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Inside Nigeria’s Gaming Transformation: CEOs, Challengers, and Religious Clashes

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

Gambling has progressed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

Gradually, with increased web access came virtual wagering, sports betting which parallels global 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 economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually grown, attracting millions, sports betting particularly amongst the vibrant group facing high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates an approximated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative measures like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Problems such as insufficient age confirmation and marketing rule breaches show industry regulatory gaps.

In spite of these challenges, sports betting business continue to flourish through reliable service models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually significantly added to Nigeria’s $2 billion sports betting 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 numerous roles in the video gaming and entertainment industry, including operating at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and sports betting 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, founded in August 2011, has actually turned into a leading e-commerce service in the sports betting and sports betting video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually given that broadened 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated ecosystem that combines relevant sports betting material, engaging functions, and a first-rate sportsbook.

Since taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly income 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 accomplished major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, having previously acted as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and sports betting has been in the online gaming market considering that 2000, holding numerous successful roles, sports betting including General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, sports betting Betway has continued to grow its market existence and improve its offerings. The business’s app has actually gathered substantial user engagement, 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 performance history of changing start-ups into institutionalized services. Her expertise covers the gaming, real estate, and credit loaning industries, where he has developed himself as a tactical and sports betting functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, sports betting she has functioned as Managing Director and sports betting has actually 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 techniques and sports betting market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer educational 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 business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a totally functional 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 international 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 fully certified.

Under Babalola’s management, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, a wide variety of wagering 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 design 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 released in Nigeria on February 22, sports betting 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its existence in Nigeria, with outlets in significant 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 jobs, sports betting the variety of which is increasing every 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 founder, majority investor, and joint Chief Executive of Bet365, sports betting an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually since become among the world’s largest online gambling companies.

By 2016, Bet365 generated $2 billion in incomes and helped with $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 company in Nigeria, developed alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management company that generates investment returns and uses distinct financial investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

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

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

His career began at Jumia Group, where he worked in SEO, CRM, sports betting and sports betting content management. Fikayo likewise 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 offers sports betting, gambling establishment games, and live dealer games. It was launched in 2017 and is owned and sports betting 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 CEO of SportyBet, a company he developed in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has ended up being a considerable player in the industry, with over 1 million downloads on the Google Play Store.

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

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

The company is set to interrupt the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative technology and a dedication to responsible gaming to change the sector.

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

At a press instruction, the company’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, sports betting and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and professional group will enable it to scale and dominate the marketplace quickly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they state are operating illegally.

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

Grievances from community leaders and sports betting moms and dads triggered the crackdown, stressed over the growing variety of sports betting addicts, sports betting he said.

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

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 detained.

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

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

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

sports betting wagering shops can be found all over the city. A lot of have television screens, and consumers see the result of worldwide football matches or horse races on which they have actually staked money.

Mr Aminudeen said such bookmakers had had the ability to run under the radar as they had actually opened under false pretences.

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

The sports betting market has expanded considerably across West Africa in recent years. The area is roughly divided between a mainly Muslim north and a primarily Christian south.

Lots of people go to bookies to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and groups.

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

However this had actually caused prevalent addiction, and sports betting moms and sports betting dads were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.

“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 focused on Munjibir, thought about 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 arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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