Betting Industry Revolution: Innovation Meets Regulation in Nigeria’s Gaming Space

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

sports betting has actually developed substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

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

Despite financial difficulties such as inflation, Nigeria’s sports betting wagering sector has thrived, bring in millions, particularly amongst the youthful market facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces an approximated yearly revenue of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulative procedures like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of challenges in enforcement. Issues such as insufficient age verification and marketing rule breaches show industry regulative spaces.

Despite these obstacles, sports betting business continue to prosper through efficient business designs and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have significantly added to Nigeria’s $2 billion gaming empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans various functions in the gaming and show business, consisting of operating at one of the United Kingdom’s biggest 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, Wales. Surebet247, founded in August 2011, has become a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has because expanded 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 sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that combines appropriate sports betting material, engaging features, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and yearly earnings has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually achieved 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 formerly acted as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has actually remained in the online video gaming industry given that 2000, holding numerous successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and enhance its offerings. The business’s app has actually amassed significant 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 transforming start-ups into institutionalized services. Her expertise spans the video gaming, realty, and credit financing markets, where he has actually developed himself as a tactical and functional leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished 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 wagering platform in Nigeria, it was the first to release a completely practical website, setting a 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a wide variety of sports betting 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 organizations and federal governments to design 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, established and released 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 wagering and home entertainment business has actually rapidly grown its presence in Nigeria, with outlets in significant 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 tasks, the variety of which is increasing yearly. 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, majority investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that grown into one of the world’s biggest online gaming business.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has gathered 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 company in Nigeria, developed together with business person Kunle Soname, who likewise 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 offers distinct investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company’s development through collaborations, company technique, and brand-new service advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and Country Manager at 22BET, focusing on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise 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 Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that uses sports betting wagering, gambling establishment games, and live dealer video games. It was released 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 developed in 2013.

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

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments show his dedication to fostering innovation and development within the region.

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

The firm is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has said it is focused on changing 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, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize cutting-edge technology and a dedication to accountable gaming to revolutionise the sector.

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

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

Islamic police raid betting stores in northern Nigeria

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

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

Problems from community leaders and moms and dads triggered the crackdown, worried about the growing variety of sports betting addicts, he said.

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

But Mr Aminudeen warned that now that the public knew 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 bulk Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.

Bookies and 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.

However, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.

Sports betting stores can be discovered all over the city. A lot of have television screens, and clients view the result of international football matches or horse races on which they have actually staked money.

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

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

The sports betting industry has actually expanded dramatically across West Africa recently. The region is roughly divided between a generally Muslim north and a mainly Christian south.

Many individuals go to bookies to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for wagering on the result of events and groups.

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

However this had actually caused prevalent addiction, and parents were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.

“These financial issues we are facing in Nigeria is God informing us to alter our ways by stopping sins,” he stated.

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 wagering shops to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would face – 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, gaming and the consumption of alcohol were banned.