Gaming Moguls Under Pressure: New Player Emerges as Northern Nigeria Tightens Betting Controls

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

Gaming has actually evolved considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, pool staking was a common sight at motor parks and sports betting kiosks, where enthusiasts would bet as low as N50-N200 on matches.

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

In spite of economic obstacles such as inflation, Nigeria’s sports betting sector has actually flourished, drawing in millions, specifically amongst the younger group dealing with high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces an approximated yearly profits of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory steps like excise responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches show market regulative gaps.

Despite these challenges, sports betting companies continue to grow through reliable service designs and aggressive marketing methods, leveraging the creator influencer industry.

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

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various functions in the gaming and show business, consisting of working at one of 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, sports betting founded in August 2011, has actually grown into a leading e-commerce service in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has actually considering that expanded 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 sports betting brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, sports betting a fully incorporated community that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.

Considering that taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly earnings has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has accomplished 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 formerly acted as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry given that 2000, holding numerous effective roles, consisting of General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market existence and boost its offerings. The company’s app has actually garnered significant 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 performance history of transforming start-ups into institutionalized services. Her know-how covers the video gaming, property, and credit loaning industries, sports betting where he has established himself as a strategic and functional leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer instructional 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 company, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a completely practical 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is completely licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering options and an easy to use 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 worked together with African socio-economic institutions and governments to develop developmental policies focused on empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has rapidly grown its existence in Nigeria, with outlets in major sports betting 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 variety of which is increasing each year. In the 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, the founder, sports betting bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually since grown into among the world’s biggest online gambling business.

By 2016, Bet365 produced $2 billion in earnings and sports betting assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually 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 company in Nigeria, developed together with business person 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 possession management business that produces investment returns and uses unique financial investment insights and services to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the company’s development through collaborations, organization technique, and new organization advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, and Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held different 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 likewise acted 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, casino video games, and live dealership video 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 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 company he developed in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable player in the market, sports betting 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 supporter for the growing African internet community. His financial investments show his dedication to cultivating development and advancement within the region.

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

The firm is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In an industry 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 firm aims to leverage cutting-edge technology and a commitment to accountable gambling to change the sector.

Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting platform.

At a press rundown, the company’s spokesperson, Akin Babatunde, sports betting stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, sports betting has actually set the stage for sports betting Sunbet’s ambitious entry. He included that the firm’s robust financial backing and professional group will allow it to scale and control the market quickly.

Islamic authorities raid wagering shops in northern Nigeria

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

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

Grievances from neighborhood leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he said.

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

But Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on sports betting, sports betting 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 – along with nonreligious law.

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

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

sports betting wagering stores can be discovered all over the city. Most have television screens, and customers watch the outcome of global football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had actually been able 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 computer game centres, which they later on converted to wagering stores,” he said.

The sports betting wagering industry has broadened dramatically throughout West Africa over the last few years. The region is approximately divided in between a primarily Muslim north and a mainly Christian south.

Many people go to bookies to delight in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the result of occasions and groups.

Nigeria’s debilitating recession has also implied people want to risk a percentage in the hope of winning big.

However this had actually resulted in widespread dependency, and moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.

“These economic issues we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he said.

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

“I am recommending those running those sports betting shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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