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

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

Gambling has actually developed significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting sector sports betting has prospered, drawing in millions, specifically among the vibrant group facing high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that produces a projected annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulative procedures like import tax responsibilities and sports betting VAT increases to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of challenges in enforcement. Problems such as insufficient age verification and marketing rule breaches reveal industry regulatory gaps.

Regardless of these challenges, sports betting companies continue to flourish through reliable organization designs and aggressive marketing techniques, leveraging the creator sports betting influencer market.

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

Constable 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 profession spans different functions in the video gaming and show business, including working at among the United Kingdom’s biggest video 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has because broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated environment that integrates pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The business’s employee headcount has increased by 29%, and yearly income has actually risen from around ₤ 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 actually accomplished major sports betting 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 previously acted as the business’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online gaming industry because 2000, holding various successful roles, consisting of General Manager of a data analytics group and Director sports betting of a digital marketing agency.

Under Werkman’s leadership, sports betting Betway has actually continued to grow its market presence and improve its offerings. The company’s app has actually gathered substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her competence covers the gaming, realty, and credit lending industries, sports betting where he has established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has actually worked as Managing Director and has 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 business’s functional strategies and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer instructional background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished 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 first sports betting platform in Nigeria, it was the very first to release a fully functional site, setting a benchmark 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 international sports betting business 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, including Nigeria, sports betting where it is completely licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering alternatives and an user-friendly platform. The 1XBET app has more than 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, has teamed up with African socio-economic institutions and federal governments to develop 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 introduced 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 and home entertainment company has rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing each year. 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 creator, bulk shareholder, and sports betting joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has because become among the world’s biggest online sports betting business.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has garnered significant 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 business in Nigeria, developed together with business person 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 possession management business that creates financial investment returns and provides unique financial investment insights and services to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the company’s development through collaborations, service technique, and brand-new company development.

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

His profession started at Jumia Group, where he worked in SEO, sports betting CRM, and content management. Fikayo also 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 sports betting 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 sports betting live dealer video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business 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, sports betting a company he developed in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a significant 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 investor in fintech and mobile payments and a strong supporter for the growing African web community. His investments reflect his dedication to cultivating innovation and 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 interrupt the sports wagering industry.

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, sports betting the firm intends to leverage cutting-edge innovation and a dedication to accountable gambling to revolutionise the sector.

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

At a press instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and specialist group will enable it to scale and dominate the marketplace rapidly.

Islamic authorities raid betting shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they state are running illegally.

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

Complaints from community leaders and moms and dads prompted the crackdown, stressed over the growing variety of sports betting addicts, he stated.

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

But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the guidelines 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.

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

Nevertheless, the present crackdown is focused on Muslim locations of Kano, sports betting a vast city and the financial hub of northern Nigeria.

sports betting wagering stores can be discovered all over the city. The majority of have television screens, and customers enjoy the result of international football matches or horse races on which they have actually staked cash.

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 allowed to run computer game centres, which they later on converted to wagering shops,” he said.

The sports betting wagering market has actually expanded significantly across West Africa recently. The area is approximately divided between a mainly Muslim north and a primarily Christian south.

Many people go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for wagering on the outcome of occasions and groups.

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

But this had resulted in prevalent addiction, and parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen stated.

“These financial concerns we are facing in Nigeria is God informing us to alter 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 wagering shops to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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