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

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

sports betting has actually developed significantly in Nigeria from conventional types like pool staking and sports betting Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, where enthusiasts would bet as low as N50-N200 on matches.

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

Regardless of economic difficulties such as inflation, Nigeria’s sports betting sector has actually prospered, drawing in millions, especially amongst the vibrant group dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an approximated annual profits of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative procedures like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of challenges in enforcement. Concerns such as insufficient age confirmation and advertising rule breaches reveal market regulative spaces.

Despite these challenges, sports betting companies continue to prosper through reliable business designs and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have added to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing important roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting business who have actually substantially contributed to Nigeria’s $2 billion gaming empire through their extensive 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 diverse profession spans different roles in the video gaming and show business, including working at among 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 actually turned into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, sports betting and retail channels. The business was included in Nigeria on November 7, 2006, and has considering that broadened its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated community that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.

Because 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 profits has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has actually attained 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 previously acted as the business’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market since 2000, holding various effective functions, sports betting consisting of General Manager of a data analytics team and Director of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized services. Her know-how covers the video gaming, real estate, and credit lending industries, where he has developed himself as a tactical and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has acted as Managing Director and has managed the business’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer educational 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 business, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a fully functional site, setting a criteria in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director 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 actually developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering alternatives and an easy to use 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, Ukanwoke has actually teamed up with African socio-economic institutions and governments to design developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually rapidly grown its presence in Nigeria, with outlets in significant cities and sports betting 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 jobs, the variety 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, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online wagering website and has actually since become among the world’s largest online sports betting companies.

By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 alongside businessman 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 business that produces financial investment returns and offers distinct investment insights and solutions to both specific 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 management, Bet9ja has become a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the business’s growth through collaborations, organization method, and brand-new business advancement.

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

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that offers sports betting, sports betting casino games, and live dealership video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and sports betting 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, a company he established in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator sports betting known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a significant player in the market, 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 supporter for the growing African web ecosystem. His financial investments reflect his commitment to promoting innovation and development within the area.

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

The company is set to disrupt the sports betting industry.

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 yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of advanced technology and a commitment to responsible gaming to change the sector.

Backed by the monetary power of 4 popular African billionaires, Sunbet, sports betting which will introduce in the very first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.

At a press briefing, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, sports betting particularly football, sports betting has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and expert group will enable it to scale and control the marketplace rapidly.

Islamic police raid betting shops in northern Nigeria

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

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

Complaints from neighborhood leaders and moms and dads triggered the crackdown, stressed over the growing number of sports betting addicts, he said.

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

But Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on gambling, those flouting the rules would be jailed.

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

Bookies and bars tend to be enabled to operate in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

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

Sports betting shops can be found all over the city. Many have television screens, and customers watch the result of global football matches or horse races on which they have staked cash.

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

“They do not have licences to run as they were allowed to run video games centres, which they later transformed to sports betting shops,” he said.

The sports betting wagering market has actually expanded considerably throughout West Africa in recent years. The area is roughly divided in 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 also popular for sports betting on the result of occasions and groups.

Nigeria’s crippling economic crisis has actually likewise indicated people are willing to risk a percentage in the hope of winning big.

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

“These economic issues we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he said.

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

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

It is unclear what penalty they would face – typically, such violations carry a fine.

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