Gaming Moguls Under Scrutiny: New Player Emerges as North Nigeria Intensifies Betting Restrictions

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

Gambling has developed substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor sports betting parks and kiosks, where lovers would wager as low as N50-N200 on matches.

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

Regardless of economic challenges such as inflation, sports betting Nigeria’s sports betting sector has flourished, drawing in millions, specifically amongst the vibrant group facing high unemployment rates.

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

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

Despite these obstacles, sports betting companies continue to grow through efficient business models and aggressive marketing methods, leveraging the developer influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have substantially contributed to Nigeria’s $2 billion gambling empire through their comprehensive audience reach.

Sheriff 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 various roles in the video gaming and entertainment industry, consisting of working at among the United Kingdom’s largest video 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 actually turned into a leading e-commerce company in the wagering and sports betting video gaming sector, sports betting operating through online, sports betting mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has given that expanded its presence, attaining 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual revenue has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and helped shape 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 designated CEO of Betway in November 2017, having actually previously functioned as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market given that 2000, holding different successful roles, consisting of General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market existence and enhance its offerings. The company’s app has actually gathered considerable user engagement, sports betting 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 sports betting executive with a track record of transforming start-ups into institutionalized businesses. Her know-how spans the gaming, real estate, and credit lending industries, where he has actually developed himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has served as Managing Director and has overseen 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 business’s operational strategies and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN supplies frHer educational background includes 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 the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the very first to release a completely functional website, setting a benchmark 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The business 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 wagering market, using a vast array of wagering choices 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 collaborated with African socio-economic institutions and governments to develop developmental policies aimed at empowering youths. 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually grown its presence in Nigeria, 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, producing over 100,000 jobs, the variety of which is increasing each year. 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 shareholder, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has considering that become one of the world’s biggest online gaming companies.

By 2016, Bet365 created $2 billion in earnings and helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed significant 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 business owner 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 property management business that generates financial investment returns and uses special investment insights and solutions to both individual and institutional clients.

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 leadership, Bet9ja has actually become a substantial gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually added to the company’s growth through collaborations, service strategy, and brand-new business advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and consumer experience, and Country Manager at 22BET, sports betting concentrating on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also worked 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, gambling establishment games, and live dealer games. It was launched in 2017 and is owned and 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 gambling establishments 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 understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has become a significant gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His financial investments show his dedication to cultivating development and development within the area.

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

The company is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the firm intends to utilize innovative innovation and a commitment to accountable gambling to revolutionise the sector.

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

At a press rundown, sports betting the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and expert team will allow it to scale and dominate the market quickly.

Islamic police raid betting stores in northern Nigeria

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

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

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

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

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

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

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

However, the present crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

sports betting wagering shops can be found all over the city. The majority of have television screens, and customers watch the result of global football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookmakers had had the ability to operate under the radar as they had opened under false pretenses.

“They do not have licences to run as they were permitted to run video games centres, which they later transformed to sports betting shops,” he stated.

The sports betting industry has actually broadened considerably throughout West Africa in recent years. The region is roughly divided in between a primarily Muslim north and a primarily Christian south.

Many individuals go to bookies to enjoy the sociability of other bettors, though mobile apps are likewise popular for sports betting on the result of events and teams.

Nigeria’s crippling economic crisis has actually also suggested people want to risk a percentage in the hope of winning huge.

However this had actually caused prevalent dependency, and parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

“These financial problems we are facing in Nigeria is God telling us to alter our methods 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 jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

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 usage of alcohol were prohibited.