Betting’s Multi-Billion War: Industry Giants Face Dual Threat in Nigeria
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
sports betting has developed significantly in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Despite economic challenges such as inflation, Nigeria’s sports betting wagering sector has grown, attracting millions, particularly amongst the youthful group facing high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that generates an approximated annual profits of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulative procedures like excise tasks and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches reveal market regulatory gaps.
Despite these difficulties, sports betting wagering business continue to prosper through effective business models and aggressive marketing methods, leveraging the creator influencer market.
These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have considerably contributed to Nigeria’s $2 billion gambling 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 profession covers numerous functions in the gaming and entertainment industry, consisting of working at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he worked 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 company in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has since broadened its existence, attaining 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 completely incorporated environment that combines relevant sports betting content, engaging functions, and a first-rate sportsbook.
Because taking the helm right before the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s worker headcount has actually increased by 29%, and annual revenue has actually surged from roughly ₤ 10 million to over ₤ 80 million.
Sam’s management and tactical vision have actually moved LiveScore Group’s success and helped 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 selected CEO of Betway in November 2017, having actually formerly functioned as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has been in the online video gaming industry because 2000, holding different successful roles, including General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has actually 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 executive with a performance history of transforming start-ups into institutionalized organizations. Her know-how spans the gaming, property, and credit lending markets, where he has established himself as a tactical and functional leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has actually acted as Managing Director and has managed the business’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 methods and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a totally functional website, setting a criteria 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 global sports betting business 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 runs in more than 50 nations, including Nigeria, where it is completely certified.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering alternatives 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic organizations and governments to develop 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, established 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 rapidly 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 tasks, the number of which is increasing every year. In the very same year, 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 creator, 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 site and has given that become one of the world’s biggest online sports betting business.
By 2016, Bet365 produced $2 billion in revenues and sports betting helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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 business in Nigeria, developed together with entrepreneur 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 company that produces financial investment returns and uses distinct investment insights and solutions to both individual and institutional customers.
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 leadership, Bet9ja has actually become a significant gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting market. He has actually been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the company’s development through collaborations, business technique, and new business advancement.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that offers sports betting wagering, casino games, and live dealer video games. It was released 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 a worldwide sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a significant player in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web environment. His financial investments reflect his commitment to fostering development and advancement within the region.
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 interfere with the sports betting industry.
Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In an industry 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 company aims to leverage innovative innovation and a dedication to responsible sports betting to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting wagering platform.
At a press rundown, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep passion 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 team will enable it to scale and control the market quickly.
Islamic police raid wagering shops in northern Nigeria
Islamic cops in Nigeria’s of Kano have started closing down sports betting shops, which they state are running illegally.
“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Problems from community leaders and parents prompted the crackdown, stressed over the growing variety of sports betting addicts, he stated.
On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer stated.
However Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a bulk 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 areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, the existing crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. Most have tv screens, and customers enjoy the result of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had actually been able 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 computer game centres, which they later transformed to sports betting stores,” he stated.
The sports betting wagering industry has actually broadened significantly throughout West Africa recently. The area is approximately divided in between a generally Muslim north and a predominantly Christian south.
Lots of people go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are also popular for sports betting on the result of occasions and teams.
Nigeria’s debilitating recession has also indicated people want to risk a small amount in the hope of winning big.
But this had resulted in extensive addiction, and moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.
“These financial issues we are facing in Nigeria is God telling us to alter our ways 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 sports betting stores to either closed down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what punishment they would face – typically, such violations carry 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 consumption of alcohol were banned.
