Exploring Nigeria’s Betting Transformation: CEOs, Challengers, and Religious Conflicts
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering market.
Gaming has progressed substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Slowly, with increased web access came virtual wagering, which parallels international 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 financial difficulties such as inflation, Nigeria’s sports betting sector has actually grown, bring in millions, especially amongst the youthful market dealing with high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces an estimated annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative measures like import tax responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of difficulties in enforcement. Issues such as insufficient age confirmation and marketing guideline breaches show industry regulatory spaces.
Regardless of these challenges, sports betting companies continue to flourish through effective organization models and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria’s $2 billion gambling empire through their comprehensive 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 spans numerous roles in the video gaming and entertainment industry, consisting of operating at among the United Kingdom’s biggest video gaming centres, 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 University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has actually become a leading e-commerce organization in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and sports betting has considering that broadened its presence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a totally incorporated ecosystem that integrates appropriate sports betting content, engaging functions, and a world-class sportsbook.
Given that taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and yearly revenue has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have propelled LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has attained 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, sports betting having actually formerly acted as the company’s Marketing and sports betting Operations Director sports betting considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry since 2000, holding numerous effective roles, including General Manager of an information analytics team and Director sports betting of a digital marketing company.
Under Werkman’s leadership, Betway has actually continued to grow its market existence and boost its offerings. The company’s app has gathered 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 track record of changing start-ups into institutionalized services. Her proficiency spans the gaming, realty, and credit loaning markets, sports betting where he has established himself as a tactical and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has served as Managing Director and sports betting has actually supervised the company’s development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s operational strategies and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. 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, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a fully functional website, setting a criteria in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is totally accredited.
Under Babalola’s leadership, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of sports betting options 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic institutions and governments to develop developmental policies targeted at empowering young people. 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, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business 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, producing over 100,000 tasks, the number of which is increasing annually. 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 founder, bulk investor, 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 considering that grown into one of the world’s biggest online gaming business.
By 2016, Bet365 produced $2 billion in earnings and helped with $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has gathered considerable user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye – CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, developed together with business owner Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that generates investment returns and provides special investment insights and solutions to both individual and institutional clients.
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, Bet9ja has actually ended up being a substantial player in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company’s growth through partnerships, sports betting organization strategy, and brand-new organization advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product development and sports betting consumer experience, sports betting and Country Manager at 22BET, focusing on marketing technique and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, sports betting CRM, and sports betting 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that offers sports betting, casino games, sports betting and live dealer games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up 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 company he developed in 2013.
SportyBet is a worldwide sports betting wagering and sports betting real-money gaming operator sports betting known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, sports betting SportyBet has ended up being a substantial 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 supporter for the growing African web environment. His financial investments reflect his dedication to fostering innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports betting industry.
Sunbet Sporting International Limited has stated it is focused on changing how millions of 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, sports betting the firm aims to take advantage of advanced innovation and a dedication to accountable gaming to change the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting wagering platform.
At a press instruction, the business’s spokesperson, Akin Babatunde, stated that the in Internet penetration, sports betting mobile usage, sports betting and the continent’s deep enthusiasm for sports betting, sports betting specifically football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and specialist team will enable it to scale and control the marketplace quickly.
Islamic cops raid betting shops in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have started shutting down sports betting stores, which they state are operating unlawfully.
“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting called the Hisbah, informed the BBC.
Problems from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing variety of gambling addicts, he stated.
On the first day of raids, sports betting 30 shops were closed in one suburb alone, and their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.
Bookmakers and bars tend to be permitted to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, sports betting the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.
Sports betting stores can be discovered all over the city. A lot of have television screens, and clients enjoy the result of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookmakers had actually been able to operate under the radar as they had actually opened under false pretences.
“They do not have licences to operate as they were allowed to run computer game centres, which they later on converted to sports betting stores,” he said.
The sports betting wagering industry has expanded drastically throughout West Africa in the last few years. The area is approximately divided between a primarily Muslim north and a mainly Christian south.
Lots of people go to bookies to delight in the friendship of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.
Nigeria’s crippling economic crisis has also implied people want to risk a small amount in the hope of winning huge.
However this had actually led to widespread dependency, and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen stated.
“These financial concerns we are facing in Nigeria is God informing us to change 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 closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what punishment they would face – often, such violations carry a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and the intake of alcohol were prohibited.
