Inside Nigeria’s Betting Transformation: CEOs, Challengers, and Cultural Conflicts

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

Gambling has evolved substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

Gradually, with increased web access came virtual wagering, which parallels global patterns. 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.

Regardless of economic challenges such as inflation, sports betting Nigeria’s sports betting wagering sector has actually prospered, attracting millions, particularly amongst the youthful demographic dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates a projected annual earnings of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative measures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite challenges in enforcement. Concerns such as inadequate age verification and marketing rule breaches reveal industry regulatory spaces.

In spite of these obstacles, sports betting business continue to prosper through efficient company models and aggressive marketing methods, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have substantially added to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous functions in the video gaming and show business, including working at among the United Kingdom’s largest gaming centres, sports betting 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce organization in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has because expanded its existence, accomplishing 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 became the CEO of LiveScore Group, sports betting a fully integrated community that integrates appropriate sports betting content, sports betting engaging features, and a world-class 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 yearly profits has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and sports betting strategic vision have actually moved LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has actually attained major sports betting 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 worked as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market given that 2000, holding numerous effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The business’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 transforming start-ups into institutionalized organizations. Her know-how covers the video gaming, realty, and credit financing industries, where he has actually established himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has served as Managing Director and has overseen the business’s development and sports betting operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s functional techniques and market expansion.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a completely practical site, sports betting setting a criteria in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1 Limited, sports betting a franchise of the international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is completely certified.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a large range of sports betting 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic institutions and 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, established and sports betting 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 entertainment business has actually rapidly 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 participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing each year. In the very same year, sports betting 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and sports betting has actually given that turned into among the world’s biggest online gaming companies.

By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered substantial 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, sports betting developed along with businessman 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 property management company that generates financial investment returns and uses special investment insights and services to both specific and institutional customers.

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 gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the business’s growth through collaborations, organization strategy, and brand-new organization advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and customer 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 profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, casino games, and live dealer games. It was launched in 2017 and is owned and run 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 sports betting CEO of SportyBet, a company he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a substantial 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 community. His financial investments reflect his commitment to cultivating development and advancement within the area.

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of cutting-edge innovation and sports betting a commitment to responsible gambling to change the sector.

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

At a press rundown, sports betting the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and professional group will allow it to scale and dominate the market rapidly.

Islamic authorities raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started shutting down sports betting stores, 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, sports betting told the BBC.

Grievances from community leaders and parents prompted the crackdown, stressed over the growing variety of gambling addicts, he said.

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

However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gaming, sports betting those flouting the rules would be apprehended.

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

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

Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.

sports betting wagering shops can be found all over the city. Many have television screens, and customers see the result of international football matches or horse races on which they have staked money.

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

“They don’t have licences to run as they were allowed to run computer game centres, which they later on transformed to sports betting shops,” he stated.

The sports betting market has actually expanded dramatically throughout West Africa over the last few years. The region is roughly divided between a primarily Muslim north and sports betting a mainly Christian south.

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

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

But this had actually led to prevalent dependency, and sports betting moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.

“These financial concerns we are facing in Nigeria is God informing us to alter our ways by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending those running those wagering stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would deal with – frequently, such violations bring a fine.

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