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Exploring Nigeria’s Betting Revolution: CEOs, Innovators, and Religious Conflicts

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

Gaming has developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

In spite of economic challenges such as inflation, Nigeria’s sports betting sector has actually thrived, bring in millions, particularly among the vibrant group facing high joblessness rates.

Reports indicate that roughly 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 unnoticed by this development, which is thinking about regulatory steps like excise tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of difficulties in enforcement. Concerns such as insufficient age confirmation and advertising rule breaches show industry regulatory spaces.

In spite of these difficulties, sports betting business continue to prosper through reliable organization models and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have significantly contributed to Nigeria’s $2 billion gaming 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 career covers various roles in the gaming and entertainment industry, including working at one of the United Kingdom’s biggest 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has given 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 wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that combines pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and yearly revenue has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have moved LiveScore Group’s success and helped form the market’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 acted as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market because 2000, holding numerous successful roles, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and boost its offerings. The company’s app has actually garnered considerable user engagement, 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 performance history of transforming start-ups into institutionalized organizations. Her expertise covers the gaming, real estate, and credit financing industries, where he has established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has worked 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, essential in the company’s operational strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. 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 creator of NairaBET.com, 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 completely functional site, setting a criteria 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is completely licensed.

Under management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide variety 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 teamed up with African socio-economic organizations and federal governments to design developmental policies focused on 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, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually rapidly 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 annually. In the exact 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 creator, 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 has because grown into among the world’s biggest online gaming business.

By 2016, Bet365 created $2 billion in profits and assisted in $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 wagering business in Nigeria, established together with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates financial investment returns and uses distinct financial investment insights and solutions to both specific 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 management, Bet9ja has ended up being a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has actually been serving as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this role, he has added to the business’s growth through partnerships, service strategy, and new organization development.

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

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise worked 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 Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, gambling establishment video games, and live dealership games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 business he established in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial player in the industry, 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 advocate for the growing African internet environment. His investments reflect his commitment to cultivating development and development within the region.

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

The firm is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth projection 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 dedication to responsible gaming to revolutionise the sector.

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

At a press briefing, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and specialist group will allow it to scale and dominate the market quickly.

Islamic cops raid wagering shops in northern Nigeria

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

“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.

Grievances from community leaders and moms and dads triggered the crackdown, stressed over the growing number of gambling addicts, he stated.

On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer stated.

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

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 enabled to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

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

sports betting wagering shops can be found all over the city. A lot of have television screens, and clients see the result of worldwide football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had actually had the ability to operate under the radar as they had opened under false pretenses.

“They don’t have licences to run as they were permitted to run computer game centres, which they later transformed to wagering stores,” he said.

The sports betting wagering industry has broadened drastically across West Africa over the last few years. The region is roughly divided between a primarily Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to enjoy the friendship of other bettors, though mobile apps are likewise popular for sports betting on the result of events and teams.

Nigeria’s debilitating economic crisis has actually likewise implied individuals are willing to run the risk of a small amount in the hope of winning big.

But this had led to widespread addiction, and moms and dads were even grumbling that kids were leaving of school to gamble, Mr Aminudeen stated.

“These economic issues we are facing in Nigeria is God telling us to change 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 sports betting shops to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would face – frequently, such violations carry a fine.

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