Gaming Moguls Under Pressure: Fresh Player Enters as Northern Nigeria Intensifies Betting Controls
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.
Gambling has developed substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels worldwide 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 financial challenges such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, particularly among the younger demographic dealing with high joblessness rates.
Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that generates an estimated annual profits of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative procedures like import tax duties and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Concerns such as inadequate age verification and sports betting marketing rule breaches reveal market regulative spaces.
In spite of these obstacles, sports betting wagering business continue to grow through reliable service designs and aggressive marketing methods, leveraging the developer influencer market.
These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually substantially contributed to Nigeria’s $2 billion gambling 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 diverse career spans various functions in the gaming and show business, consisting of operating at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he worked 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, sports betting founded in August 2011, has become a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has since broadened its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated community that combines pertinent sports betting content, sports betting engaging features, and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and yearly revenue has actually surged from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have propelled LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has attained significant 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 formerly acted as the company’s Marketing and Operations Director sports betting considering that 2015. He signed up with Betway in 2013 and has actually been in the online gaming market because 2000, sports betting holding various effective functions, including General Manager of a data analytics group and sports betting Director of a digital marketing firm.
Under Werkman’s leadership, Betway has continued to grow its market existence and improve its offerings. The company’s app has actually garnered substantial user engagement, 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 changing start-ups into institutionalized services. Her expertise spans the video gaming, real estate, and credit loaning markets, where he has developed himself as a strategic and functional leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually acted as Managing Director and has supervised 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 business’s functional methods and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer educational background includes 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 company, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the very first to release a fully functional website, sports betting 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 international sports betting wagering company based in Cyprus. 1XBET, 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 runs in more than 50 nations, sports betting including Nigeria, where it is totally certified.
Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a wide range of sports betting alternatives 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 Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic organizations and governments to create developmental policies targeted at empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, founded and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and sports betting Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing each year. In the exact 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 creator, bulk investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has since grown into among the world’s biggest online sports betting business.
By 2016, Bet365 created $2 billion in revenues and assisted in $45 billion in annual bets. The business likewise 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 co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, sports betting developed together with business owner 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 asset management business that produces financial investment returns and sports betting provides unique financial investment insights and options to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has actually been serving as the Country Director sports betting for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the company’s development through partnerships, service method, and new company development.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His career started 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 uses sports betting wagering, casino games, and live dealer games. It was launched in 2017 and is owned and sports betting run by Marikit Holdings Ltd, a business signed up 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, a company he developed in 2013.
SportyBet is a worldwide sports betting and sports betting real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has become a considerable 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 financier in fintech and mobile payments and a strong supporter for the growing African web ecosystem. His investments show his commitment to fostering innovation and development within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering market.
Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, according to from the African Sports Betting Association and sports betting PwC, the firm intends to utilize advanced innovation and a dedication to accountable gaming to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting wagering platform.
At a press briefing, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and sports betting the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and specialist team will enable it to scale and dominate the market quickly.
Islamic cops raid betting stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have actually begun closing down sports betting shops, which they state are operating unlawfully.
“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Grievances from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing variety of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – alongside secular law.
Bookies and bars tend to be enabled to run in Kano’s Christian areas, sports betting though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is focused on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Most have tv screens, and customers see the result of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookmakers had had the ability to run under the radar as they had actually opened under false pretences.
“They do not have licences to operate as they were permitted to run computer game centres, which they later on transformed to sports betting shops,” he stated.
The sports betting wagering market has actually expanded dramatically throughout West Africa in recent years. The region is roughly divided between a primarily Muslim north and a primarily Christian south.
Many people go to bookmakers to delight in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the outcome of occasions and groups.
Nigeria’s crippling recession has actually likewise implied people want to run the risk of a small amount in the hope of winning huge.
But this had led to extensive addiction, sports betting and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen stated.
“These financial problems we are facing in Nigeria is God informing us to change our methods by stopping sins,” he stated.
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 recommending those running those sports betting shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what penalty they would face – frequently, 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 prohibited.
