Betting’s Billion-Dollar Battleground: Industry Giants Face Dual Challenge in Nigeria
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.
sports betting has progressed significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little 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 predicted to almost double to $182.02 billion by 2030.
Regardless of financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually thrived, bring in millions, specifically among the vibrant market dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that creates an approximated yearly revenue of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like import tax responsibilities and sports betting VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of difficulties in enforcement. Issues such as insufficient age verification and advertising rule breaches reveal industry regulatory gaps.
Despite these challenges, sports betting wagering companies continue to flourish through efficient organization designs and aggressive marketing methods, leveraging the developer influencer market.
These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually significantly added to Nigeria’s $2 billion gambling empire through their extensive 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 profession spans various functions in the video gaming and sports betting show business, including operating at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he functioned 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 organization in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually since broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that integrates pertinent sports betting content, engaging features, sports betting and a first-rate sportsbook.
Considering that taking the helm prior to the pandemic, Sam has actually driven substantial development for LiveScore Group. The business’s employee headcount has increased by 29%, and sports betting annual earnings has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have propelled LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has attained major 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, sports betting having actually formerly functioned as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has remained in the online gaming industry given that 2000, holding various successful roles, consisting of General Manager of an information analytics group and sports betting Director of a digital marketing firm.
Under Werkman’s management, Betway has continued to grow its market presence and boost its offerings. The business’s app has amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually distinguished herself as a senior sports betting executive with a performance history of changing start-ups into institutionalized companies. Her knowledge covers the video gaming, property, and credit financing markets, where he has actually established himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET’s success for sports betting over 14 years. Considering that June 2019, she has functioned as Managing Director and has supervised the company’s development 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 techniques and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN supplies frHer educational background consists of 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, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a fully functional 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the biggest bookmakers in Europe and sports betting the world. The company runs in more than 50 nations, sports betting including Nigeria, where it is totally certified.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic organizations and governments to create 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and 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, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing each year. In the same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.
Denise Coates – CEO Bet 365
Denise Coates is a British billionaire businesswoman, the founder, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually because turned into among the world’s largest online gambling business.
By 2016, sports betting Bet365 generated $2 billion in incomes and sports betting helped with $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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, sports betting a leading sports betting wagering business in Nigeria, developed along with entrepreneur 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 possession management business that generates investment returns and uses unique investment insights and services to both private and institutional clients.
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 leadership, Bet9ja has ended up being a considerable player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has actually been working as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this function, he has contributed to the business’s development through collaborations, sports betting business technique, and brand-new organization advancement.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, sports betting and sports betting Country Manager at 22BET, focusing on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and sports betting 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 sports betting platform that provides sports betting, gambling establishment games, and live dealership games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting 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 and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a significant gamer in the industry, 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 advocate for sports betting the growing African web ecosystem. His financial investments show his dedication to fostering development and development within the area.
On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting market.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company aims to take advantage of cutting-edge technology and a dedication to responsible gaming to change the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent’s biggest and sports betting most ingenious sports betting platform.
At a press instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, sports betting has actually set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and specialist team will allow it to scale and control the market quickly.
Islamic police raid betting stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have begun closing down sports betting wagering stores, which they state are operating unlawfully.
“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, the BBC.
Complaints from neighborhood leaders and parents triggered the crackdown, stressed over 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, sports betting the Sharia officer stated.
However Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – along with nonreligious law.
Bookies and bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, sports betting a sprawling city and the economic hub of northern Nigeria.
sports betting wagering shops can be found all over the city. Most have tv screens, and customers view the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had had the ability to operate under the radar as they had opened under false pretences.
“They do not have licences to run as they were allowed to run video games centres, which they later on converted to sports betting shops,” he said.
The sports betting wagering industry has broadened considerably across West Africa over the last few years. The region is approximately divided in between a primarily Muslim north and a predominantly Christian south.
Many people go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and groups.
Nigeria’s debilitating recession has also meant people are willing to run the risk of a percentage in the hope of winning big.
However this had actually caused prevalent addiction, and parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen stated.
“These financial issues we are facing in Nigeria is God informing us to change our methods by stopping sins,” he stated.
The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.
“I am advising those running those wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what punishment they would face – often, 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 and the usage of alcohol were banned.
