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

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

Gambling has evolved considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and sports betting kiosks, where enthusiasts would wager as little as N50-N200 on matches.

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

Regardless of economic challenges such as inflation, Nigeria’s sports betting wagering sector has actually flourished, attracting millions, especially among the younger demographic facing high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates an estimated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, sports betting which is thinking about regulatory measures like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Issues such as insufficient age confirmation and marketing guideline breaches show industry regulatory gaps.

In spite of these difficulties, sports betting wagering companies continue to grow through effective company designs and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles 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 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 profession spans different roles in the video gaming and show business, sports betting including operating at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he acted 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 become a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has given that expanded its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s management and sports betting tactical vision have propelled LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has actually attained significant user engagement, sports betting 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 formerly served as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market because 2000, holding various effective roles, sports betting consisting of General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market presence and boost its offerings. The business’s app has actually gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her expertise covers the gaming, real estate, and credit lending industries, where he has actually developed himself as a tactical and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually functioned 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, pivotal in the business’s functional strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. 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 creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a totally functional site, setting a benchmark 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a vast array of sports betting options and an easy to use 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to design developmental policies targeted at 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, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually 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 collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, sports betting the variety of which is increasing each year. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting 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, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online wagering website and sports betting has given that grown into one of the world’s largest online sports betting business.

By 2016, Bet365 created $2 billion in profits and helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered 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 company in Nigeria, developed alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that generates financial investment returns and uses unique investment insights and options to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the company’s growth through partnerships, organization technique, and sports betting new organization development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, sports betting 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 roles at Laclic Services and sports betting Betty Bingo.

His career started at Jumia Group, where he worked 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 offers sports betting wagering, casino video games, and live dealer video games. It was introduced in 2017 and sports betting 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 casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a global sports betting and real-money gaming operator known for sports betting providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a significant gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for sports betting the growing African web environment. His investments reflect his commitment to fostering innovation and advancement within the region.

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

The firm is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In an industry 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 company intends to leverage advanced innovation and a commitment to responsible gambling to change the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile usage, and sports betting the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and professional group will enable it to scale and control the market rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting wagering stores, which they state are running unlawfully.

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

Grievances from community leaders and sports betting parents prompted the crackdown, over the growing variety of gambling addicts, he stated.

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

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

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

Bookies and bars tend to be enabled to operate in Kano’s Christian neighbourhoods, 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 economic center of northern Nigeria.

Sports betting stores can be discovered all over the city. Many have television screens, and customers view the outcome of global football matches or horse races on which they have staked cash.

Mr Aminudeen stated 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 run as they were permitted to run video games centres, which they later converted to wagering stores,” he said.

The sports betting market has expanded considerably across West Africa in recent years. The area is roughly divided in between a generally Muslim north and a mainly Christian south.

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

Nigeria’s crippling recession has also suggested people want to run the risk of a small amount in the hope of winning big.

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

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

The raids on Tuesday focused 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 detain them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would face – frequently, such violations carry a fine.

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