Exploring Nigeria’s Gaming Revolution: Leaders, Challengers, and Cultural Clashes

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

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

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

Despite economic challenges such as inflation, Nigeria’s sports betting sector sports betting has actually flourished, attracting millions, sports betting especially amongst the youthful group dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates a projected annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative measures like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite obstacles in enforcement. Issues such as inadequate age verification and marketing guideline breaches show industry regulative gaps.

Despite these challenges, sports betting companies continue to prosper through efficient business models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing important roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have significantly added to Nigeria’s $2 billion sports betting empire through their extensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers various functions in the gaming and show business, consisting of operating at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he served 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, sports betting Wales. Surebet247, sports betting founded in August 2011, has actually grown into a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 2006, and has because broadened its presence, sports betting achieving 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 became the CEO of LiveScore Group, a completely incorporated community that combines appropriate sports betting material, engaging functions, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has driven significant growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual income has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped shape the industry’s instructions. LiveScoreBet has actually accomplished 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 formerly served as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market because 2000, holding numerous successful roles, including General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and sports betting boost 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 identified herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her proficiency covers the video gaming, sports betting real estate, and credit financing industries, where he has actually developed himself as a strategic and operational leader.

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

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers 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 business, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to introduce a totally practical site, setting a standard 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 worldwide sports betting 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 runs in more than 50 nations, sports betting including Nigeria, sports betting where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, sports betting providing a wide variety of sports betting choices 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 ventures, Ukanwoke has teamed up with African socio-economic organizations 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 Entrepreneur of the Year.

BetKing, founded and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually quickly 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 collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, sports betting the number 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, bulk investor, and joint Chief Executive of Bet365, sports betting an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually given that become among the world’s biggest online gaming companies.

By 2016, Bet365 generated $2 billion in earnings and sports betting assisted in $45 billion in annual bets. The company likewise 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 together with business person 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 possession management company that creates financial investment returns and provides special investment insights and options to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a significant gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the business’s development through partnerships, business method, and new company advancement.

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

His profession started at Jumia Group, where he worked 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, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, gambling establishment games, and live dealership games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company 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 established in 2013.

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

In addition to his function at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong supporter for the growing African web ecosystem. His investments reflect his dedication to promoting innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani purchased 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 concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage cutting-edge innovation and a dedication to responsible sports betting to revolutionise the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, sports betting has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and sports betting professional group will enable it to scale and dominate the marketplace rapidly.

Islamic cops raid wagering shops in northern Nigeria

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

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

Grievances from community leaders and moms and dads 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 suburb alone, and their owners were sent out home with a warning, sports betting the Sharia officer said.

However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the rules would be detained.

Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – alongside secular 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 believes Muslims are frequenting them.

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

sports betting wagering shops can be discovered all over the city. The majority of have tv screens, and sports betting customers enjoy the outcome of worldwide football matches or horse races on which they have actually staked cash.

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

“They do not have licences to run as they were permitted to run computer game centres, which they later on converted to wagering shops,” he said.

The sports betting market has expanded drastically throughout West Africa recently. The region is roughly divided in between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookmakers to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.

Nigeria’s crippling economic crisis has actually also meant people want to risk a small amount in the hope of winning big.

But this had resulted in extensive addiction, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.

“These financial issues we are facing in Nigeria is God telling us to alter 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 recommending those running those sports betting shops to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would deal with – typically, such violations bring 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 prohibited.