Betting’s Billion-Dollar War: Industry Giants Face Double Threat in Nigeria

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

sports betting has actually evolved substantially in Nigeria from standard kinds like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.

Gradually, with increased internet gain access to came virtual sports betting, which parallels worldwide patterns. 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.

In spite of economic obstacles such as inflation, sports betting Nigeria’s sports betting wagering sector has thrived, drawing in millions, particularly among the younger group dealing with high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative steps like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite challenges in enforcement. Problems such as insufficient age confirmation and advertising rule breaches reveal industry regulative spaces.

Regardless of these difficulties, sports betting companies continue to grow through effective business models and aggressive marketing methods, sports betting leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have considerably added to Nigeria’s $2 billion gambling 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 various roles in the video gaming and show business, consisting of working at among the United Kingdom’s largest video gaming centres, 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, Wales. Surebet247, founded in August 2011, sports betting has actually become a leading e-commerce business in the sports betting and gaming sector, sports betting operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, sports betting 2006, and has considering that expanded its presence, 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.

Given that taking the helm prior sports betting to the pandemic, Sam has driven considerable growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and sports betting yearly revenue has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has accomplished 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 actually previously acted as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online gaming industry considering that 2000, sports betting holding different successful functions, including General Manager of an information analytics team and Director sports betting of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market presence and improve its offerings. The company’s app has actually 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 businesses. Her know-how spans the gaming, property, and credit loaning industries, where he has actually developed himself as a tactical and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually acted as Managing Director and has actually managed the business’s development 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 sports betting market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN supplies frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a totally functional website, sports betting setting a benchmark 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 global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is totally accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of wagering choices and an user-friendly 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated with African socio-economic institutions and federal governments to develop developmental policies aimed at empowering young people. In 2015, 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually quickly grown its presence 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, creating over 100,000 tasks, the variety of which is increasing yearly. In the very 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, majority investor, sports betting and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually because become among the world’s largest online sports betting business.

By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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, established along with business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces financial investment returns and uses unique financial investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering industry. He has been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has added to the business’s development through collaborations, business technique, and brand-new business development.

consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer experience, and Country Manager at 22BET, sports betting concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and sports betting Betty Bingo.

His career began at Jumia Group, where he worked in SEO, CRM, and sports betting 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 a Master of Science (MS) in Business Administration, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting, casino video games, and live dealership 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 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 company he established in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, 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, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web environment. His financial investments show his dedication to promoting innovation and development within the region.

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

The company is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative innovation and a commitment to accountable sports betting to change the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert team will allow it to scale and control the marketplace quickly.

Islamic cops raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually started shutting down sports betting stores, which they state are running unlawfully.

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

Complaints from neighborhood leaders and parents triggered the crackdown, worried about the growing number of sports betting addicts, he stated.

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

However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.

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.

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

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

Sports betting shops can be found all over the city. A lot of have television screens, and customers watch the outcome of international football matches or horse races on which they have staked money.

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

“They do not have licences to run as they were allowed to run video games centres, which they later transformed to sports betting stores,” he said.

The sports betting market has actually expanded drastically throughout West Africa recently. The region is roughly divided between a generally Muslim north and sports betting a mainly Christian south.

Many individuals go to bookmakers to delight in the friendship of other bettors, though mobile apps are likewise popular for wagering on the result of occasions and teams.

Nigeria’s debilitating recession has likewise implied individuals are willing to run the risk of a small amount in the hope of winning huge.

But this had led to prevalent dependency, sports betting and parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

“These economic concerns we are facing in Nigeria is God telling us to change our methods by stopping sins,” he stated.

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

“I am advising those running those wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would deal with – often, such violations carry a fine.

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