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

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

Gaming has actually evolved substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

Slowly, sports betting with increased internet access came virtual wagering, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.

Despite financial obstacles such as inflation, sports betting Nigeria’s sports betting wagering sector has thrived, attracting millions, particularly amongst the vibrant demographic facing high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that generates an estimated annual revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory steps like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established 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 guideline breaches reveal market regulative gaps.

Regardless of these obstacles, sports betting wagering companies continue to thrive through efficient business models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have considerably contributed to Nigeria’s $2 billion gambling empire through their comprehensive audience reach.

Constable 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 covers different roles in the gaming and entertainment industry, consisting of operating at among the United Kingdom’s biggest 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 turned into a leading e-commerce business in the sports betting and sports betting video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has considering that broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that combines relevant sports betting material, engaging features, and a world-class sportsbook.

Given that taking the helm just before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s employee headcount has increased by 29%, and has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has actually attained significant 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 previously worked as the company’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry considering that 2000, holding numerous successful roles, including General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and improve its offerings. The business’s app has gathered significant 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 know-how spans the gaming, real estate, and credit financing markets, where he has established himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Since June 2019, she has functioned as Managing Director and has actually overseen the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational methods and market growth.

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

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a fully functional 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 wagering business 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 sports betting the world. The business operates in more than 50 countries, consisting of Nigeria, where it is totally accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a large range of sports betting options 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 worked together with African socio-economic organizations and federal governments to design developmental policies aimed 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, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, sports betting producing over 100,000 jobs, 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 shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has considering that turned into among the world’s largest online gaming companies.

By 2016, Bet365 created $2 billion in revenues and assisted in $45 billion in yearly bets. The business also 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 sports betting co-founder of Bet9ja, a leading sports betting company in Nigeria, established along with businessman 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 company that produces financial investment returns and provides special investment insights and solutions to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, sports betting Bet9ja has become a considerable player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually contributed to the business’s development through collaborations, company strategy, and new company advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 gambling platform that provides sports betting wagering, casino video games, and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has become a significant 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 advocate for the growing African web community. His investments reflect his dedication to cultivating innovation and sports betting advancement within the region.

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

The firm is set to interfere with the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage cutting-edge innovation and a dedication to accountable gambling to change the sector.

Backed by the financial power of four prominent 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 instruction, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will enable it to scale and dominate the market rapidly.

Islamic authorities raid wagering stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started closing down sports betting wagering shops, which they say are running illegally.

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

Complaints from community leaders and moms and dads prompted the crackdown, sports betting worried about the growing variety of gambling addicts, he said.

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

However 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 jailed.

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

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

However, the present crackdown is concentrated on Muslim locations of Kano, a sprawling city and sports betting the economic center of northern Nigeria.

Sports betting stores can be found all over the city. Most have television screens, and customers watch the outcome of international football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookies had been able 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 on transformed to wagering stores,” he stated.

The sports betting wagering market has actually broadened drastically across West Africa over the last few years. The area is roughly divided between a mainly Muslim north and a mainly Christian south.

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

Nigeria’s debilitating economic crisis has also suggested individuals are willing to run the risk of a percentage in the hope of winning huge.

But this had actually resulted in widespread addiction, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“These financial concerns we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he stated.

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

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

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

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