Betting’s Multi-Billion War: Industry Giants Face Dual Threat in Nigeria

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

Gambling has evolved considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

Gradually, with increased web gain access to came virtual sports betting, which parallels global patterns. 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 financial difficulties such as inflation, Nigeria’s sports betting sector has actually thrived, bring in millions, specifically among the vibrant demographic dealing with high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an approximated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative measures like excise duties and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of difficulties in enforcement. Problems such as insufficient age confirmation and advertising rule breaches reveal industry regulatory gaps.

In spite of these difficulties, sports betting wagering business continue to thrive through efficient business designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria’s $2 billion sports betting empire through their comprehensive 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 varied career spans different functions in the gaming and show business, consisting of working at one of the United Kingdom’s largest 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 wagering and gaming sector, running through online, mobile, and sports betting retail channels. The business was included in Nigeria on November 7, 2006, and has actually since expanded 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 integrated environment that combines relevant sports betting material, sports betting engaging functions, and sports betting a world-class sportsbook.

Since taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The company’s staff member headcount has increased by 29%, sports betting and yearly income has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has attained major sports betting user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, having actually formerly functioned as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry given that 2000, holding numerous successful functions, including General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market presence and boost its offerings. The company’s app has garnered 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 performance history of transforming start-ups into institutionalized businesses. Her competence spans the gaming, property, and credit loaning markets, sports betting where he has actually established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has worked as Managing Director sports betting and has actually supervised the company’s growth and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting completed in 2005.

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

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a large range of wagering alternatives and sports betting 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic institutions and governments to design developmental policies aimed at empowering youths. 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, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company 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 entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing yearly. In the very 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, sports betting the creator, bulk investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually given that turned into among the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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, developed along with business person 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 produces financial investment returns and uses distinct financial investment insights and services 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 ended up being a substantial gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and customer experience, sports betting and Country Manager at 22BET, concentrating on marketing technique and sports betting 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 career started at Jumia Group, where he operated in SEO, sports betting CRM, and content management. Fikayo also served 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 gambling platform that uses sports betting wagering, casino video games, and live dealership games. It was launched in 2017 and sports betting is owned and run by Marikit Holdings Ltd, sports betting a business registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of casinos 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 providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a substantial gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African internet community. His financial investments show his dedication to cultivating development and advancement within the area.

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

The company is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize cutting-edge innovation and sports betting a commitment to responsible gaming to revolutionise the sector.

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

At a press briefing, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, sports betting and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and specialist team will allow it to scale and control the market quickly.

Islamic police raid wagering shops in northern Nigeria

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

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.

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

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

However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gaming, 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 – along with nonreligious law.

Bookmakers and bars tend to be enabled to operate in neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting shops can be found all over the city. Most have television screens, and clients view the outcome of international football matches or horse races on which they have actually staked money.

Mr Aminudeen stated 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 computer game centres, which they later on converted to sports betting shops,” he stated.

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

Many people go to bookies to enjoy the friendship of other gamblers, though mobile apps are also popular for wagering on the result of events and groups.

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

But this had resulted in prevalent dependency, and parents were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

“These financial concerns we are dealing with in Nigeria is God telling 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 encouraging those running those wagering shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would deal with – typically, such violations bring a fine.

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