Inside Nigeria’s Betting Revolution: CEOs, Challengers, and Cultural Conflicts

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

Gambling has actually evolved considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, sports betting swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, sports betting Nigeria’s sports betting sector has actually thrived, sports betting drawing in millions, particularly among the younger market facing high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates an approximated annual earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory measures like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of obstacles in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches reveal market regulatory spaces.

Despite these difficulties, sports betting companies continue to prosper through effective organization models and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming 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 considerably contributed to Nigeria’s $2 billion gambling empire through their extensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career covers various functions in the gaming and show business, consisting of working at among the United Kingdom’s largest gaming centres, sports betting The Palace Bingo Club, where he worked 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 of Glamorgan, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce organization in the sports betting and sports betting video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has actually because expanded its existence, 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 became the CEO of LiveScore Group, sports betting a completely integrated ecosystem that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.

Since taking the helm right before the pandemic, Sam has driven significant growth for sports betting LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual income has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has actually achieved major 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 formerly worked as the business’s Marketing and sports betting Operations Director because 2015. He signed up with Betway in 2013 and sports betting has actually been in the online video gaming market considering that 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The company’s app has actually amassed significant user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her competence covers the video gaming, property, sports betting and credit lending markets, where he has developed himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, sports betting she has served as Managing Director and has actually managed 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 techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), sports betting a non-profit company empowering women-owned businesses. 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 company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a fully functional website, sports betting setting a benchmark 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 worldwide sports betting company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting alternatives and 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 endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and governments to create developmental policies aimed at empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting entertainment business has actually rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing each year. 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 creator, bulk investor, and joint Chief Executive of Bet365, sports betting an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that turned into among the world’s largest online gaming business.

By 2016, sports betting Bet365 generated $2 billion in incomes and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 business in Nigeria, established 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 financial investment returns and provides unique financial investment insights and sports betting solutions to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has actually been working as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the business’s development through partnerships, service technique, and sports betting brand-new company advancement.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client 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 sports betting Betty Bingo.

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned 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 sports betting a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, sports betting casino video games, sports betting and live dealership games. It was released 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 company he established in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually become a considerable player in the industry, 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 sports betting the growing African web community. His investments show his dedication to fostering innovation and advancement within the area.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.

The firm is set to disrupt the sports betting market.

Sunbet Sporting International Limited has stated it is focused 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 company intends to leverage innovative innovation and a commitment to responsible gambling to change the sector.

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

At a press instruction, the company’s representative, sports betting Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile usage, and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and specialist group will allow it to scale and dominate the market rapidly.

Islamic police raid betting shops in northern Nigeria

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

”As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.

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

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

However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be detained.

Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – alongside nonreligious law.

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

However, the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. The majority of have television screens, and customers view the outcome of global football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had actually 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 allowed to run video games centres, which they later converted to wagering shops,” he stated.

The sports betting wagering market has actually broadened significantly throughout West Africa recently. The area is approximately divided between a mainly Muslim north and a mainly Christian south.

Many people go to bookies to take pleasure in the camaraderie of other gamblers, sports betting though mobile apps are also popular for sports betting on the result of events and teams.

Nigeria’s debilitating economic crisis has likewise meant people are willing to risk a small amount in the hope of winning huge.

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 issues we are dealing with in Nigeria is God informing us to change our methods 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 shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would deal with – typically, such violations bring a fine.

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