and governments to create developmental policies targeted at empowering youths. In 2015, 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, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has rapidly grown its existence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety 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 creator, sports betting majority investor, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually because turned into one of the world’s biggest online gaming companies.

By 2016, Bet365 created $2 billion in profits and facilitated $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 business in Nigeria, developed along with business person Kunle Soname, who also 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 distinct investment insights and solutions to both individual 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, sports betting Bet9ja has actually ended up being a considerable gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the business’s growth through partnerships, service strategy, and brand-new service advancement.

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

His profession began at Jumia Group, where he operated 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 sports betting 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 uses sports betting, gambling establishment games, and live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a business 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, sports betting a business he developed in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has 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 advocate for the growing African internet ecosystem. His investments show his dedication to promoting development and advancement within the region.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.

The company is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry 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, sports betting the company aims to utilize advanced innovation and a dedication to accountable gaming to revolutionise the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and professional group will enable it to scale and dominate the market quickly.

Islamic cops raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting stores, which they state are running illegally.

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

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

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

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – along with nonreligious law.

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

Nevertheless, sports betting the current crackdown is focused on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.

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

Mr Aminudeen said such bookmakers had actually 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 computer game centres, which they later transformed to sports betting shops,” he stated.

The sports betting wagering market has actually expanded significantly throughout West Africa in the last few years. The area is approximately divided between a primarily Muslim north and a primarily Christian south.

Many people go to bookies to delight in the sociability of other gamblers, sports betting though mobile apps are likewise popular for wagering on the outcome of events and teams.

Nigeria’s debilitating recession has actually also meant individuals want to risk a small amount in the hope of winning big.

But this had actually resulted in widespread dependency, and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.

“These financial problems we are dealing with in Nigeria is God telling us to change our ways 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 recommending those running those sports betting stores to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would face – often, such violations bring a fine.

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