Betting's Multi-Billion Battleground: Industry Giants Face Dual Threat in Nigeria

Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.

sports betting has actually progressed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied 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 gain access to came virtual wagering, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.

In spite of financial difficulties such as inflation, Nigeria's sports betting sector has flourished, drawing in millions, specifically among the youthful demographic dealing with high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, sports betting driving an industry that creates an estimated annual revenue of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like excise responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite difficulties in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches reveal industry regulatory spaces.

In spite of these challenges, sports betting wagering companies continue to grow through efficient organization models and aggressive marketing methods, leveraging the developer influencer market.

These efforts have actually contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and sports betting driving market growth. Here are the CEOs of leading sports betting wagering business who have significantly added to Nigeria's $2 billion gambling empire through their substantial 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 diverse career spans numerous functions in the video gaming and entertainment industry, consisting of working at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he acted 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 business was included in Nigeria on November 7, 2006, and has actually given that broadened its presence, sports betting 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 became the CEO of LiveScore Group, a totally integrated environment that combines relevant sports betting content, engaging functions, sports betting and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business's worker headcount has increased by 29%, and yearly income has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have actually propelled LiveScore Group's success and assisted form the industry's direction. 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 previously worked as the business's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has remained in the market since 2000, holding numerous successful functions, including 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 existence and improve its offerings. The company's app has gathered substantial 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 businesses. Her knowledge spans the video gaming, sports betting real estate, and credit lending industries, where he has actually established himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET's success for over 14 years. Because June 2019, she has acted as Managing Director and has actually managed the business's growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's functional methods and market growth.

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer instructional background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, sports betting Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a totally practical website, setting a standard 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is completely accredited.

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a wide range of wagering options 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 endeavors, Ukanwoke has worked together with African socio-economic institutions and governments to develop developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually quickly grown its presence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, 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 founder, bulk investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually considering that become one of the world's biggest online gaming companies.

By 2016, Bet365 produced $2 billion in profits and facilitated $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 wagering business in Nigeria, developed along with businessman 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 generates financial investment returns and offers unique financial investment insights and solutions to both individual 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 management, Bet9ja has actually ended up being a considerable player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting industry. He has been serving as the Country Director sports betting for sports betting 22BET in Nigeria since June 2021. In this function, he has added to the business's development through partnerships, organization technique, and brand-new organization development.

Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and sports betting customer experience, and Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His profession began 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, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, gambling establishment games, sports betting and live dealer games. It was introduced in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company signed up 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 business he established in 2013.

SportyBet is an international sports betting and real-money gaming operator known for providing an omni-channel home 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 sports betting mobile payments and a strong advocate for the growing African internet environment. His investments reflect his dedication to fostering development and advancement within the area.

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

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

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 annual, sports betting with double-digit growth projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of innovative technology and a dedication to accountable sports betting to change the sector.

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

At a press instruction, the company'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 actually set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and specialist team will enable it to scale and dominate the market quickly.

Islamic police raid wagering stores in northern Nigeria

Islamic police in Nigeria's northern city of Kano have actually started closing down sports betting wagering stores, which they say are operating unlawfully.

"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.

Complaints from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing variety of gambling addicts, he stated.

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

But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gambling, those flouting the rules would be detained.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - together with nonreligious law.

Bookmakers and sports betting bars tend to be allowed to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

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

Sports betting shops can be found all over the city. A lot of have tv screens, and consumers enjoy the result of global football matches or horse races on which they have staked money.

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

"They don't have licences to operate as they were permitted to run computer game centres, which they later on transformed to wagering shops," he said.

The sports betting market has broadened drastically across West Africa in the last few years. The area is roughly divided in between a generally Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and groups.

Nigeria's crippling economic crisis has also implied individuals want to risk a percentage in the hope of winning huge.

However this had actually led to extensive addiction, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

"These economic problems we are facing in Nigeria is God telling us to change our methods by stopping sins," he stated.

The raids on Tuesday concentrated on Munjibir, sports betting 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 closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.

It is unclear what penalty they would face - frequently, such infringements carry a fine.

Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the consumption of alcohol were banned.