The N2 Billion Bet: Meet the Leaders Reshaping Nigeria’s Betting Scene Despite Religious Pushback

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

Gambling has actually evolved significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically tied to European football leagues, sports betting swimming pool staking was a typical sight at motor parks and kiosks, sports betting where lovers would wager as low as N50-N200 on matches.

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

Despite economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually thrived, attracting millions, specifically amongst the vibrant market dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that generates an approximated annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative procedures like excise responsibilities and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of difficulties in enforcement. Issues such as insufficient age verification and marketing rule breaches reveal market regulative spaces.

Despite these difficulties, sports betting wagering business continue to prosper through effective service designs and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria’s $2 billion sports betting empire through their substantial 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 profession spans different functions in the video gaming and entertainment industry, including working at one of 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, Wales. Surebet247, founded in August 2011, has become a leading e-commerce organization in the wagering and video gaming sector, operating through online, mobile, and sports betting retail channels. The business was incorporated in Nigeria on November 7, 2006, and sports betting 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 brand names and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a fully incorporated environment that integrates pertinent sports betting material, engaging functions, and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual income 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 instructions. 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 appointed CEO of Betway in November 2017, having actually previously acted as the company’s Marketing and Operations Director sports betting because 2015. He joined Betway in 2013 and has been in the online gaming industry since 2000, holding numerous successful roles, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market presence and boost its offerings. The business’s app has amassed considerable 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 businesses. Her competence covers the video gaming, real estate, and credit lending markets, where he has actually established himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has served as Managing Director and has supervised the business’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s functional methods and sports betting market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer educational background consists of 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 business, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a fully practical site, 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 largest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting choices 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to develop developmental policies targeted at 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting entertainment business has actually 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 entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety 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 investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually considering that turned into one of the world’s largest online gambling business.

By 2016, Bet365 created $2 billion in profits and facilitated $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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 business in Nigeria, established alongside 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 property management company that creates financial investment returns and offers special investment insights and options to both individual 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 ended up being a significant gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria since June 2021. In this role, he has added to the business’s development through collaborations, service method, and new business development.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and 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 career started at Jumia Group, where he worked in SEO, sports betting CRM, and content management. Fikayo also served 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 uses sports betting, gambling establishment games, and live dealer games. It was released 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 gambling establishments 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 worldwide sports betting wagering and sports betting real-money video gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet community. His financial investments show his commitment to cultivating 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 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 company aims to take advantage of advanced technology and a commitment to accountable sports betting to revolutionise the sector.

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

At a press instruction, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and expert team will allow it to scale and dominate the marketplace rapidly.

Islamic police raid wagering stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started closing down sports betting wagering stores, which they say are operating unlawfully.

“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.

Complaints from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing variety of gambling addicts, he stated.

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

However Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be .

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

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

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

Sports betting shops can be found all over the city. A lot of have television screens, and consumers view the outcome of international football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had actually been able to run under the radar as they had actually opened under false pretences.

“They don’t have licences to operate as they were allowed to run computer game centres, which they later transformed to wagering stores,” he stated.

The sports betting industry has expanded considerably across West Africa recently. The region is roughly divided between a generally Muslim north and a mainly Christian south.

Many people go to bookmakers to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and groups.

Nigeria’s debilitating recession has actually also suggested people are willing to run the risk of a small amount in the hope of winning big.

But this had actually led to extensive addiction, and parents were even grumbling that kids were dropping out of school to bet, sports betting Mr Aminudeen stated.

“These economic problems we are facing in Nigeria is God telling us to alter our ways 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 shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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