The $2 Billion Gamble: Meet the Leaders Transforming Nigeria’s Betting Industry Despite Religious Pushback

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

sports betting has evolved considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would bet as little as N50-N200 on matches.

Gradually, with increased internet access came virtual wagering, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.

In spite of economic challenges such as inflation, Nigeria’s sports betting wagering sector has grown, attracting millions, particularly among the youthful market facing high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an approximated yearly earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative procedures like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of difficulties in enforcement. Issues such as inadequate age confirmation and advertising rule breaches show market regulatory spaces.

Despite these challenges, sports betting wagering business continue to flourish through reliable organization models and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing crucial functions in broadening 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 sports betting empire through their comprehensive 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 profession covers different functions in the gaming and entertainment industry, sports betting including working at one of 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.

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 actually grown into a leading e-commerce company in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has considering that expanded its existence, 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 completely integrated community that integrates pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has driven significant development for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly earnings has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and assisted form the market’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 selected CEO of Betway in November 2017, having actually previously served as the business’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has remained in the online video gaming market given that 2000, holding numerous successful functions, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market presence and improve its offerings. The company’s app has gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her know-how covers the gaming, property, and credit financing industries, where he has actually developed himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually functioned as Managing Director sports betting and has managed the company’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 services. DDWIN provides frHer educational background includes 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, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a fully functional site, setting a standard in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering choices and an user-friendly 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 worked together with African socio-economic organizations and governments to design developmental policies targeted at 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 launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home 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, creating over 100,000 jobs, the variety of which is increasing yearly. In the exact same year, MultiChoice broadcaster purchased 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 creator, majority shareholder, sports betting and joint Chief Executive of Bet365, sports betting an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually given that grown into one of the world’s biggest online gambling companies.

By 2016, Bet365 created $2 billion in incomes and helped with $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 business in Nigeria, established along with business owner Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that produces investment returns and offers special financial investment insights and options to both private and sports betting institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a substantial player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has been serving as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this role, he has contributed to the company’s development through partnerships, company strategy, and brand-new company advancement.

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

His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise functioned 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 sports betting 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 video games, and live dealer games. It was launched in 2017 and is owned and operated 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

SportyBet is an international sports betting wagering and sports betting real-money gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually become a considerable gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active investor in fintech and sports betting mobile payments and sports betting a strong supporter for the growing African web community. His financial investments reflect his commitment to fostering innovation and development within the area.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In an industry 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, sports betting the firm intends to take advantage of cutting-edge innovation and a commitment to accountable gaming to revolutionise the sector.

Backed by the monetary power of 4 popular African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent’s largest and sports betting most innovative sports betting platform.

At a press instruction, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert group will enable it to scale and control the marketplace quickly.

Islamic authorities raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually started shutting down sports betting stores, which they say are running illegally.

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

Complaints from community leaders and sports betting moms and dads triggered the crackdown, sports betting fretted about the growing number of gambling addicts, he said.

On the 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 said.

But Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the rules 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 secular law.

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

However, the existing crackdown is focused on Muslim areas of Kano, sports betting a sprawling city and sports betting the financial center of northern Nigeria.

Sports betting stores can be discovered all over the city. The majority of have tv screens, and customers enjoy the outcome of international football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookies had been able to operate under the radar as they had actually opened under false pretences.

“They do not have licences to operate as they were allowed to run computer game centres, which they later converted to wagering stores,” he said.

The sports betting market has expanded considerably across West Africa recently. The region is roughly divided in between a generally Muslim north and a mainly Christian south.

Many people go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria’s debilitating economic crisis has actually also meant individuals want to run the risk of a small amount in the hope of winning big.

However this had actually caused widespread addiction, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.

“These economic concerns we are facing in Nigeria is God informing us to change our methods by stopping sins,” he said.

The raids on Tuesday concentrated on Munjibir, considered 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 shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would face – typically, 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 prohibited.