Betting Industry Revolution: Innovation Meets Control in Nigeria’s Gaming Space

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

Gaming has developed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has flourished, drawing in millions, particularly among the vibrant market dealing with high unemployment rates.

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

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of difficulties in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal market regulatory spaces.

Regardless of these difficulties, sports betting wagering companies continue to flourish through efficient company designs and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans various roles in the gaming and show business, sports betting 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 sports betting 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 service in the wagering and video gaming sector, operating through online, mobile, and sports betting retail channels. The business was included in Nigeria on November 7, 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 over 25 years of experience in sports betting brand sports betting names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that combines appropriate sports betting content, engaging features, and a world-class sportsbook.

Since taking the helm right before the pandemic, sports betting Sam has driven substantial growth for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and yearly income has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has achieved 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 actually previously acted as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding different successful roles, sports betting including General Manager of an information analytics team and sports betting Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market presence 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 identified herself as a senior executive with a track record of changing start-ups into institutionalized organizations. 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 actually been instrumental in NairaBET’s success for sports betting over 14 years. Since June 2019, she has worked 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 operational methods and market expansion.

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a fully functional site, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is completely licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a large range of sports betting alternatives 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 organizations and governments to design 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, established and sports betting released in Nigeria on February 22, sports betting 2018, 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 quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number 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, bulk investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has considering that grown into one of the world’s biggest online gaming business.

By 2016, sports betting Bet365 generated $2 billion in incomes and sports betting facilitated $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 company in Nigeria, established along with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates financial investment returns and uses distinct investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business’s development through collaborations, business method, sports betting and new business advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and sports betting customer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise worked 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that offers sports betting wagering, casino games, and live dealer video games. It was launched in 2017 and is owned and sports betting 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 he developed in 2013.

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

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His financial investments reflect his commitment to cultivating development and advancement within the region.

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

The firm is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize cutting-edge technology and a commitment to responsible gaming to change the sector.

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

At a press instruction, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, 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 company’s robust financial backing and specialist group will enable it to scale and control the market rapidly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually started closing down sports betting wagering stores, sports betting which they say are running illegally.

“As you know, sports betting 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, fretted about the growing number of gambling addicts, he said.

On the first day of raids, 30 stores were closed in one suburban area 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 gaming, those flouting the rules would be jailed.

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.

Bookies and bars tend to be allowed 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 focused on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Most have television screens, and consumers enjoy the result of worldwide football matches or horse races on which they have actually staked money.

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

“They do not have licences to operate as they were permitted to run computer game centres, which they later converted to sports betting shops,” he stated.

The sports betting wagering industry has expanded considerably throughout West Africa over the last few years. The area is roughly divided in between a generally Muslim north and a mainly Christian south.

Many people go to bookies to enjoy the sociability of other bettors, though mobile apps are likewise popular for wagering on the result of events and groups.

Nigeria’s debilitating economic crisis has actually likewise indicated people are willing to risk a percentage in the hope of winning big.

But this had actually resulted in prevalent addiction, and parents were even grumbling that children were leaving of school to bet, Mr Aminudeen said.

“These financial problems we are dealing with in Nigeria is God telling us to alter our ways by stopping sins,” he stated.

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

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

It is unclear what penalty they would face – often, such infringements bring a fine.

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