Betting’s Multi-Billion War: Industry Leaders Face Double Challenge in Nigeria

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

sports betting has developed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, sports betting where lovers would wager just N50-N200 on matches.

Slowly, 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 forecasted to nearly double to $182.02 billion by 2030.

Despite economic challenges such as inflation, Nigeria’s sports betting sector sports betting has actually prospered, drawing in millions, especially amongst the vibrant group facing high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces an estimated annual income of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative steps like import tax tasks and VAT boosts to manage the sector.

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

In spite of these difficulties, sports betting wagering business continue to flourish through efficient service designs and aggressive marketing techniques, leveraging the creator sports betting influencer market.

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

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied various roles in the gaming and entertainment industry, including working at among the United Kingdom’s biggest video gaming centres, sports betting The Palace Bingo Club, where he served 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, sports betting Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce service in the wagering and video gaming sector, sports betting operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and sports betting has because expanded its existence, achieving 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 totally integrated environment that integrates pertinent sports betting content, sports betting engaging functions, and a world-class sportsbook.

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

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has achieved major 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 previously functioned as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and sports betting has remained in the online gaming market because 2000, holding various successful functions, including 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 company’s app has actually amassed considerable 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 transforming start-ups into institutionalized companies. Her expertise covers the video gaming, property, and credit loaning industries, where he has established himself as a tactical and operational leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned organizations. DDWIN supplies frHer educational background consists of 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, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a completely functional site, setting a criteria 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 international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of sports betting choices 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic institutions and sports betting 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, established and launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing yearly. In the exact 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 creator, majority shareholder, and joint Chief Executive of Bet365, sports betting an online gambling business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually since become one of the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in profits and helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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, developed along with business person Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management company that generates financial investment returns and provides special financial investment insights and solutions to both individual and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a substantial player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has been working 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 service advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement 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 various digital marketing roles at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 offers sports betting, casino video games, and live dealership video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a company signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are also 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 developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a substantial player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active investor sports betting in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His financial investments show his commitment to cultivating development and sports betting development within the area.

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

The company is set to interrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative technology and a commitment to accountable gaming to change the sector.

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

At a press instruction, the business’s representative, sports betting Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, sports betting especially football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and sports betting expert group will enable it to scale and control the marketplace quickly.

Islamic cops raid wagering shops in northern Nigeria

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

„As you understand, sports betting is prohibited in Islam,“ Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.

Grievances from community leaders and parents triggered the crackdown, fretted about the growing number of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be detained.

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

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

However, the current crackdown is concentrated on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting stores can be found all over the city. Many have television screens, and consumers watch the result of worldwide football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookies had been able to run under the radar as they had opened under false pretences.

„They do not have licences to operate as they were allowed to run computer game centres, which they later on transformed to sports betting shops,“ he stated.

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

Many people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are also popular for wagering on the result of occasions and groups.

Nigeria’s debilitating recession has actually also suggested individuals are willing to run the risk of a small amount 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 economic problems we are facing in Nigeria is God informing 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 encouraging those running those wagering stores 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, sports betting and the consumption of alcohol were prohibited.