Exploring Nigeria’s Betting Transformation: CEOs, Challengers, and Cultural Clashes
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting market.
sports betting has actually developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Slowly, with increased internet gain access to came virtual wagering, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, Nigeria’s sports betting sector has thrived, bring in millions, specifically among the vibrant group dealing with high joblessness rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces an approximated yearly income of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulatory measures like excise duties and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of obstacles in enforcement. Concerns such as insufficient age confirmation and marketing rule breaches show industry regulatory spaces.
Despite these obstacles, sports betting companies continue to grow through effective service models and aggressive marketing methods, leveraging the creator influencer industry.
These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have actually substantially added to Nigeria’s $2 billion gambling empire through their extensive 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 varied profession covers numerous functions in the video gaming and entertainment industry, including working at among the United Kingdom’s largest video 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 turned into a leading e-commerce business in the wagering and gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually given that broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated environment that combines pertinent sports betting material, engaging functions, and a world-class sportsbook.
Considering that taking the helm prior to the pandemic, Sam has actually driven substantial development for LiveScore Group. The company’s employee headcount has increased by 29%, and yearly revenue has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s management and tactical vision have actually propelled LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has actually 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, having actually formerly served as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has remained in the online video gaming market given that 2000, holding numerous effective roles, including General Manager of a data analytics team and Director of a digital marketing agency.
Under Werkman’s management, Betway has actually continued to grow its and improve its offerings. The business’s app has actually amassed considerable 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 transforming start-ups into institutionalized services. Her proficiency covers the video gaming, property, and credit financing markets, where he has actually developed himself as a strategic and functional leader.
Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has worked as Managing Director and has managed 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 methods and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer educational 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, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a completely functional website, 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 international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is totally certified.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a large range of sports betting choices and an user-friendly 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 endeavors, Ukanwoke has worked together with African socio-economic institutions and 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, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing annually. In the 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 investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was released in 2001 as an online wagering site and has because become among the world’s biggest online sports betting companies.
By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually 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 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 possession management company that produces investment returns and provides distinct financial investment insights and solutions to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company’s development through partnerships, service method, and brand-new service advancement.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer 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 roles at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he operated in SEO, CRM, and 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, Management, and Operations from ESTG University in Cotonou, sports betting Benin Republic.
22Bet is an online sports betting platform that offers sports betting, casino video games, and live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are also 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 an international sports betting and real-money video gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African internet environment. His investments show his commitment to fostering development and advancement within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part 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 revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of innovative technology and a commitment to responsible gaming to change the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent’s largest and most innovative sports betting platform.
At a press instruction, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and expert group will enable it to scale and control the marketplace rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have begun closing down sports betting shops, which they say are operating illegally.
“As you know, wagering 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 parents prompted the crackdown, stressed over the growing number of sports betting addicts, he stated.
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 stated.
However Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – together with secular law.
Bookmakers and bars tend to be permitted to operate in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
sports betting wagering stores can be discovered all over the city. A lot of have television screens, and consumers view the outcome of global football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookmakers had been able to operate under the radar as they had actually opened under false pretenses.
“They do not have licences to run as they were allowed to run video games centres, which they later transformed to wagering stores,” he stated.
The sports betting wagering market has actually expanded considerably across West Africa in the last few years. The area is approximately divided between a mainly Muslim north and a primarily Christian south.
Lots of people go to bookies to enjoy the sociability of other bettors, though mobile apps are also popular for wagering on the result of occasions and teams.
Nigeria’s debilitating recession has likewise suggested individuals are willing to run the risk of a percentage in the hope of winning big.
However this had resulted in extensive dependency, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.
“These economic issues we are facing in Nigeria is God telling us to alter our ways by stopping sins,” he stated.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.
“I am advising those running those sports betting stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what punishment they would face – often, such violations bring a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, sports betting and the usage of alcohol were prohibited.
