The N2 Billion Bet: Meet the Leaders Reshaping Nigeria’s Betting Scene Despite Religious Pushback
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
sports betting has progressed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor sports betting parks and kiosks, where lovers would bet as little as N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels worldwide 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.
In spite of economic difficulties such as inflation, Nigeria’s sports betting sector has actually flourished, drawing in millions, specifically amongst the younger group dealing with high joblessness rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates a projected annual earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulative measures like import tax duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of challenges in enforcement. Issues such as insufficient age confirmation and marketing guideline breaches show market regulatory gaps.
Despite these difficulties, sports betting wagering companies continue to thrive through reliable business models and aggressive marketing methods, sports betting leveraging the creator influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually substantially contributed to Nigeria’s $2 billion gaming empire through their extensive audience reach.
Constable Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers different functions in the video gaming and show business, including working at one of 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 actually become a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, sports betting 2006, and has given that broadened its existence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated ecosystem that integrates appropriate sports betting content, engaging features, and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly revenue has risen from around ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have moved LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has actually 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 actually previously functioned as the business’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online gaming industry considering that 2000, holding different successful functions, consisting of General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman’s leadership, sports betting Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has actually amassed significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her knowledge spans the gaming, real estate, and credit lending industries, where he has actually established himself as a strategic and functional leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, she has actually acted as Managing Director and has supervised the business’s development and sports betting operations in Lagos, sports betting Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the company’s operational techniques and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN supplies frHer academic 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, sports betting Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the first to release a fully functional website, 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 largest bookies in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, sports betting where it is totally licensed.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety of wagering choices and sports betting 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 endeavors, sports betting Ukanwoke has worked together with African socio-economic organizations and federal governments to create developmental policies focused on empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, founded and sports betting introduced 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 home entertainment company has actually quickly grown its existence in Nigeria, with outlets in major 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 jobs, the number of which is increasing every year. In the very 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 founder, majority investor, sports betting and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has considering that become one of the world’s largest online gaming companies.
By 2016, Bet365 produced $2 billion in revenues and helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered significant 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 business in Nigeria, established 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, sports betting an independent Nigerian asset management company that creates investment returns and offers special investment insights and solutions to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually become a significant gamer in the Nigerian sports betting 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 for 22BET in Nigeria given that June 2021. In this function, he has added to the business’s growth through collaborations, service technique, and sports betting brand-new business development.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled item development and client experience, and Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he worked 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that uses sports betting, casino video games, and live dealership video games. It was released 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 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 business he established in 2013.
SportyBet is a global sports betting wagering and real-money video gaming operator sports betting known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually become 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 supporter for the growing African web community. His investments reflect his dedication to cultivating innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering industry.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of cutting-edge technology and a commitment to responsible gaming to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting wagering platform.
At a press instruction, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and professional group will allow it to scale and dominate the marketplace rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they say are running illegally.
“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Grievances from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of sports betting addicts, he stated.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gaming, sports betting those flouting the rules would be detained.
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.
Bookmakers and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
Sports betting shops can be discovered all over the city. Most have tv screens, and clients see the outcome of global football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookies had actually had the ability to run under the radar as they had opened under false pretenses.
“They do not have licences to run as they were allowed to run video games centres, which they later on transformed to sports betting shops,” he stated.
The sports betting industry has actually broadened considerably throughout West Africa over the last few years. The region is roughly divided between a primarily Muslim north and sports betting a predominantly Christian south.
Many people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and teams.
Nigeria’s debilitating economic crisis has likewise implied individuals want to risk a small amount in the hope of winning big.
But this had caused widespread dependency, and moms and dads were even complaining that kids were dropping out of school to bet, sports betting Mr Aminudeen stated.
“These economic concerns we are dealing with in Nigeria is God informing us to alter our methods by stopping sins,” he said.
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 sports betting shops to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what penalty they would deal with – often, such violations bring a fine.
Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and sports betting prostitution, gambling and the consumption of alcohol were banned.