Inside Nigeria’s Betting Revolution: Leaders, Innovators, and Cultural Conflicts

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering industry.

Gambling has evolved substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.

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

Regardless of financial obstacles such as inflation, Nigeria’s sports betting wagering sector has flourished, attracting millions, specifically amongst the youthful group dealing with high joblessness rates.

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

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Concerns such as inadequate age verification and advertising guideline breaches show market regulative spaces.

Despite these obstacles, sports betting wagering business continue to grow through reliable business designs and aggressive marketing methods, leveraging the developer 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 market growth. Here are the CEOs of leading sports betting companies who have 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 diverse career covers different roles in the gaming and show business, consisting of operating at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he functioned 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 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 sports betting has actually considering that expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated community that combines appropriate sports betting material, engaging functions, and a world-class sportsbook.

Considering that taking the helm just before the pandemic, Sam has driven significant growth for sports betting LiveScore Group. The business’s employee headcount has increased by 29%, and yearly earnings has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has 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 actually previously served as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online video gaming industry since 2000, holding various successful roles, consisting of General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and boost its offerings. The company’s app has amassed significant user engagement, sports betting 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 track record of changing start-ups into institutionalized organizations. Her proficiency spans the video gaming, real estate, and credit financing markets, where he has developed himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has actually supervised the business’s growth and sports betting operations in Lagos, Nigeria.

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

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a completely practical 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is totally certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting providing a wide variety of sports betting alternatives and 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 institutions and governments to develop developmental policies targeted at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World of the Year.

BetKing, sports betting founded and 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 wagering and home entertainment company has actually rapidly grown its existence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing annually. In the exact 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, 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 sports betting website and has actually since grown into one of the world’s biggest online sports betting companies.

By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed substantial 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 company in Nigeria, developed along with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates financial investment returns and offers distinct financial investment insights and services to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting industry. He has actually been working as the Country Director sports betting for 22BET in Nigeria given that June 2021. In this function, sports betting he has actually contributed to the company’s development through partnerships, company technique, and brand-new service advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and customer experience, 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 different digital marketing roles at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he operated 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 sports betting Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online gaming platform that uses sports betting, gambling establishment games, and live dealer games. It was released in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are also 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 business he developed in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a considerable player in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web community. His financial investments reflect his commitment to promoting development and sports betting advancement within the region.

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

The company is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize cutting-edge technology and a commitment to accountable gaming to revolutionise the sector.

Backed by the monetary power of 4 prominent African billionaires, sports betting Sunbet, which will introduce in the first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.

At a press rundown, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, sports betting mobile use, sports betting and the continent’s deep passion for sports betting, sports betting especially football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and specialist group will allow it to scale and dominate the market rapidly.

Islamic police raid wagering stores in northern Nigeria

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

“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, sports betting told the BBC.

Problems from community leaders and parents prompted the crackdown, worried about the growing number of sports betting addicts, he said.

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

But Mr Aminudeen alerted that now that the general public knew 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 majority 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 deal with action if the Hisbah believes Muslims are frequenting them.

However, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting stores can be discovered all over the city. A lot of have tv screens, and clients see the result of global football matches or horse races on which they have staked cash.

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

“They don’t have licences to run as they were allowed to run video games centres, which they later converted to sports betting shops,” he said.

The sports betting market has expanded drastically across West Africa over the last few years. The region is roughly divided in between a primarily Muslim north and a mainly Christian south.

Many people go to bookies to enjoy the friendship of other bettors, though mobile apps are likewise popular for sports betting on the outcome of occasions and groups.

Nigeria’s crippling recession has actually also implied individuals are willing to run the risk of a percentage in the hope of winning huge.

But this had caused widespread addiction, and parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen stated.

“These financial issues we are dealing with 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 advising those running those sports betting stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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