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

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

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

Slowly, with increased web access came virtual wagering, which parallels global 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 challenges such as inflation, Nigeria’s sports betting wagering sector has actually grown, attracting millions, particularly among the younger group facing high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces an approximated annual revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative steps like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite difficulties in enforcement. Issues such as insufficient age confirmation and marketing guideline breaches show industry regulatory spaces.

Despite these challenges, sports betting business continue to grow through reliable service designs and aggressive marketing techniques, 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 development. Here are the CEOs of leading sports betting wagering business who have actually substantially contributed to Nigeria’s $2 billion gambling empire through their extensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he with Badmos Olasupo in 2011. His varied profession covers different functions in the video gaming and entertainment industry, including operating at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, sports betting 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has turned into a leading e-commerce service in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was included 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 more than 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that combines pertinent sports betting content, engaging features, and a first-rate sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven substantial growth for LiveScore Group. The business’s worker headcount has increased by 29%, and yearly revenue has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and sports betting assisted form the market’s direction. LiveScoreBet has actually accomplished 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 formerly functioned as the business’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has remained in the online gaming market because 2000, holding numerous effective roles, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The company’s app has garnered significant 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 organizations. Her know-how covers the gaming, real estate, and credit loaning markets, where he has actually established himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, sports betting she has worked as Managing Director and has managed the business’s development and operations in Lagos, 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), a non-profit company empowering women-owned services. DDWIN supplies 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, 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 launch a completely functional site, 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is totally licensed.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of sports betting 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic organizations and federal governments to design 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, established and sports betting released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment business has rapidly grown its presence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety 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 founder, sports betting bulk investor, and 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 given that grown into among the world’s largest online gambling companies.

By 2016, sports betting Bet365 produced $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 amassed 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, sports betting developed 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 company that creates investment returns and offers special financial investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the company’s growth through partnerships, company technique, and brand-new company advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed item development and customer experience, and Country Manager at 22BET, concentrating on marketing technique and spending 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 operated in SEO, CRM, and content management. Fikayo likewise acted as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and sports betting 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 gaming platform that provides sports betting, casino games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered 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 sports betting CEO of SportyBet, a company he developed in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator sports betting understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial gamer in the industry, 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 sports betting mobile payments and a strong supporter for sports betting the growing African web ecosystem. His financial investments show his dedication to cultivating innovation and advancement within the area.

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In a market 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 utilize cutting-edge innovation and a dedication to accountable gaming to revolutionise the sector.

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

At a press briefing, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, sports betting mobile usage, and the continent’s deep passion for sports betting, sports betting particularly football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and professional team will enable it to scale and control the market quickly.

Islamic cops raid betting stores in northern Nigeria

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

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.

Complaints from community leaders and parents triggered the crackdown, fretted about the growing variety of sports betting addicts, he said.

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

But Mr Aminudeen alerted that now that the general public was aware 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 – alongside secular law.

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

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

Sports betting shops can be found all over the city. Most have television screens, sports betting and consumers watch the outcome of international football matches or horse races on which they have actually staked cash.

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 operate as they were permitted to run computer game centres, which they later transformed to wagering stores,” he said.

The sports betting industry has broadened significantly throughout West Africa recently. The area is approximately divided between a mainly Muslim north and a predominantly Christian south.

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

Nigeria’s crippling economic crisis has likewise meant individuals are willing to run the risk of a small amount in the hope of winning huge.

However this had resulted in prevalent addiction, and moms and dads were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.

“These economic issues we are facing in Nigeria is God informing us to alter 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 recommending 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 uncertain what penalty they would face – often, such violations carry a fine.

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