Betting’s Billion-Dollar Battleground: Industry Leaders Face Dual Threat in Nigeria
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
sports betting has evolved substantially in Nigeria from conventional kinds like pool staking and sports betting Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, sports betting 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 financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually thrived, bring in millions, especially amongst the youthful group dealing with high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces a projected yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, sports betting which is thinking about regulative procedures like import tax responsibilities 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 regardless of challenges in enforcement. Concerns such as inadequate age confirmation and marketing rule breaches show industry regulatory gaps.
Despite these difficulties, sports betting business continue to grow through efficient business designs and aggressive marketing methods, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing important functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have significantly contributed to Nigeria’s $2 billion sports betting empire through their substantial audience reach.
Sheriff Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers numerous roles in the gaming and entertainment industry, consisting of working at one of the United Kingdom’s biggest video gaming centres, sports betting 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 grown into a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 2006, and has actually since broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated community that integrates relevant sports betting content, sports betting engaging functions, and a world-class sportsbook.
Because taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The company’s employee headcount has increased by 29%, sports betting and sports betting annual income has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has accomplished major sports betting 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 acted as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has remained in the online gaming industry considering that 2000, holding various successful functions, including General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman’s management, sports betting Betway has continued to grow its market existence and sports betting improve its offerings. The company’s app has actually amassed 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, realty, sports betting and credit financing markets, where he has actually established himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, sports betting she has acted as Managing Director and has overseen the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s functional methods and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder 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 introduce a totally functional site, sports betting setting a benchmark in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the international sports betting wagering business 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 company operates in more than 50 countries, including Nigeria, where it is completely licensed.
Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a large range of sports betting 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 collaborated with African socio-economic institutions and federal governments to develop developmental policies focused on empowering youths. 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 and home entertainment company has rapidly grown its presence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing yearly. In the very 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, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has considering that become one of the world’s biggest online gambling companies.
By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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 wagering business in Nigeria, established together with entrepreneur 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 property management business that produces financial investment returns and uses special financial investment insights and services to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a substantial gamer in the Nigerian sports betting market.
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 since June 2021. In this function, sports betting he has actually contributed to the company’s development through partnerships, company technique, and brand-new service development.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and client experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, sports betting 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 sports betting platform that uses sports betting, gambling establishment video games, and live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and 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 sports betting CEO of SportyBet, a business he established in 2013.
SportyBet is a worldwide sports betting wagering and real-money gaming operator sports betting understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a significant 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 financier in fintech and mobile payments and a strong supporter for sports betting the growing African internet community. His investments reflect his dedication to fostering innovation and advancement within the region.
On April 30, 2024, 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 wagering market.
Sunbet Sporting International Limited has said it is focused on changing how millions of 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 sports betting PwC, the company intends to utilize cutting-edge innovation and a commitment to accountable gaming to revolutionise the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, sports betting aims to be the continent’s largest and most ingenious sports betting wagering platform.
At a press rundown, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has set the stage for sports betting Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and expert group will enable it to scale and dominate the marketplace rapidly.
Islamic police raid betting stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting shops, which they state are running illegally.
“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Complaints from and sports betting moms and dads triggered the crackdown, stressed over the growing number of sports betting addicts, he said.
On the very first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer said.
But Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on sports betting, sports betting those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – together with secular law.
Bookmakers and bars tend to be permitted to run in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. Many have tv screens, and consumers enjoy the result of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookies 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 permitted to run computer game centres, which they later transformed to wagering stores,” he stated.
The sports betting wagering market has actually expanded significantly across West Africa in recent years. The region is approximately divided in between a primarily Muslim north and a predominantly Christian south.
Many people go to bookmakers to delight in the sociability of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and teams.
Nigeria’s debilitating economic crisis has likewise suggested people want to run the risk of a percentage in the hope of winning big.
But this had resulted in prevalent addiction, and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.
“These financial 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, considered a resort area in the northeast of the city– visitors flock there at weekends.
“I am encouraging those running those wagering shops to either closed down or we’ll arrest 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 introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and sports betting prostitution, sports betting and the intake of alcohol were banned.
