Betting Industry Shake-up: Disruption Meets Regulation in Nigeria’s Betting Space

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 successful sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting sector has actually grown, bring in millions, particularly among the younger group facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces an approximated yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulatory steps like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches reveal market regulative gaps.

Despite these challenges, sports betting business continue to grow through reliable company designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have actually considerably contributed to Nigeria’s $2 billion sports betting empire through their extensive 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 spans various roles in the gaming and show business, 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 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 service in the wagering and gaming sector, sports betting running through online, sports betting mobile, and sports betting retail channels. The business was included in Nigeria on November 7, 2006, and has actually since broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated environment that integrates appropriate sports betting material, engaging features, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has driven considerable development for LiveScore Group. The business’s worker headcount has actually increased by 29%, sports betting and yearly earnings has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has attained major user engagement, sports betting 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 business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has remained in the online video gaming industry since 2000, holding various effective roles, consisting of General Manager of an information analytics group and sports betting Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has actually amassed substantial user engagement, 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 organizations. Her expertise spans the video gaming, realty, and credit financing markets, where he has developed himself as a strategic and operational 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 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 business’s operational methods and market growth.

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the first to introduce a totally functional website, sports betting setting a benchmark in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is fully certified.

Under Babalola’s management, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a vast array of wagering options 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 collaborated with African socio-economic institutions and federal governments to develop developmental policies aimed at empowering youths. In 2015, 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, 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 home entertainment company has quickly grown its existence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number 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 creator, bulk investor, sports betting and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has given that become one of the world’s largest online gambling business.

By 2016, sports betting Bet365 produced $2 billion in earnings and facilitated $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed considerable 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 company in Nigeria, established alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that generates investment returns and uses unique investment insights and sports betting solutions to both private and institutional customers.

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 become a substantial player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has contributed to the company’s growth through collaborations, business strategy, and brand-new business advancement.

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

His profession began at Jumia Group, where he worked in SEO, 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 sports betting 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, gambling establishment video games, and live dealership games. It was introduced in 2017 and is owned and operated 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 global sports betting wagering and real-money gaming operator known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial 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 supporter for the growing African web ecosystem. His financial investments reflect his commitment to cultivating innovation and sports betting development within the area.

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of cutting-edge innovation and a commitment to responsible gaming to revolutionise the sector.

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

At a press briefing, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, sports betting mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and professional group will allow it to scale and dominate the marketplace rapidly.

Islamic cops raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering shops, which they say are running unlawfully.

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

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

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

However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gaming, those flouting the rules would be detained.

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

Bookies and sports betting bars tend to be permitted to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

Nevertheless, sports betting the present crackdown is focused 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. Many have tv screens, and consumers enjoy the result of worldwide football matches or horse races on which they have actually staked cash.

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

“They don’t have licences to operate as they were permitted to run computer game centres, which they later converted to sports betting shops,” he stated.

The sports betting wagering industry has actually expanded drastically across West Africa recently. The region is approximately divided between a mainly Muslim north and a mainly Christian south.

Many individuals go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the result of events and groups.

Nigeria’s debilitating economic crisis has also implied individuals are willing to run the risk of a percentage in the hope of winning big.

But this had actually led to extensive dependency, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

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

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

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

It is unclear what punishment they would face – frequently, such infringements carry a fine.

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