Betting’s Billion-Dollar War: Industry Leaders Face Dual Challenge in Nigeria
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
sports betting has actually progressed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
In spite of economic challenges such as inflation, Nigeria’s sports betting sector has grown, sports betting attracting millions, specifically among the youthful group facing high joblessness rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that produces a projected yearly revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory procedures like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of difficulties in enforcement. Problems such as inadequate age verification and marketing guideline breaches show market regulative gaps.
In spite of these difficulties, sports betting wagering business continue to prosper through effective organization 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 essential functions 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 sports betting empire through their extensive audience reach.
Sheriff 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 numerous roles in the gaming and entertainment industry, consisting of working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he served 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, sports betting Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce organization in the sports betting and video gaming sector, running through online, mobile, and sports betting retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that expanded 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 sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated environment that integrates relevant sports betting content, engaging features, and sports betting a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The company’s staff member headcount has increased by 29%, and annual revenue has actually surged from roughly ₤ 10 million to over ₤ 80 million.
Sam’s management and tactical vision have propelled LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has actually accomplished significant 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 sports betting since 2015. He signed up with Betway in 2013 and has remained in the online video gaming market because 2000, holding different effective roles, including General Manager of an information analytics group and Director of a digital marketing agency.
Under Werkman’s management, Betway has actually continued to grow its market presence and improve its offerings. The business’s app has actually garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her know-how covers the gaming, real estate, and credit loaning industries, where he has established himself as a tactical and operational leader.
Damilare has actually been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has actually acted as Managing Director and has actually overseen 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 business’s functional strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully practical 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is completely accredited.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of sports betting alternatives and an easy to use 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and federal governments to develop developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, founded and launched 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 company has actually rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing yearly. In the exact same year, MultiChoice broadcaster purchased 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, majority investor, and sports betting joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has considering that grown into among the world’s biggest online gambling companies.
By 2016, Bet365 generated $2 billion in revenues and assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered considerable 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, established 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 generates investment returns and uses special investment insights and services to both specific and institutional clients.
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 management, sports betting Bet9ja has actually ended up being a considerable player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting market. He has actually been serving as the Country Director sports betting for 22BET in Nigeria because June 2021. In this function, he has contributed to the business’s development through partnerships, business technique, and brand-new service advancement.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and sports betting Country Manager at 22BET, focusing on marketing technique 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 began at Jumia Group, where he worked in SEO, 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 gaming platform that offers sports betting wagering, casino video games, and live dealer games. It was introduced in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and sports betting 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 established in 2013.
SportyBet is a worldwide sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a significant gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor in fintech and sports betting mobile payments and a strong supporter for sports betting the growing African internet community. His financial investments reflect his dedication to cultivating innovation and development within the region.
On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative technology and a dedication to responsible gambling to change the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting wagering platform.
At a press rundown, the business’s spokesperson, Akin Babatunde, sports betting stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He that the firm’s robust financial backing and specialist group will enable it to scale and control the market quickly.
Islamic police raid wagering stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have started shutting down sports betting wagering stores, which they say are running unlawfully.
“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Problems from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of sports betting addicts, he said.
On the very first day of raids, 30 shops were closed in one residential area alone, sports betting and their owners were sent home with a caution, the Sharia officer said.
But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting runs the Islamic legal system – Sharia – along with secular law.
Bookies and bars tend to be permitted to operate in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the current crackdown is focused on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.
sports betting wagering shops can be discovered all over the city. The majority of have tv screens, and customers see the result of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookies had had the ability to operate under the radar as they had actually opened under false pretences.
“They do not have licences to run as they were allowed to run computer game centres, which they later on converted to wagering shops,” he said.
The sports betting wagering market has broadened considerably across West Africa over the last few years. The area is approximately divided between a mainly Muslim north and a mainly Christian south.
Lots of people go to bookies to enjoy the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and teams.
Nigeria’s debilitating economic crisis has actually likewise implied individuals want to run the risk of a small amount in the hope of winning big.
But this had actually resulted in extensive dependency, and moms and sports betting dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.
“These economic concerns we are dealing with in Nigeria is God informing us to change our methods by stopping sins,” he said.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.
“I am recommending those running those wagering shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what penalty they would face – often, such violations 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 usage of alcohol were banned.