Spribe 29 views

About Us

Betting Industry Shake-up: Innovation Meets Control in Nigeria’s Betting Space

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

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

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

In spite of financial challenges such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, especially among the younger demographic dealing with high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that produces a projected yearly revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative procedures like excise duties and VAT increases to handle the sector.

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

Regardless of these challenges, sports betting wagering business continue to prosper through reliable service models and aggressive marketing methods, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have considerably added to Nigeria’s $2 billion sports betting empire through their substantial 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 varied profession spans numerous roles in the video gaming and entertainment industry, sports betting consisting of operating at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he acted 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, sports betting founded in August 2011, has actually become a leading e-commerce organization in the wagering and gaming sector, operating through online, mobile, and sports betting retail channels. The company was included in Nigeria on November 7, sports betting 2006, and has actually because broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated environment that combines relevant sports betting material, engaging functions, and a first-rate sportsbook.

Considering that taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual profits has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has actually attained 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, sports betting having formerly acted as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market given that 2000, sports betting holding various successful roles, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market existence and sports betting 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 differentiated herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her competence spans the gaming, realty, and credit financing markets, where he has established himself as a strategic and sports betting operational leader.

Damilare has actually contributed in NairaBET’s success for sports betting over 14 years. Since June 2019, she has actually functioned as Managing Director and has overseen the company’s development and operations in Lagos, sports betting Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN provides frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting 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 very first sports betting wagering platform in Nigeria, it was the first to release a completely functional site, sports betting setting a criteria in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of wagering options and an user-friendly 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 teamed up with African socio-economic institutions and governments to design developmental policies aimed 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 introduced 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 rapidly grown its existence 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, developing over 100,000 jobs, the variety of which is increasing each year. In the exact same year, sports betting 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 shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually given that become among the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in incomes and helped with $45 billion in yearly bets. The business likewise holds a majority 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 business in Nigeria, established along with businessman 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 possession management business that generates investment returns and uses distinct financial investment insights and sports betting solutions 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, Bet9ja has actually ended up being a considerable gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has contributed to the business’s development through partnerships, company technique, sports betting and brand-new business development.

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

His career began at Jumia Group, where he worked in SEO, CRM, and 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting wagering, casino games, and sports betting live dealer games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial 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 supporter for the growing African internet ecosystem. His financial investments reflect his commitment to fostering development and advancement within the area.

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

The firm is set to interrupt the sports wagering market.

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

Backed by the financial power of 4 popular African billionaires, Sunbet, sports betting which will release in the very first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting platform.

At a press rundown, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and professional group will allow it to scale and dominate the market quickly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun shutting down sports betting wagering stores, which they state are operating unlawfully.

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

Complaints from neighborhood leaders and moms and sports betting dads triggered the crackdown, fretted about the growing number of gambling addicts, he stated.

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

However Mr Aminudeen warned that now that the general public was aware 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 bulk Muslim population and operates the Islamic legal system – Sharia – along with nonreligious law.

Bookmakers and sports betting bars tend to be allowed to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

However, the current crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.

sports betting wagering stores can be found all over the city. Many have tv screens, and customers see the outcome of international football matches or horse races on which they have actually staked cash.

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

“They don’t have licences to run as they were allowed to run computer game centres, which they later on transformed to wagering stores,” he said.

The sports betting wagering industry has actually expanded drastically throughout West Africa over the last few years. The area is roughly divided in between a primarily Muslim north and sports betting a primarily Christian south.

Many people go to bookies to in the friendship of other bettors, though mobile apps are also popular for wagering on the outcome of events and sports betting groups.

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

But this had actually caused prevalent dependency, sports betting and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen said.

“These economic issues we are facing in Nigeria is God informing us to change our methods by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, thought about 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 arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would deal with – typically, such violations carry a fine.

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