Betting Industry Shake-up: Disruption Meets Regulation in Nigeria’s Gaming Sector

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

sports betting has developed considerably in Nigeria from traditional types like pool staking and sports betting Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, Nigeria’s sports betting sector has actually grown, drawing in millions, especially amongst the youthful market dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces an approximated yearly profits of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory procedures like excise responsibilities and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of difficulties in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches reveal market regulatory gaps.

Regardless of these challenges, sports betting wagering business continue to grow through effective organization models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have significantly 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 company he co-founded with Badmos Olasupo in 2011. His diverse profession spans different roles in the gaming and entertainment industry, sports betting consisting of working at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he served 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, sports betting Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce company in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually because expanded its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that integrates appropriate sports betting content, engaging functions, and a world-class sportsbook.

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

Sam’s management and tactical vision have actually moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has attained major user engagement, sports betting 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 previously functioned as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online video gaming industry given that 2000, holding different effective roles, sports betting including General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market presence and enhance its offerings. The business’s app has amassed considerable 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 track record of changing start-ups into institutionalized organizations. Her know-how covers the gaming, sports betting property, and credit lending industries, where he has established himself as a tactical and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has served as Managing Director sports betting and has overseen the company’s development and operations in Lagos, sports betting Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit company empowering women-owned services. DDWIN supplies frHer educational background consists of 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 business, 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 completely practical site, setting a benchmark 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 developed itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting providing a wide range 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic organizations and sports betting federal governments to create developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and released 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 actually rapidly grown its presence in Nigeria, with outlets in significant 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 jobs, the variety of which is increasing yearly. 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 sports betting company she established in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually since grown into among the world’s largest online gambling business.

By 2016, Bet365 created $2 billion in revenues and helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed substantial user engagement, sports betting 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 together with business person Kunle Soname, 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 uses distinct investment insights and services to both individual and institutional clients.

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 leadership, Bet9ja has actually ended up being a substantial player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually contributed to the business’s development through collaborations, sports betting organization strategy, and brand-new business advancement.

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

His profession began at Jumia Group, sports betting 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 a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that provides sports betting wagering, gambling establishment games, and live dealership video 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 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 established in 2013.

SportyBet is an international sports betting and sports betting real-money video gaming operator understood for delivering an omni-channel home entertainment experience in controlled 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 financier in fintech and mobile payments and a strong supporter for the growing African web ecosystem. His investments show his dedication to cultivating development and advancement within the region.

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

The company is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless 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 company intends to leverage innovative technology and a commitment to responsible gambling to change the sector.

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

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

Islamic police raid wagering stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting wagering shops, which they state are running unlawfully.

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

Grievances from community leaders and parents prompted the crackdown, fretted about the growing number of sports betting addicts, he stated.

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

However Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be detained.

Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting runs the Islamic legal system – Sharia – alongside nonreligious law.

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

Nevertheless, sports betting the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering stores can be found all over the city. The majority of have television screens, and consumers see the outcome of worldwide 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 opened under false pretenses.

“They don’t have licences to run as they were allowed to run video games centres, which they later on transformed to wagering stores,” he stated.

The sports betting wagering industry has actually broadened considerably across West Africa recently. The area is roughly divided in between a generally Muslim north and a mainly Christian south.

Lots of people go to bookmakers to enjoy the friendship of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.

Nigeria’s crippling recession has actually likewise implied people want to run the risk of a small amount in the hope of winning big.

But this had actually led to extensive addiction, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.

“These financial problems we are dealing with in Nigeria is God informing us to change our ways 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 wagering shops to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would deal with – frequently, such violations carry a fine.

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