The $2 Billion Bet: Meet the Leaders Reshaping Nigeria’s Betting Industry Despite Religious Resistance
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
Gambling has evolved significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.
Slowly, with increased internet access came virtual sports betting, sports betting which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, sports betting Nigeria’s sports betting wagering sector has actually thrived, sports betting bring in millions, particularly amongst the younger group dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that generates an approximated yearly earnings of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory measures like import tax tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Concerns such as insufficient age verification and advertising rule breaches reveal industry regulative gaps.
In spite of these difficulties, sports betting companies continue to flourish through reliable company designs and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, sports betting with CEOs playing crucial functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have significantly 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 company he co-founded with Badmos Olasupo in 2011. His varied profession covers different functions in the gaming and entertainment industry, including working at one of the United Kingdom’s biggest 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 service in the sports betting and sports betting video gaming sector, operating through online, mobile, sports betting and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has given that expanded its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that integrates appropriate sports betting content, engaging functions, sports betting and a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has driven considerable development for sports betting LiveScore Group. The business’s staff member headcount has increased by 29%, and annual earnings has risen from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted form 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 designated CEO of Betway in November 2017, having previously acted as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market considering that 2000, holding numerous effective roles, including General Manager of an information analytics group and Director of a digital marketing company.
Under Werkman’s management, Betway has actually continued to grow its market presence and improve its offerings. The company’s app has actually amassed 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 changing start-ups into institutionalized organizations. Her competence covers the gaming, real estate, and credit loaning markets, where he has established himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, sports betting she has actually worked as Managing Director and sports betting has actually overseen the business’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 operational strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company 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 creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very 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 company 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 business runs in more than 50 countries, including Nigeria, where it is fully certified.
Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of wagering alternatives and an user-friendly 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic organizations and federal governments to create 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 established and introduced in Nigeria on February 22, sports betting 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting home entertainment company 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, producing over 100,000 tasks, the variety of which is increasing annually. In the 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, bulk shareholder, and joint Chief Executive of Bet365, sports betting an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually given that become among the world’s largest online sports betting business.
By 2016, Bet365 produced $2 billion in profits and assisted in $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered substantial user engagement, sports betting 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 business in Nigeria, developed along with business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that creates financial investment returns and offers special investment insights and services to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a significant gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting market. He has been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the business’s development through partnerships, company technique, and brand-new organization advancement.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, and Country Manager at 22BET, focusing on marketing method 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 began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 gaming platform that offers sports betting wagering, gambling establishment video games, and live dealership video 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 established in 2013.
SportyBet is a global sports betting and real-money gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, sports betting SportyBet has ended up being a significant player in the market, 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 the growing African internet ecosystem. His investments reflect his dedication to fostering innovation and advancement within the region.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting industry.
Sunbet Sporting has stated it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of advanced innovation and a commitment to accountable gaming to change the sector.
Backed by the monetary power of 4 popular African billionaires, sports betting Sunbet, which will release in the very first quarter of 2025, aims to be the continent’s largest and most ingenious sports betting platform.
At a press rundown, the company’s spokesperson, sports betting Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and specialist group will allow it to scale and sports betting control the marketplace rapidly.
Islamic authorities raid wagering shops in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have actually begun shutting down sports betting wagering shops, which they state are running unlawfully.
“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Problems from neighborhood leaders and parents triggered the crackdown, stressed over the growing variety of sports betting addicts, he stated.
On the very first day of raids, 30 shops 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 alerted that now that the general public was aware that the Hisbah was clamping down on gambling, sports betting those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – together with secular law.
Bookies and bars tend to be allowed to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
However, sports betting the existing crackdown is focused on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.
Sports betting shops can be found all over the city. The majority of have tv screens, and clients see the result of worldwide football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had had the ability to run under the radar as they had actually opened under false pretenses.
“They do not have licences to run as they were permitted to run computer game centres, which they later on transformed to sports betting stores,” he stated.
The sports betting market has actually expanded considerably across West Africa over the last few years. The region is approximately divided between a generally Muslim north and sports betting a primarily Christian south.
Lots of people go to bookmakers to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the outcome of occasions and groups.
Nigeria’s crippling economic crisis has actually likewise implied people want to run the risk of a percentage in the hope of winning big.
But this had led to extensive addiction, and moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.
“These financial problems we are dealing with in Nigeria is God telling us to alter our ways by stopping sins,” he said.
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 sports betting shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what punishment they would deal with – often, 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 gambling and the consumption of alcohol were prohibited.