Inside Nigeria’s Betting Transformation: CEOs, Innovators, and Cultural Conflicts

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

Gaming has developed considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a successful sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Slowly, sports betting with increased web gain access to came virtual wagering, which parallels international 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.

Regardless of economic difficulties such as inflation, Nigeria’s sports betting sector has thrived, drawing in millions, especially amongst the youthful demographic facing high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected annual profits of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative steps like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of difficulties in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches show market regulative gaps.

Despite these obstacles, sports betting business continue to prosper through reliable service designs and aggressive marketing techniques, sports betting leveraging the developer influencer industry.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria’s $2 billion sports betting empire through their extensive audience reach.

Sheriff 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 career covers numerous functions in the gaming and show business, consisting of operating at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, sports betting 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 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 actually given that 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 sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated environment that combines pertinent sports betting content, engaging features, and sports betting a first-rate sportsbook.

Considering that taking the helm just before the pandemic, sports betting Sam has driven substantial growth for LiveScore Group. The company’s employee headcount has increased by 29%, and sports betting yearly profits has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and sports betting assisted shape the industry’s instructions. LiveScoreBet has achieved 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 formerly acted as the business’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually been in the online gaming industry since 2000, holding various successful roles, including General Manager of an information analytics team and Director of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her knowledge spans the video gaming, realty, and credit financing 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 actually functioned as Managing Director and has supervised the company’s development and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a totally functional site, setting a standard 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a large range of sports betting 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 federal governments to design 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has rapidly 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, creating over 100,000 jobs, sports betting the variety of which is increasing every year. In the exact same year, sports betting 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 founder, majority investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually given that grown into one of the world’s largest online gaming business.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has garnered 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 wagering company in Nigeria, developed alongside business owner Kunle Soname, who likewise 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 creates financial investment returns and offers special financial investment insights and options to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually 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 significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned 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 added to the company’s development through partnerships, business strategy, and brand-new business .

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and sports betting client experience, and Country Manager at 22BET, focusing on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he worked in SEO, CRM, sports betting and content management. Fikayo also functioned 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 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, and live dealer games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up 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 a worldwide sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a substantial gamer in the industry, 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 sports betting mobile payments and a strong supporter for the growing African internet community. His financial investments show his commitment to fostering development and development within the area.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part 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 concentrated on changing how millions of Africans engage with sports betting. In a market 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 firm aims to utilize advanced technology and a commitment to accountable sports betting to change the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and expert group will enable it to scale and control the marketplace quickly.

Islamic cops raid betting stores in northern Nigeria

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

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

Complaints from community leaders and parents triggered the crackdown, worried about the growing number of sports betting addicts, he said.

On the first day of raids, 30 stores 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 was aware that the Hisbah was clamping down on gaming, sports betting those flouting the rules would be jailed.

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

Bookmakers and sports betting bars tend to be enabled to operate in Kano’s Christian neighbourhoods, though they too can deal with 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 wagering shops can be found all over the city. The majority of have television screens, and sports betting consumers watch the outcome of global football matches or horse races on which they have staked money.

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

“They don’t have licences to operate as they were permitted to run video games centres, which they later on converted to sports betting shops,” he stated.

The sports betting wagering market has broadened significantly throughout West Africa over the last few years. The area is roughly divided in between a generally Muslim north and a primarily Christian south.

Many people go to bookies to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting wagering on the result of occasions and teams.

Nigeria’s debilitating economic crisis has likewise meant individuals want to risk a small amount in the hope of winning huge.

However this had actually led to prevalent dependency, and moms and dads were even complaining that children were leaving of school to gamble, Mr Aminudeen stated.

“These financial concerns we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he stated.

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

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

It is uncertain what penalty they would face – typically, such infringements carry a fine.

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