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

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

Gaming has progressed substantially in Nigeria from traditional forms like pool staking and sports betting Baba Ijebu to a growing sports betting market. Historically connected 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 wagering, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.

Despite economic challenges such as inflation, Nigeria’s sports betting wagering sector has grown, bring in millions, especially among the younger market facing high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces a projected yearly income of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory measures like excise tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of difficulties in enforcement. Problems such as inadequate age verification and advertising guideline breaches show industry regulative gaps.

In spite of these challenges, sports betting wagering companies continue to grow through reliable organization designs and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have considerably contributed to Nigeria’s $2 billion gaming empire through their extensive 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 varied career covers different functions in the video gaming and show business, sports betting consisting of operating at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he worked 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, sports betting has grown into a leading e-commerce business in the sports betting and video gaming sector, operating through online, sports betting mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has actually because broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that combines pertinent sports betting material, engaging functions, and a world-class sportsbook.

Since taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company’s worker headcount has increased by 29%, and annual profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have propelled LiveScore Group’s success and assisted shape the market’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 appointed 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 been in the online gaming market since 2000, holding numerous effective functions, including General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market existence and boost its offerings. The company’s app has gathered 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 sports betting executive with a performance history of transforming start-ups into institutionalized organizations. Her knowledge covers the video gaming, realty, and credit lending industries, where he has actually developed himself as a tactical and sports betting functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s operational strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer academic 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, sports betting Nigeria’s pioneering sports betting bookmaking business, sports betting established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the first to introduce a totally functional 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting options 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 teamed up with African socio-economic organizations and 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, sports betting founded and released 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 quickly grown its presence in Nigeria, sports betting with outlets in significant cities and sports betting 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 tasks, the variety of which is increasing annually. In the very 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, majority investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually given that turned into among the world’s largest online gambling business.

By 2016, Bet365 produced $2 billion in profits and sports betting helped with $45 billion in yearly bets. The company likewise holds a majority 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 business in Nigeria, established alongside entrepreneur 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 asset management business that generates financial investment returns and provides distinct financial investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the company’s growth through collaborations, business method, and new organization advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, focusing on marketing method and spending plan 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 worked in SEO, CRM, and content management. Fikayo also served 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 sports betting 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 offers sports betting wagering, gambling establishment games, and live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business signed up 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 business he developed in 2013.

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

In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments reflect his dedication to cultivating innovation and development within the area.

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

The firm is set to interrupt the sports betting 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 annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize innovative innovation and a commitment to accountable gambling to change the sector.

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

At a press briefing, sports betting the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, sports betting and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will allow it to scale and dominate the market rapidly.

Islamic police raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting shops, which they state are running unlawfully.

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

Complaints from community leaders and moms and dads prompted the crackdown, sports betting worried about the growing number of gambling addicts, he said.

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

However Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.

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

Bookies and sports betting bars tend to be enabled to run in Kano’s Christian areas, sports betting though they too can deal with action if the Hisbah believes Muslims are frequenting them.

However, the current crackdown is focused on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.

Sports betting shops can be discovered all over the city. Many have tv screens, and customers see the result of worldwide football matches or horse races on which they have actually staked cash.

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

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

The sports betting market has actually expanded dramatically across West Africa in the last few years. The region is roughly divided in between a generally Muslim north and a predominantly Christian south.

Lots of people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the outcome of occasions and groups.

Nigeria’s crippling economic crisis has actually likewise meant individuals want to risk a percentage in the hope of winning huge.

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

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

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

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

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