Betting Moguls Under Pressure: New Player Enters as Northern Nigeria Intensifies Betting Restrictions

Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.

Gambling has actually developed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

Regardless of economic difficulties such as inflation, Nigeria’s sports betting sector has actually flourished, attracting millions, particularly among the vibrant group dealing with high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates an approximated yearly income of N730 billion. The federal government has not gone undetected by this growth, which is considering regulative procedures like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Problems such as inadequate age confirmation and sports betting marketing rule breaches reveal market regulative spaces.

In spite of these challenges, sports betting wagering companies continue to grow through efficient business designs and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have substantially contributed to Nigeria’s $2 billion gaming empire through their substantial 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 varied career covers various roles in the gaming and show business, consisting of operating at one of the United Kingdom’s biggest video 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 grown into a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has given that expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated environment that integrates appropriate sports betting content, engaging functions, and sports betting a first-rate sportsbook.

Because taking the helm right before the pandemic, sports betting Sam has actually driven substantial growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, sports betting and yearly revenue has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has attained 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 actually previously worked as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry given that 2000, holding numerous effective roles, including General Manager of a data analytics group and sports betting Director sports betting of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market presence and improve its offerings. The company’s app has actually gathered substantial 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 track record of changing start-ups into institutionalized services. Her knowledge spans the gaming, real estate, and credit lending markets, where he has developed himself as a tactical and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has actually acted as Managing Director and has supervised the company’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s functional strategies and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a fully practical website, setting a standard in the industry.

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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is totally certified.

Under Babalola’s leadership, sports betting 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering choices 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic organizations and governments to develop developmental policies targeted at 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, 2018, sports betting by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has quickly grown its existence in Nigeria, sports betting 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, creating over 100,000 jobs, the number of which is increasing every year. 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, bulk investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has considering that grown into among the world’s largest online gaming companies.

By 2016, Bet365 created $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 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 company in Nigeria, established alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates financial investment returns and uses unique investment insights and options to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the business’s development through partnerships, company strategy, and brand-new service advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and sports betting Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.

His profession began at Jumia Group, sports betting 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that offers sports betting, casino video games, and live dealership video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company registered 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 developed in 2013.

SportyBet is a global sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial 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 sports betting the growing African internet ecosystem. His investments reflect his commitment to fostering development and advancement within the region.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is focused 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, sports betting the company aims to leverage cutting-edge technology and a dedication to responsible sports betting to revolutionise the sector.

Backed by the of four prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent’s largest and most innovative sports betting wagering platform.

At a press briefing, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile use, and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and professional team will enable it to scale and control the market quickly.

Islamic police raid betting stores in northern Nigeria

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

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

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

On the first day of raids, 30 stores were closed in one suburban area alone, and sports betting their owners were sent home with a warning, the Sharia officer stated.

But Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be apprehended.

Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – along with secular law.

Bookies and bars tend to be permitted to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

However, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.

sports betting wagering shops can be discovered all over the city. A lot of have tv screens, and clients enjoy the result of international football matches or horse races on which they have actually staked money.

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

“They don’t have licences to run as they were permitted to run computer game centres, which they later on transformed to wagering stores,” he said.

The sports betting market has broadened considerably throughout West Africa in recent years. The area is approximately divided in between a mainly Muslim north and sports betting a primarily Christian south.

Lots of people go to bookmakers to enjoy the camaraderie of other bettors, sports betting though mobile apps are also popular for sports betting on the result of occasions and groups.

Nigeria’s debilitating recession has actually likewise implied individuals are willing to risk a percentage in the hope of winning big.

However this had actually resulted in extensive dependency, and moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen stated.

“These economic issues we are facing in Nigeria is God telling us to change 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 recommending those running those wagering shops to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would deal with – typically, such infringements carry a fine.

Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gambling and the intake of alcohol were banned.