Betting Industry Revolution: Disruption Meets Regulation in Nigeria’s Betting Space

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

Gaming has actually developed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting wagering 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.

Slowly, with increased web gain access to came virtual wagering, which parallels global 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 challenges such as inflation, Nigeria’s sports betting sector has flourished, attracting millions, particularly amongst the youthful market dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that produces a projected yearly income of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative procedures like import tax tasks and sports betting VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Problems such as inadequate age confirmation and advertising rule breaches reveal market regulative gaps.

In spite of these obstacles, sports betting business continue to grow through efficient business designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria’s $2 billion gaming empire through their comprehensive 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 diverse career covers different roles in the video gaming and entertainment industry, consisting of working at among the United Kingdom’s biggest 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce organization in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and sports betting has actually since 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated ecosystem that combines appropriate sports betting material, engaging features, and sports betting a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s worker headcount has increased by 29%, sports betting and yearly profits has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has accomplished 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 formerly functioned as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online gaming market because 2000, holding numerous successful functions, consisting of General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, sports betting Betway has actually continued to grow its market existence and boost its offerings. The company’s app has actually 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 actually identified herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her knowledge covers the gaming, real estate, and credit loaning industries, where he has developed himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has acted as Managing Director and sports betting 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 business’s functional methods and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer instructional background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a totally practical site, setting a standard 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 actually established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of sports betting options 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, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic institutions and federal governments to develop developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and launched in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting entertainment company has quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing every year. In the 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 founder, majority investor, and joint Chief Executive of Bet365, sports betting an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has since grown into one of the world’s largest online gambling companies.

By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in annual bets. The business likewise holds a bulk 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, sports betting a leading sports betting company in Nigeria, established alongside business owner 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 business that creates financial investment returns and sports betting offers special investment insights and solutions to both specific 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 become a considerable player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting industry. He has actually been functioning as the Country Director for sports betting 22BET in Nigeria because June 2021. In this function, he has actually added to the company’s development through collaborations, organization strategy, and new company development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, sports betting and Country Manager at 22BET, concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, sports betting 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 Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, sports betting Management, sports betting and sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting wagering, gambling establishment video games, and live dealer games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a business signed up 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 CEO of SportyBet, sports betting a company he established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable gamer 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 the growing African internet community. His investments reflect his dedication to fostering development and development within the area.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is focused on changing how engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative innovation and a commitment to accountable sports betting to change the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent’s largest and most ingenious sports betting platform.

At a press instruction, the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and sports betting the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and sports betting professional group will enable it to scale and dominate the market quickly.

Islamic authorities raid betting shops in northern Nigeria

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

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.

Grievances from community leaders and moms and dads triggered the crackdown, fretted about the growing variety of sports betting addicts, he stated.

On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.

But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

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

Bookmakers and bars tend to be allowed 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 focused on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting stores can be discovered all over the city. Most have television screens, and clients see the result of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookmakers had had the ability to run under the radar as they had opened under false pretenses.

“They don’t have licences to run as they were allowed to run video games centres, which they later converted to wagering stores,” he said.

The sports betting wagering market has broadened significantly across West Africa in recent years. The region is roughly divided in between a mainly Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to delight in the sociability of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and groups.

Nigeria’s crippling recession has actually likewise meant people want to run the risk of a small amount in the hope of winning huge.

However this had led to extensive addiction, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.

“These economic problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending those running those sports betting shops to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty 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 sports betting prostitution, gambling and the usage of alcohol were banned.