Betting’s Multi-Billion Battleground: Industry Giants Face Double Challenge in Nigeria

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

Gambling has progressed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, Nigeria’s sports betting sector has flourished, drawing in millions, particularly amongst the younger group dealing with high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces a projected annual profits of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory measures like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite challenges in enforcement. Problems such as insufficient age verification and sports betting advertising rule breaches show industry regulative gaps.

Despite these obstacles, sports betting business continue to flourish through efficient company models and aggressive marketing techniques, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have substantially added to Nigeria’s $2 billion sports betting empire through their extensive 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 spans numerous functions in the gaming and show business, consisting of operating at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, sports betting 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, has turned into a leading e-commerce service in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has because expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 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 relevant sports betting material, engaging features, and a world-class sportsbook.

Because taking the helm prior to the pandemic, sports betting Sam has actually driven substantial development for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual revenue has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has actually attained significant 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 formerly functioned as the company’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online gaming industry considering that 2000, holding numerous successful functions, sports betting consisting of General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s management, sports betting Betway has continued to grow its market existence and enhance its offerings. The business’s app has actually garnered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her know-how spans the video gaming, real estate, and sports betting credit financing markets, where he has established himself as a tactical and operational leader.

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

Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s functional methods and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a completely practical website, setting a standard 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 actually established itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a wide range of sports betting choices and sports betting an user-friendly 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 ventures, Ukanwoke has actually worked together 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, sports betting established and released 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 wagering and entertainment company has rapidly grown its existence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in 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, sports betting 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 business she developed in 2000. Bet365.com was released in 2001 as an online wagering website and has considering that become one of the world’s biggest online gaming business.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 company in Nigeria, established together with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that generates financial investment returns and provides distinct financial investment insights and sports betting options to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

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

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

His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also worked 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 uses sports betting, sports betting casino video games, and live dealer games. It was launched 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 casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become a significant gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web environment. His financial investments reflect his dedication to promoting development and development within the area.

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

The company is set to disrupt the sports wagering industry.

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 development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage cutting-edge innovation and a dedication to accountable gambling to change the sector.

Backed by the financial power of four popular African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent’s largest and most innovative sports betting wagering platform.

At a press instruction, the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and sports betting 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 professional team will enable it to scale and dominate the marketplace quickly.

Islamic police raid betting shops in northern Nigeria

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

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

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

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

But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be apprehended.

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

Bookmakers 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 concentrated on Muslim areas of Kano, a sprawling city and sports betting the economic center of northern Nigeria.

sports betting wagering shops can be found all over the city. The majority of have television screens, and consumers enjoy the result of global football matches or horse races on which they have actually staked money.

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

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

The sports betting market has broadened dramatically throughout West Africa in recent years. The region is approximately divided in between a primarily Muslim north and a predominantly Christian south.

Lots of people go to to take pleasure in the friendship of other gamblers, though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria’s debilitating recession has also suggested people are willing to risk a percentage in the hope of winning big.

However this had resulted in extensive addiction, and moms and sports betting dads were even grumbling that children were leaving of school to bet, Mr Aminudeen said.

“These economic issues we are facing in Nigeria is God telling us to alter our methods 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 sports betting shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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