Inside Nigeria's Betting Revolution: CEOs, Challengers, and Cultural Clashes

Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.

Gaming has progressed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

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

In spite of economic difficulties such as inflation, Nigeria's sports betting sector sports betting has prospered, bring in millions, especially among the vibrant market dealing with high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces a projected yearly profits of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative steps like excise duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite challenges in enforcement. Problems such as insufficient age confirmation and advertising rule breaches reveal market regulatory spaces.

Regardless of these difficulties, sports betting wagering business continue to flourish through efficient company models and aggressive marketing methods, leveraging the industry.

These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting business who have considerably added to Nigeria's $2 billion gaming empire through their extensive 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 varied career spans numerous roles in the gaming and show business, including operating 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 turned into a leading e-commerce service in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and has actually because expanded its presence, accomplishing 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 became the CEO of LiveScore Group, a totally integrated environment that combines appropriate sports betting material, engaging features, and a world-class sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven significant growth for sports betting LiveScore Group. The company's staff member headcount has actually increased by 29%, sports betting and yearly profits has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have moved LiveScore Group's success and assisted shape the industry'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 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 gaming market since 2000, holding numerous effective roles, including General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman's leadership, sports betting Betway has continued to grow its market existence and improve its offerings. The company's app has actually amassed 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 businesses. Her competence covers the video gaming, realty, and sports betting credit lending industries, where he has actually developed himself as a tactical and operational leader.

Damilare has actually been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has actually functioned as Managing Director and has actually overseen the business'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 functional strategies and market growth.

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN offers frHer educational background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished 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 very first sports betting wagering platform in Nigeria, it was the very first to introduce a completely functional website, setting a standard 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 global sports betting company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business operates in more than 50 nations, sports betting consisting of Nigeria, where it is fully accredited.

Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a large range 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic institutions and sports betting federal 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, sports betting founded and launched in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually quickly grown its presence 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 collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing each year. In the very 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 founder, bulk investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has since become one of the world's biggest online gambling business.

By 2016, Bet365 generated $2 billion in incomes 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 co-founder of Bet9ja, a leading sports betting business in Nigeria, developed alongside business owner 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 property management company that generates investment returns and sports betting provides unique investment insights and options to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the business's growth through collaborations, sports betting company technique, and sports betting brand-new business advancement.

Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and sports betting consumer experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different 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 acted 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, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, casino games, and live dealership games. It was introduced in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a company 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, a business he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually become a significant 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 investor in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments show his dedication to promoting innovation and advancement within the area.

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

The firm is set to disrupt the sports betting market.

Sunbet Sporting International Limited has said it is focused on revolutionising 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 company aims to leverage innovative innovation and a commitment to responsible gambling to change the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting wagering platform.

At a press rundown, the business's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, especially football, has actually set the stage for Sunbet's enthusiastic entry. He added that the company's robust sponsorship and expert group will allow it to scale and control the marketplace quickly.

Islamic cops raid betting shops in northern Nigeria

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

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

Grievances from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing variety of sports betting addicts, he said.

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

However Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be jailed.

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

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

Nevertheless, the current crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.

sports betting wagering stores can be found all over the city. A lot of have television screens, and consumers enjoy the result of international football matches or horse races on which they have actually staked money.

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

"They don't have licences to operate as they were allowed to run video games centres, which they later on transformed to wagering stores," he said.

The sports betting wagering industry has actually broadened drastically across West Africa in recent years. The region is approximately divided between a primarily Muslim north and a predominantly Christian south.

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

Nigeria's crippling economic crisis has also indicated individuals want to risk a small amount in the hope of winning huge.

However this had actually resulted in prevalent addiction, and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.

"These economic problems we are facing in Nigeria is God telling us to change our ways by stopping sins," he said.

The raids on Tuesday focused on Munjibir, sports betting considered 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 arrest them and take them to [a Sharia] court," Mr Aminudeen stated.

It is unclear what punishment they would face - typically, such infringements bring a fine.

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