Betting’s Multi-Billion War: Industry Giants Face Dual Threat in Nigeria

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

sports betting has evolved considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Gradually, with increased web gain access to came virtual sports betting, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is projected to almost double to $182.02 billion by 2030.

Despite financial obstacles such as inflation, Nigeria’s sports betting sector has flourished, sports betting bring in millions, particularly amongst the youthful group dealing with high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates an approximated annual revenue of N730 billion. The federal government has not gone undetected by this development, which is considering regulative procedures like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Issues such as insufficient age verification and marketing rule breaches show market regulatory spaces.

In spite of these difficulties, sports betting wagering business continue to flourish through effective business designs and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, sports betting with CEOs playing crucial roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria’s $2 billion gaming empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession covers different functions in the video gaming and show business, including 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 become a leading e-commerce business in the sports betting and gaming sector, sports betting operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has because broadened its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a fully integrated ecosystem that combines appropriate sports betting material, sports betting engaging functions, and a first-rate sportsbook.

Because taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual earnings has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has actually attained major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

was appointed CEO of Betway in November 2017, having actually previously served as the company’s Marketing and sports betting Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming market considering that 2000, holding different effective functions, including General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The company’s app has actually amassed substantial 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 track record of changing start-ups into institutionalized organizations. Her proficiency covers the gaming, property, and credit financing markets, where he has developed himself as a strategic and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational techniques and market growth.

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

Akin Alabi, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a totally practical site, setting a benchmark in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting 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 established itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 nations, sports betting consisting of Nigeria, where it is totally certified.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting providing a large range of wagering 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 collaborated with African socio-economic institutions and governments to create developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering 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, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, the variety of which is increasing annually. 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, bulk investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually since turned into among the world’s biggest online gambling business.

By 2016, Bet365 created $2 billion in incomes and sports betting assisted in $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 business in Nigeria, established alongside business owner 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 company that produces financial investment returns and uses distinct financial investment insights and services to both specific and institutional customers.

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 considerable gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has been serving as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the business’s growth through partnerships, company technique, and brand-new company advancement.

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

His career started at Jumia Group, where he operated in SEO, sports betting 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 gambling platform that uses sports betting, gambling establishment video games, and live dealership video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting 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 established in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator understood for sports betting delivering an omni-channel entertainment experience in controlled 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 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 internet community. His investments show his commitment to cultivating innovation and advancement within the region.

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

The firm is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm aims to take advantage of advanced technology and a dedication to responsible gambling to revolutionise the sector.

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

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

Islamic police raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun closing down sports betting wagering shops, which they say are running illegally.

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

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

On the very first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer said.

However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines 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 – along with secular law.

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

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

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

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

“They do not have licences to operate as they were permitted to run computer game centres, which they later on converted to sports betting shops,” he said.

The sports betting wagering market has actually broadened drastically throughout West Africa in the last few years. The area is approximately divided in between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the outcome of occasions and teams.

Nigeria’s debilitating economic crisis has likewise suggested individuals are willing to risk a percentage in the hope of winning huge.

But this had actually resulted in extensive dependency, and moms and dads were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.

“These financial concerns 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, 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 jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

Sharia was introduced 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 banned.