Betting Industry Revolution: Disruption Meets Regulation in Nigeria’s Betting Sector

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

Gaming has progressed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

In spite of economic challenges such as inflation, sports betting Nigeria’s sports betting sector sports betting has actually flourished, attracting millions, particularly amongst the vibrant demographic dealing with high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an approximated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory procedures like excise responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of difficulties in enforcement. Issues such as inadequate age verification and advertising guideline breaches reveal industry regulatory gaps.

Despite these difficulties, sports betting wagering business continue to flourish through effective service models and aggressive marketing techniques, leveraging the creator influencer industry.

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

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers different functions in the gaming and show business, including 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, founded in August 2011, has become a leading e-commerce service in the wagering and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, sports betting 2006, sports betting and has because expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated community that integrates pertinent sports betting content, sports betting engaging functions, sports betting and a world-class sportsbook.

Since taking the helm prior to the pandemic, sports betting Sam has driven significant growth for LiveScore Group. The business’s worker headcount has increased by 29%, and annual profits has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has actually attained significant user engagement, sports betting 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 actually formerly acted as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has remained in the online video gaming market since 2000, holding different successful functions, consisting of General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market existence and boost its offerings. The company’s app has gathered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her know-how spans the gaming, realty, and credit lending markets, where he has actually established 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 actually served as Managing Director and has supervised 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 business’s operational techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned services. DDWIN supplies 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, sports betting Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a fully 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 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 biggest bookies in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a large range of wagering alternatives and sports betting 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 teamed up with African socio-economic organizations and federal governments to design developmental policies focused on empowering youths. In 2015, sports betting 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 sports betting Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing annually. In the exact same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, sports betting the creator, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually since turned into among the world’s biggest online sports betting companies.

By 2016, sports betting Bet365 created $2 billion in incomes and assisted in $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered substantial 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 likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates financial investment returns and provides distinct investment insights and options to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has been acting as the Country Director for sports betting 22BET in Nigeria because June 2021. In this role, sports betting he has contributed to the company’s growth through partnerships, company technique, and new business development.

Fikayo’s experience includes functions 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 method and sports betting budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and sports betting Betty Bingo.

His career 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, casino games, and live dealer video games. It was released in 2017 and is owned and run 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a global sports betting and real-money gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has become a substantial 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 financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments show his commitment to cultivating innovation and advancement within the area.

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

The firm is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage cutting-edge technology and a dedication to responsible gaming to change the sector.

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

At a press instruction, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, 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 sponsorship and professional group will enable it to scale and control the market quickly.

Islamic police raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting wagering shops, which they state are running illegally.

“As you understand, 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, worried about the growing number of gambling addicts, he said.

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

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.

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

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

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

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

Mr Aminudeen stated such bookies had actually been able 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 on converted to wagering shops,” he stated.

The sports betting wagering market has actually expanded drastically across West Africa in recent years. The region is approximately divided between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the result of occasions and groups.

Nigeria’s debilitating economic crisis has actually likewise implied individuals want to risk a small amount in the hope of winning huge.

But this had caused extensive 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 telling us to alter our ways by stopping sins,” he stated.

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 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 punishment they would deal with – often, such infringements carry a fine.

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