Betting Industry Shake-up: Innovation Meets Control in Nigeria’s Gaming Sector

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

Gambling has actually developed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just 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 forecasted to almost double to $182.02 billion by 2030.

In spite of financial challenges such as inflation, Nigeria’s sports betting wagering sector has flourished, drawing in millions, specifically amongst the vibrant market dealing with high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces a projected annual profits of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulative measures like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of difficulties in enforcement. Issues such as insufficient age verification and marketing rule breaches reveal industry regulative spaces.

In spite of these obstacles, sports betting business continue to grow through reliable service models and sports betting aggressive marketing strategies, leveraging the developer influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have significantly contributed to Nigeria’s $2 billion gaming empire through their comprehensive 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 spans different roles in the gaming and sports betting entertainment industry, including working at among the United Kingdom’s biggest 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, sports betting founded in August 2011, sports betting has turned into a leading e-commerce business in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has because expanded 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated ecosystem that combines relevant sports betting material, engaging functions, and a first-rate sportsbook.

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

Sam’s management and strategic vision have actually moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has attained significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, having previously functioned as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming industry given that 2000, holding numerous effective roles, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market presence and boost its offerings. The company’s app has actually amassed 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 performance history of changing start-ups into institutionalized organizations. Her knowledge spans the gaming, real estate, and credit loaning markets, where he has established himself as a tactical and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has worked as Managing Director and sports betting has actually supervised the business’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the business’s operational methods and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a totally functional website, setting a criteria 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of wagering choices and an easy to use 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated with African socio-economic institutions and federal governments to create 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and 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 collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing every year. In the very 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 shareholder, sports betting and joint Chief Executive of Bet365, an online sports betting she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has since turned into one of the world’s largest online sports betting business.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered significant 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 alongside business person 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 investment returns and provides unique investment insights and services to both individual and institutional customers.

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 actually ended up being a substantial player in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually contributed to the business’s development through partnerships, sports betting organization method, and brand-new business development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement 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 sports betting held numerous digital marketing roles at Laclic Services and Betty Bingo.

His profession started 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting, sports betting casino video games, and live dealer video games. It was released in 2017 and sports betting 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a company he developed in 2013.

SportyBet is a worldwide sports betting and sports betting real-money video gaming operator understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has become 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 sports betting a strong advocate for the growing African web ecosystem. His investments reflect his dedication to cultivating innovation and development within the region.

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

The firm is set to disrupt the sports betting industry.

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

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

At a press rundown, the company’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile use, and the continent’s deep passion for sports betting, specifically football, has set the stage for sports betting Sunbet’s ambitious entry. He added that the company’s robust sponsorship and expert group will enable it to scale and dominate the market rapidly.

Islamic cops raid betting shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started shutting down sports betting shops, which they say are operating unlawfully.

“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.

Complaints from neighborhood leaders and parents prompted the crackdown, fretted about the growing number of sports betting addicts, sports betting he said.

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

However Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.

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

Bookies and bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the present crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. A lot of have tv screens, and consumers view the outcome of global football matches or sports betting horse races on which they have actually staked cash.

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

“They do not have licences to operate as they were permitted to run video games centres, which they later on converted to sports betting shops,” he said.

The sports betting industry has actually broadened dramatically throughout West Africa in recent years. The region is approximately divided between a primarily Muslim north and a mainly Christian south.

Many individuals go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the result of events and groups.

Nigeria’s crippling economic crisis has likewise suggested individuals want to risk a small amount in the hope of winning huge.

But this had resulted in extensive addiction, sports betting and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen said.

“These financial concerns we are facing in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

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 encouraging 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 deal with – frequently, sports betting such violations bring a fine.

Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and the intake of alcohol were prohibited.