Betting’s Multi-Billion War: Industry Leaders Face Double Threat in Nigeria

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

sports betting has progressed significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, pool staking was a common 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 global trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.

In spite of economic challenges such as inflation, Nigeria’s sports betting sector has grown, attracting millions, especially amongst the youthful market facing high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that produces a projected yearly revenue of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about like import tax duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of obstacles in enforcement. Issues such as inadequate age verification and advertising guideline breaches reveal industry regulatory gaps.

Despite these difficulties, sports betting companies continue to prosper through effective business models and sports betting aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, sports betting with CEOs playing essential roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have actually significantly contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans numerous roles in the video gaming and entertainment industry, sports betting including working at among the United Kingdom’s largest video 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 actually turned into a leading e-commerce company 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 actually because broadened its presence, accomplishing 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, sports betting he ended up being the CEO of LiveScore Group, a completely incorporated environment that combines appropriate sports betting content, engaging features, and a world-class sportsbook.

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

Sam’s leadership and sports betting tactical vision have actually propelled LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has actually attained 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 actually formerly served as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually remained in the online gaming market considering that 2000, sports betting holding numerous effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and improve its offerings. The company’s app has actually garnered substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of changing start-ups into institutionalized organizations. Her competence spans the gaming, realty, and credit lending industries, where he has established himself as a tactical and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has actually worked as Managing Director and has actually managed the business’s growth and operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN supplies 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, 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 totally functional site, setting a standard in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 nations, sports betting including Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering choices 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 endeavors, Ukanwoke has collaborated with African socio-economic organizations and federal governments to develop 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has rapidly grown its existence in Nigeria, with outlets in significant 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 every 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, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has because turned into among the world’s biggest online gaming companies.

By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered 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 along with business owner 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 property management business that creates financial investment returns and provides unique investment insights and options to both specific 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 actually ended up being a significant player in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has actually been serving as the Country Director sports betting for 22BET in Nigeria since June 2021. In this role, he has added to the company’s growth through partnerships, business technique, and new company advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and sports betting consumer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous 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, sports betting Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that offers sports betting wagering, 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, a company registered in Cyprus and 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 established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become 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 sports betting a strong supporter for the growing African internet environment. His investments show his commitment to fostering innovation and development within the region.

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 wagering industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry 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 firm intends to leverage cutting-edge technology and a commitment to responsible sports betting to change the sector.

Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting platform.

At a press instruction, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, sports betting has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and specialist team will enable it to scale and control the marketplace quickly.

Islamic police raid wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually begun shutting down sports betting wagering stores, which they state are operating unlawfully.

“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.

Complaints from neighborhood leaders and sports betting parents prompted the crackdown, fretted about the growing variety of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.

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

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

However, sports betting the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering stores can be found all over the city. Most have television screens, and clients see the result of worldwide football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookies had actually had the ability to operate under the radar as they had actually opened under false pretenses.

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

The sports betting wagering industry has actually broadened dramatically across West Africa over the last few years. The area is approximately divided between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.

Nigeria’s crippling economic crisis has likewise suggested people are willing to run the risk of a small amount in the hope of winning big.

But this had actually led to extensive addiction, and moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.

“These economic concerns we are facing in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

The raids on Tuesday focused 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 closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would face – 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 the usage of alcohol were banned.