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

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

Gaming has actually developed significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

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

Regardless of economic difficulties such as inflation, Nigeria’s sports betting wagering sector sports betting has thrived, bring in millions, especially among the vibrant market facing high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that produces a projected annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory procedures like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of obstacles in enforcement. Issues such as inadequate age verification and sports betting advertising guideline breaches reveal market regulative gaps.

Regardless of these challenges, sports betting wagering business continue to flourish through reliable service models and sports betting aggressive marketing methods, leveraging the developer influencer industry.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting business who have actually substantially contributed 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 spans different roles in the video gaming and entertainment industry, including working at one of the United Kingdom’s largest 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 become a leading e-commerce company in the wagering and video gaming sector, running through online, mobile, and sports betting retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and has since expanded its presence, achieving 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, he became the CEO of LiveScore Group, a fully incorporated community that combines relevant sports betting content, engaging features, and a first-rate sportsbook.

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

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and helped form the industry’s instructions. 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 designated CEO of Betway in November 2017, sports betting having previously served as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has been in the online gaming market considering that 2000, holding various effective functions, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and sports betting enhance its offerings. The business’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 track record of changing start-ups into institutionalized companies. Her expertise spans the video gaming, realty, and credit lending industries, where he has actually developed himself as a tactical and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, she has worked as Managing Director and sports betting has actually overseen the company’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s functional techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides 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, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully functional website, 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 international sports betting wagering in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 nations, sports betting consisting of Nigeria, where it is totally certified.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide range of sports betting alternatives 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 teamed up with African socio-economic institutions and federal governments to develop developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and released 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 business has rapidly grown its existence 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, developing over 100,000 jobs, 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, sports betting the creator, bulk shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually given that grown into one of the world’s largest online gambling companies.

By 2016, Bet365 produced $2 billion in incomes and assisted in $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, developed along with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces investment returns and offers unique financial investment insights and services to both private and institutional clients.

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 become a substantial player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually added to the company’s growth through collaborations, organization technique, and new business advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, casino video games, and live dealer video games. It was released in 2017 and sports betting is owned and sports betting run by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

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

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for sports betting the growing African web community. His financial investments show his commitment to cultivating development and sports betting advancement within the region.

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

The firm is set to interfere with the sports betting market.

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

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

At a press instruction, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and sports betting the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and sports betting professional group will allow it to scale and dominate the market quickly.

Islamic police raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started closing down sports betting stores, which they state are operating illegally.

“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.

Problems from neighborhood leaders and parents triggered the crackdown, worried about the growing number of gambling addicts, he stated.

On the 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 stated.

However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.

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

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

Nevertheless, the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering shops can be found all over the city. Most have tv screens, and clients watch the result of worldwide football matches or horse races on which they have 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 don’t have licences to run as they were permitted to run video games centres, which they later on transformed to sports betting stores,” he stated.

The sports betting industry has actually expanded significantly across West Africa in the last few years. The area is approximately divided in between a generally Muslim north and a mainly Christian south.

Many individuals go to bookies to take pleasure in the sociability of other bettors, though mobile apps are also popular for wagering on the result of occasions and teams.

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

However this had actually caused extensive dependency, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen stated.

“These economic concerns we are facing in Nigeria is God informing us to change our ways 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 recommending those running those wagering stores to either closed down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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