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

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

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

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

Regardless of economic difficulties such as inflation, Nigeria’s sports betting sector has thrived, drawing in millions, particularly among the younger group facing high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates a projected annual earnings of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory measures like import tax duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of challenges in enforcement. Problems such as inadequate age confirmation and advertising guideline breaches reveal industry regulative spaces.

Despite these obstacles, sports betting wagering companies continue to flourish through reliable business designs and aggressive marketing methods, leveraging the creator influencer market.

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

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers different functions in the gaming and sports betting entertainment industry, consisting of working at among the United Kingdom’s largest video 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, has turned into a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, sports betting and retail channels. The company was incorporated 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 over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that integrates appropriate sports betting material, engaging features, and a world-class sportsbook.

Since taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly earnings has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually moved LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has achieved 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 actually previously acted as the business’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has been in the online video gaming market given that 2000, holding different effective functions, consisting of General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has 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 differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her knowledge covers the gaming, property, and credit loaning markets, where he has actually established himself as a tactical and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has actually worked 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, essential in the business’s operational methods and market expansion.

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

Akin Alabi, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a fully functional website, setting a criteria 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed 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 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 sports betting choices and an easy to use 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to design 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing each year. 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, sports betting the creator, majority investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually given that grown into among the world’s largest online gambling companies.

By 2016, Bet365 produced $2 billion in incomes and assisted in $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered substantial user engagement, sports betting 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, sports betting a leading sports betting wagering business in Nigeria, developed together with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that creates investment returns and provides special investment insights and options 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, Bet9ja has actually ended up being a significant player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the company’s development through collaborations, organization method, and new company development.

Fikayo’s experience consists of roles 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 operated in SEO, 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 gaming platform that provides sports betting wagering, casino video games, and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business 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 known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually become a considerable gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and sports betting a strong advocate for the growing African web environment. His investments show his commitment to fostering innovation and advancement within the area.

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

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

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of advanced technology and a commitment to responsible gambling to revolutionise the sector.

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

At a press briefing, the business’s spokesperson, sports betting Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and specialist team will allow it to scale and control the market quickly.

Islamic authorities raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started closing down sports betting shops, which they say are operating unlawfully.

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

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

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

However Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be jailed.

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

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

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

sports betting wagering stores can be found all over the city. Many have television screens, and consumers view the outcome of worldwide football matches or horse races on which they have staked cash.

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

“They do not have licences to run as they were permitted to run video games centres, which they later converted to wagering stores,” he said.

The sports betting wagering industry has broadened significantly throughout West Africa in the last few years. The area is roughly divided in between a generally Muslim north and a primarily Christian south.

Many people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for sports betting on the result of occasions and teams.

Nigeria’s debilitating economic crisis has actually likewise indicated people are willing to risk a percentage in the hope of winning big.

However this had caused widespread dependency, and parents were even complaining that children were leaving of school to bet, 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 concentrated on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those sports betting shops to either closed down or we’ll arrest 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 presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gambling and the usage of alcohol were prohibited.