Betting Industry Revolution: Disruption Meets Regulation in Nigeria’s Gaming Space
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
Gambling has actually evolved significantly in from standard forms like pool staking and sports betting Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Slowly, with increased web gain access to came virtual sports betting, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Despite financial difficulties such as inflation, Nigeria’s sports betting sector has flourished, attracting millions, sports betting particularly amongst the youthful group facing high joblessness rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates an estimated yearly earnings of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative procedures like import tax tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of challenges in enforcement. Problems such as inadequate age verification and sports betting marketing rule breaches reveal industry regulative spaces.
In spite of these obstacles, sports betting business continue to prosper through reliable company models and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have significantly added to Nigeria’s $2 billion gaming 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 career covers different roles in the video gaming and show business, consisting of operating at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he served 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 organization in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has because broadened its presence, attaining 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 totally integrated ecosystem that integrates pertinent sports betting material, engaging functions, sports betting and a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual income has surged from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have moved LiveScore Group’s success and helped 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 previously worked as the business’s Marketing and Operations Director sports betting considering that 2015. He joined Betway in 2013 and has remained in the online video gaming market given that 2000, sports betting holding various successful functions, including General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The business’s app has garnered 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 track record of transforming start-ups into institutionalized services. Her proficiency spans the video gaming, property, and credit loaning industries, where he has actually developed himself as a strategic and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has acted as Managing Director and has overseen the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s functional methods and market expansion.
She established DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned companies. DDWIN supplies 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, sports betting Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a fully practical site, setting a benchmark in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has 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 totally licensed.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide range of sports betting choices and sports betting 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, sports betting Ukanwoke has worked together with African socio-economic institutions and federal governments to design developmental policies targeted at empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, established and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and 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, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety 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, sports betting bulk investor, sports betting and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually because grown into among the world’s largest online gambling business.
By 2016, Bet365 generated $2 billion in revenues and sports betting facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has 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, sports betting a leading sports betting business in Nigeria, developed alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management company that creates financial investment returns and provides distinct investment insights and options to both specific and sports betting 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 leadership, sports betting Bet9ja has become a substantial player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the company’s growth through partnerships, organization method, and new service development.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and customer experience, and Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His profession began 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 a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that offers sports betting, casino games, and live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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, sports betting a business he developed in 2013.
SportyBet is a worldwide sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a significant 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 investor in fintech and mobile payments and sports betting a strong advocate for the growing African internet community. His financial investments show his dedication to fostering innovation and development within the region.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless 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 firm aims to utilize cutting-edge technology and a commitment to responsible gaming to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting platform.
At a press rundown, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and specialist team will enable it to scale and dominate the marketplace rapidly.
Islamic cops raid wagering shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have actually begun closing down sports betting stores, which they state are running unlawfully.
“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.
Problems from community leaders and moms and dads prompted the crackdown, fretted about the growing variety of gambling addicts, he said.
On the first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a caution, the Sharia officer said.
But Mr Aminudeen alerted that now that the general 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, sports betting which has a majority Muslim population and runs the Islamic legal system – Sharia – together with secular law.
Bookies and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
However, the present crackdown is concentrated on Muslim locations of Kano, sports betting a sprawling city and the economic hub of northern Nigeria.
Sports betting shops can be found all over the city. The majority of have television screens, and consumers enjoy the result of international football matches or sports betting horse races on which they have staked money.
Mr Aminudeen said such bookies had actually been able to run under the radar as they had actually opened under false pretenses.
“They don’t have licences to operate as they were allowed to run computer game centres, which they later transformed to wagering shops,” he said.
The sports betting industry has actually broadened dramatically across West Africa recently. The region is approximately divided between a primarily Muslim north and a predominantly Christian south.
Lots of people go to bookmakers to delight in the friendship of other gamblers, though mobile apps are also popular for sports betting on the result of occasions and teams.
Nigeria’s debilitating recession has actually likewise meant people want to risk a percentage in the hope of winning huge.
However this had resulted in extensive dependency, and moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen stated.
“These financial problems we are dealing with in Nigeria is God informing us to alter our methods by stopping sins,” he said.
The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.
“I am recommending those running those wagering shops to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what penalty they would deal with – often, such infringements bring a fine.
Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, sports betting and the intake of alcohol were banned.
