Gaming Leaders Under Scrutiny: New Player Enters as Northern Nigeria Intensifies Betting Restrictions

Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering market.

sports betting has progressed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

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

Despite financial difficulties such as inflation, Nigeria’s sports betting sector has thrived, drawing in millions, specifically among the vibrant market dealing with high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an approximated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this development, sports betting which is thinking about regulative steps like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Problems such as insufficient age verification and marketing rule breaches reveal market regulatory spaces.

Despite these obstacles, sports betting wagering business continue to flourish through effective company models and aggressive marketing methods, sports betting leveraging the creator influencer industry.

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

Sheriff 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 profession spans numerous roles in the video gaming and entertainment industry, including operating 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 grown into a leading e-commerce service in the wagering and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and sports betting has actually because broadened its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names 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.

Considering that taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The business’s employee headcount has increased by 29%, and yearly profits has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has attained major 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 served as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market considering that 2000, holding various successful roles, including General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market presence and improve its offerings. The company’s app has actually 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 identified herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her proficiency spans the video gaming, property, and credit loaning markets, sports betting where he has established himself as a tactical and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually worked as Managing Director and sports betting has managed the business’s development and sports betting operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s operational methods and market growth.

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

Akin Alabi, the founder 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 first to introduce a fully functional site, setting a criteria 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, sports betting using a vast array 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and governments to develop 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 launched 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 entertainment business has actually rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing each 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 sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually given that grown into among the world’s biggest online sports betting companies.

By 2016, Bet365 created $2 billion in revenues and facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually 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 business in Nigeria, established alongside 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 possession management business that creates financial investment returns and uses distinct investment insights and solutions to both specific 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, sports betting Bet9ja has become a significant gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the business’s development through partnerships, service strategy, and new service advancement.

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

His profession started at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo also served 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 sports betting platform that uses sports betting, casino games, and live dealership games. It was launched in 2017 and is owned and sports betting 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 providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant gamer 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 sports betting a strong supporter for the growing African web environment. His investments reflect his commitment to fostering innovation and development within the region.

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

The firm is set to interfere with the sports wagering 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, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage innovative innovation and a commitment to responsible gambling to change the sector.

Backed by the financial power of four prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, sports betting aims to be the continent’s biggest and most innovative sports betting platform.

At a press briefing, the company’s representative, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and specialist team will enable it to scale and sports betting dominate the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually started closing down sports betting wagering shops, which they state are running illegally.

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

Problems from neighborhood leaders and parents triggered the crackdown, stressed over the growing variety of sports betting addicts, he said.

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

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

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

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

Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

sports betting wagering shops can be found all over the city. Many have television screens, and customers view the result of worldwide football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookmakers had been able to operate under the radar as they had opened under false pretenses.

“They do not have licences to run as they were allowed to run computer game centres, which they later converted to sports betting shops,” he said.

The sports betting market has actually expanded drastically throughout West Africa in the last few years. The region is roughly divided between a generally Muslim north and a predominantly Christian south.

Many people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for sports betting on the outcome of occasions and teams.

Nigeria’s debilitating recession has also suggested people want to risk a percentage in the hope of winning big.

However this had caused extensive dependency, and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.

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

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 shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – frequently, such infringements bring 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.