The $2 Billion Bet: Meet the Leaders Transforming Nigeria’s Betting Industry Despite Religious Pushback
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
Gambling has progressed considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, which parallels international patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, Nigeria’s sports betting sector has flourished, drawing in millions, especially among the younger group facing high unemployment rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an approximated yearly income of N730 billion. The federal government has actually not gone undetected by this development, sports betting which is considering regulative procedures like import tax responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Problems such as insufficient age confirmation and advertising guideline breaches reveal industry regulative spaces.
In spite of these obstacles, sports betting business continue to flourish through reliable service models and sports betting aggressive marketing strategies, sports betting leveraging the developer influencer industry.
These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in broadening audience reach and driving industry 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
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans numerous roles in the video gaming and entertainment industry, including working at among the United Kingdom’s biggest video 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 grown into a leading e-commerce organization in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has because expanded its presence, attaining 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, sports betting a totally integrated environment that integrates relevant sports betting content, engaging functions, and a first-rate sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly income has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has achieved significant 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 formerly acted as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry since 2000, holding numerous effective roles, including General Manager of a data analytics group and Director of a digital marketing agency.
Under Werkman’s management, Betway has actually continued to grow its and sports betting enhance its offerings. The business’s app has garnered 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 distinguished herself as a senior sports betting executive with a track record of transforming start-ups into institutionalized services. Her know-how covers the gaming, property, and credit lending industries, where he has actually developed himself as a tactical and functional leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has worked as Managing Director and has actually managed the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s operational strategies and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a completely practical 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 established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is completely accredited.
Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting choices and an easy to use 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 ventures, sports betting Ukanwoke has actually collaborated with African socio-economic institutions and federal governments to create 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, founded 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 wagering and entertainment company has actually quickly grown its presence in Nigeria, 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, producing over 100,000 tasks, 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 founder, sports betting bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was released in 2001 as an online wagering website and sports betting has actually since become one of the world’s biggest online sports betting business.
By 2016, Bet365 generated $2 billion in incomes and assisted in $45 billion in annual bets. The company likewise holds a majority 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 wagering business in Nigeria, established along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that generates financial investment returns and uses distinct investment insights and sports betting solutions to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually ended up being a substantial player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company’s growth through collaborations, sports betting organization method, and new service advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and Country Manager at 22BET, sports betting concentrating on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also acted as a Human Resource Officer at SIFAX Group.
He holds a Bachelor sports betting 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that provides sports betting wagering, gambling establishment video games, sports betting and sports betting live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company registered 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 developed in 2013.
SportyBet is an international sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a significant player in the market, sports betting with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web community. His investments reflect his commitment to promoting innovation and development within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the firm aims to leverage advanced innovation and a commitment to accountable gambling to change the sector.
Backed by the monetary power of 4 prominent African billionaires, sports betting Sunbet, which will launch in the first quarter of 2025, sports betting intends to be the continent’s largest and most innovative sports betting wagering platform.
At a press rundown, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and professional team will enable it to scale and control the market quickly.
Islamic police raid wagering shops in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have actually started closing down sports betting wagering shops, which they state are running illegally.
“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, sports betting stressed over the growing number of gambling addicts, he said.
On the first day of raids, 30 stores were closed in one suburb alone, and sports betting their owners were sent out home with a warning, the Sharia officer stated.
However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – together with secular law.
Bookies and bars tend to be allowed to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
sports betting wagering shops can be discovered all over the city. Many have tv screens, and consumers see the result of global football matches or sports betting horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had actually had the ability to run under the radar as they had opened under false pretenses.
“They don’t have licences to run as they were permitted to run video games centres, which they later transformed to sports betting stores,” he said.
The sports betting industry has broadened considerably across West Africa recently. The region is roughly divided between a mainly Muslim north and a mainly Christian south.
Many individuals go to bookies to enjoy the camaraderie of other bettors, though mobile apps are also popular for wagering on the outcome of events and teams.
Nigeria’s crippling economic crisis has likewise suggested individuals want to risk a percentage in the hope of winning huge.
However this had actually caused extensive addiction, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.
“These economic concerns we are facing in Nigeria is God informing us to alter our ways 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 wagering shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what punishment they would face – 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, sports betting gaming and the consumption of alcohol were prohibited.