Betting Industry Revolution: Innovation Meets Control in Nigeria’s Betting Sector

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

sports betting has evolved significantly in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting wagering sector has grown, sports betting bring in millions, specifically amongst the younger group facing high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates an approximated yearly revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory steps like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Issues such as insufficient age confirmation and marketing rule breaches reveal industry regulative gaps.

Despite these challenges, sports betting business continue to prosper through reliable company designs and aggressive marketing methods, leveraging the developer influencer industry.

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

Constable 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 spans different roles in the gaming and entertainment industry, consisting of operating at one of the United Kingdom’s biggest 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 actually turned into a leading e-commerce organization in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has considering that broadened 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated ecosystem that integrates pertinent sports betting material, engaging features, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s employee headcount has increased by 29%, and annual revenue has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped form the . LiveScoreBet has actually attained 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 actually previously served as the company’s Marketing and sports betting Operations Director because 2015. He joined Betway in 2013 and has been in the online gaming industry since 2000, holding various effective functions, consisting of General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and improve its offerings. The business’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 actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her expertise spans the gaming, sports betting real estate, sports betting and credit loaning industries, sports betting where he has actually established himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has worked as Managing Director and has actually overseen the business’s development and operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished 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, sports betting it was the very first to release a fully practical website, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

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

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a vast array of sports betting options 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and federal governments to create 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 introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing each year. In the 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, majority investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has considering that grown into among the world’s largest online gaming business.

By 2016, Bet365 generated $2 billion in incomes and sports betting helped with $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered considerable user engagement, with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting company in Nigeria, established along with businessman 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 asset management company that generates financial investment returns and sports betting provides distinct financial investment insights and services to both specific and institutional clients.

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 actually become a significant gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the company’s development through partnerships, service method, and new company development.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and client experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he worked 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 gambling platform that uses sports betting, sports betting casino video games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, sports betting SportyBet has ended up being a substantial 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 investor in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His financial investments reflect his commitment to promoting development and advancement within the area.

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

The firm is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has said it is focused on changing how millions of 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, sports betting the firm intends to utilize innovative technology and a dedication to accountable sports betting to change the sector.

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

At a press instruction, the business’s spokesperson, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust sponsorship and professional group will enable it to scale and dominate the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

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

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

Problems from community leaders and moms and dads triggered the crackdown, stressed over the growing variety of gambling addicts, he stated.

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

But Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.

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

Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a vast city and the economic center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. The majority of have television screens, and consumers watch the result of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookmakers had actually had the ability to run under the radar as they had actually opened under false pretenses.

“They do not have licences to operate as they were allowed to run video games centres, which they later on transformed to wagering stores,” he stated.

The sports betting wagering industry has actually broadened dramatically throughout West Africa in the last few years. The region is roughly divided in between a primarily Muslim north and a predominantly 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 events and teams.

Nigeria’s crippling recession has actually likewise suggested people are willing to risk a percentage in the hope of winning huge.

However this had actually caused extensive dependency, and parents were even grumbling that kids were leaving of school to bet, sports betting Mr Aminudeen stated.

“These economic issues 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 shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – frequently, such infringements carry a fine.

Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, sports betting gaming and the usage of alcohol were prohibited.