Gaming Moguls Under Pressure: New Player Enters as North Nigeria Intensifies Betting Controls
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering industry.
Gambling has progressed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
In spite of economic difficulties such as inflation, Nigeria’s sports betting sector sports betting has prospered, bring in millions, especially amongst the youthful group dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an approximated annual profits of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory steps like import tax responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of obstacles in enforcement. Concerns such as insufficient age verification and marketing guideline breaches reveal industry regulatory spaces.
Regardless of these obstacles, sports betting companies continue to prosper through effective company models and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually substantially contributed to Nigeria’s $2 billion gambling empire through their substantial audience reach.
Sheriff Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers different roles in the video gaming and entertainment industry, consisting of operating at one of the United Kingdom’s biggest video 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce organization in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was integrated 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 more than 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 integrates pertinent sports betting content, engaging features, and a world-class sportsbook.
Given that taking the helm prior to the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company’s employee headcount has increased by 29%, and annual income has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and sports betting assisted form the industry’s instructions. LiveScoreBet has achieved major user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman – CEO of Betway Group
Anthony Werkman was appointed CEO of Betway in November 2017, having actually previously acted as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry given that 2000, holding numerous successful roles, including General Manager of an information analytics group and Director of a digital marketing company.
Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has amassed considerable user engagement, sports betting with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a track record of changing start-ups into institutionalized services. Her know-how covers the video gaming, real estate, and credit financing markets, where he has developed himself as a tactical and functional leader.
Damilare has been instrumental in NairaBET’s success for sports betting over 14 years. Given that June 2019, she has actually served as Managing Director and has actually managed the business’s growth and operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s functional methods and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies 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 business, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a totally practical site, 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is fully certified.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of wagering options 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 sports betting 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 aimed 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, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually rapidly grown its presence in Nigeria, 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 jobs, the variety of which is increasing every year. 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, sports betting majority shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and sports betting has actually because grown into one of the world’s biggest online gambling companies.
By 2016, Bet365 created $2 billion in profits and sports betting assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has gathered 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 company in Nigeria, developed along with business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management company that creates financial investment returns and provides distinct investment insights and options to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually become a significant gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually added to the business’s growth through partnerships, business strategy, and new business development.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he advancement and customer experience, and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and sports betting Betty Bingo.
His profession started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise functioned as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and sports betting Accounting from Ladoke Akintola University of Technology and sports betting a Master of Science (MS) in Business Administration, Management, and sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that offers sports betting, casino games, and live dealership games. It was launched 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 CEO of SportyBet, a company he established in 2013.
SportyBet is an international sports betting wagering and real-money gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a significant 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 the growing African internet ecosystem. His financial investments show his dedication to fostering development and sports betting development within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering market.
Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of cutting-edge technology and a dedication to accountable gaming to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting platform.
At a press instruction, the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and professional team will allow it to scale and control the marketplace quickly.
Islamic police raid wagering stores in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have started closing down sports betting shops, which they state are operating unlawfully.
“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Complaints from community leaders and moms and dads triggered the crackdown, sports betting fretted about the growing variety of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a warning, sports betting the Sharia officer stated.
However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines 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 secular law.
Bookies and bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
sports betting wagering shops can be discovered all over the city. Many have tv screens, and sports betting clients view the outcome of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had had the ability to run under the radar as they had opened under false pretences.
“They don’t have licences to operate as they were permitted to run computer game centres, which they later on transformed to sports betting stores,” he said.
The sports betting wagering market has expanded dramatically throughout West Africa over the last few years. The region is roughly divided between a generally Muslim north and a primarily Christian south.
Many individuals go to bookies to delight in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.
Nigeria’s crippling recession has actually likewise suggested people are willing to risk a percentage in the hope of winning big.
But this had resulted in extensive dependency, and moms and dads were even complaining that children were dropping out of school to gamble, sports betting Mr Aminudeen stated.
“These financial problems we are dealing with in Nigeria is God informing us to change our methods 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 advising those running those wagering stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what punishment they would face – typically, such violations carry 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 consumption of alcohol were prohibited.
