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Gaming Leaders Under Pressure: New Player Enters as Northern Nigeria Tightens Betting Controls

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

Gaming has actually progressed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

Slowly, with increased internet access came virtual wagering, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

Regardless of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has thrived, drawing in millions, particularly amongst the younger group dealing with high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, sports betting driving a market that creates an estimated yearly profits of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory steps like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show market regulatory gaps.

Despite these challenges, sports betting wagering business continue to thrive through reliable organization models and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually considerably added to Nigeria’s $2 billion gambling empire through their comprehensive audience reach.

Constable 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 various functions in the gaming and entertainment industry, consisting of working at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he functioned as the Lead Engineer in a Bingo and sports betting 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 organization in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually because expanded 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s management and tactical vision have propelled LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has achieved significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having previously acted as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and sports betting has remained in the online gaming market given that 2000, holding various roles, including General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market existence and enhance its offerings. The company’s app has actually gathered 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 track record of changing start-ups into institutionalized businesses. Her proficiency spans the video gaming, real estate, and credit loaning industries, sports betting where he has actually developed himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has actually served as Managing Director and has supervised the company’s growth and sports betting 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 established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. 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 business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a fully functional site, 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 international sports betting wagering business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and sports betting the world. The company operates in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola’s leadership, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting providing a wide range of sports betting options 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, Ukanwoke has actually worked together with African socio-economic organizations and federal governments to develop developmental policies focused on empowering young people. In 2015, sports betting 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, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing every year. In the 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 company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has because turned into among the world’s largest online gambling companies.

By 2016, Bet365 generated $2 billion in profits and facilitated $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has 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, developed along with business owner Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces investment returns and provides distinct financial investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has been working as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually added to the company’s development through collaborations, service method, sports betting and brand-new company development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, sports betting and Country Manager at 22BET, sports betting concentrating on marketing strategy and spending plan 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, where he worked in SEO, sports betting CRM, and content management. Fikayo also worked 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, gambling establishment games, and live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company 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 understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has become a considerable 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 mobile payments and a strong advocate for the growing African web environment. His financial investments reflect his dedication to promoting innovation and advancement within the area.

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

The firm is set to interfere with the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced technology and a dedication to responsible sports betting to change the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting wagering platform.

At a press briefing, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and expert group will allow it to scale and dominate the market quickly.

Islamic authorities raid betting stores in northern Nigeria

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

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.

Problems from community leaders and moms and dads prompted the crackdown, stressed over 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 out home with a caution, the Sharia officer said.

But Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be arrested.

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

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

Nevertheless, the present crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

sports betting wagering shops can be found all over the city. Most have tv screens, sports betting and clients enjoy the outcome of global football matches or horse races on which they have actually staked money.

Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had actually opened under false pretenses.

“They don’t have licences to run as they were permitted to run computer game centres, which they later converted to sports betting shops,” he stated.

The sports betting industry has actually broadened significantly throughout West Africa in the last few years. The area is roughly divided in between a mainly Muslim north and a mainly Christian south.

Many people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and groups.

Nigeria’s crippling economic crisis has also suggested individuals want to risk a small amount in the hope of winning big.

However this had led to extensive addiction, and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.

“These economic concerns we are dealing with in Nigeria is God telling us to alter our ways by stopping sins,” he stated.

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 encouraging those running those wagering stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – often, such infringements bring a fine.

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