Betting Industry Shake-up: Innovation Meets Control in Nigeria’s Gaming Space

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting market.

Gaming has progressed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

In spite of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually prospered, attracting millions, specifically amongst the younger group facing high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an approximated annual earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory measures like import tax tasks and VAT boosts to handle the sector.

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

Despite these challenges, sports betting wagering companies continue to thrive through effective service models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually significantly contributed to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans various functions in the gaming and show business, sports betting including operating at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, sports betting 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, founded in August 2011, has actually become a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has because expanded its existence, accomplishing 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 became the CEO of LiveScore Group, a completely integrated ecosystem that combines appropriate sports betting content, engaging features, and a world-class sportsbook.

Considering that taking the helm right before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s staff member headcount has actually increased by 29%, sports betting and annual revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has achieved major user engagement, sports betting 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 worked as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming market since 2000, holding numerous successful roles, consisting of General Manager of an information analytics group and Director sports betting of a digital marketing firm.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her expertise spans the video gaming, realty, and credit lending industries, where he has actually established 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 functioned as Managing Director sports betting and sports betting has managed the business’s growth and operations in Lagos, sports betting Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s functional strategies and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies frHer instructional 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 first to release a completely 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 worldwide sports betting wagering 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 company operates in more than 50 nations, including Nigeria, where it is totally accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a of sports betting choices 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 sports betting governments to develop 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, sports betting founded and released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing yearly. In the 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 gaming business she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually because become one of the world’s largest online gaming companies.

By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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, sports betting a leading sports betting wagering business in Nigeria, established along with entrepreneur 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 asset management company that generates financial investment returns and offers special 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 management, Bet9ja has actually ended up being a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has contributed to the business’s development through partnerships, company technique, and brand-new business advancement.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and consumer experience, and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and sports betting Betty Bingo.

His profession 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, casino video games, and live dealer video games. It was released in 2017 and is owned and sports betting run by Marikit Holdings Ltd, a business 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 company he developed in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has become a considerable player in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet environment. His investments show his dedication to promoting development and advancement within the area.

On April 30, sports betting 2024, sports betting Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.

The company is set to interrupt the sports wagering industry.

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 growth projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, sports betting the company intends to utilize innovative innovation and a dedication to responsible sports betting to revolutionise the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and professional group will allow it to scale and control the marketplace rapidly.

Islamic authorities raid betting shops in northern Nigeria

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

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

Problems from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing variety of sports betting addicts, he said.

On the first day of raids, sports betting 30 shops were closed in one suburb alone, sports betting and their owners were sent home with a warning, the Sharia officer said.

However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.

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

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

However, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and sports betting the financial hub of northern Nigeria.

Sports betting stores can be found all over the city. The majority of have tv screens, and customers watch the result of international football matches or 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 actually opened under false pretences.

“They do not have licences to run as they were allowed to run computer game centres, which they later transformed to wagering stores,” he stated.

The sports betting industry has actually broadened considerably across West Africa in recent years. The region is roughly divided in between a primarily Muslim north and sports betting a primarily Christian south.

Many people go to bookmakers to enjoy the friendship of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and teams.

Nigeria’s debilitating recession has also implied individuals want to risk a small amount in the hope of winning huge.

However this had resulted in prevalent addiction, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

“These economic issues we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he said.

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

“I am recommending those running those wagering stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would deal with – 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 consumption of alcohol were prohibited.