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

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

Gaming has progressed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, sports betting where lovers would bet just N50-N200 on matches.

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

In spite of economic challenges such as inflation, Nigeria’s sports betting sector has grown, drawing in millions, especially among the younger market dealing with high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an estimated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory procedures like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations despite obstacles in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches show industry regulatory spaces.

Regardless of these challenges, sports betting wagering companies continue to prosper through efficient company models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have considerably contributed to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.

Constable 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 various functions in the gaming and show business, including working at one of the United Kingdom’s biggest 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 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 business in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has because 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, sports betting a totally integrated environment that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, sports betting Sam has driven substantial growth for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly revenue has surged 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 actually achieved major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having formerly worked as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and sports betting has actually remained in the online video gaming industry considering that 2000, holding different effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market presence and boost its offerings. The business’s app has actually amassed significant 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 sports betting executive with a performance history of transforming start-ups into institutionalized services. Her proficiency covers the video gaming, real estate, and credit lending industries, where he has actually developed himself as a tactical and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Because June 2019, sports betting she has acted as Managing Director and has actually overseen the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s functional strategies and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers 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 company, established 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 totally practical website, setting a benchmark 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of sports betting alternatives and an user-friendly 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 federal governments to design 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 launched 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 company has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing annually. 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, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and sports betting has actually considering that turned into among the world’s biggest online sports betting business.

By 2016, Bet365 generated $2 billion in incomes and helped with $45 billion in yearly bets. The company also holds a majority 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 company in Nigeria, established together with business owner 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 distinct financial investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has been serving as the Country Director sports betting for 22BET in Nigeria because June 2021. In this role, he has contributed to the company’s development through partnerships, organization technique, sports betting and new organization development.

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

His career started at Jumia Group, where he worked in SEO, CRM, and sports betting content management. Fikayo also functioned as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting 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 gaming platform that uses sports betting wagering, casino games, and live dealer games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is an international sports betting wagering and real-money video gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, sports betting SportyBet has ended up being a substantial gamer in the market, 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 supporter for the growing African web ecosystem. His financial investments show his commitment to fostering development and advancement within the region.

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

The company is set to interrupt the sports wagering 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 annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced innovation and a dedication to accountable gaming to revolutionise the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and sports betting expert group will enable it to scale and control the market rapidly.

Islamic authorities raid betting shops in northern Nigeria

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

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

Grievances from community leaders and parents triggered the crackdown, stressed over the growing variety of gambling addicts, he said.

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

But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gaming, those flouting the rules would be detained.

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

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

However, the present crackdown is focused on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Many have tv screens, and consumers see the result of worldwide football matches or horse races on which they have staked cash.

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

“They do not have licences to operate as they were permitted to run computer game centres, which they later converted to wagering shops,” he said.

The sports betting industry has actually broadened drastically throughout West Africa recently. The area is roughly divided between a primarily Muslim north and a primarily Christian south.

Many individuals go to bookmakers to delight in the friendship of other bettors, though mobile apps are likewise popular for sports betting on the result of events and groups.

Nigeria’s crippling recession has actually likewise suggested individuals are willing to risk a small amount in the hope of winning big.

But this had actually caused widespread addiction, and parents were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

“These financial problems we are facing in Nigeria is God telling 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 advising those running those sports betting shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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