Betting Industry Shake-up: Disruption Meets Regulation in Nigeria’s Betting Space

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

sports betting has actually evolved considerably in Nigeria from standard types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, where lovers would bet as low as N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, 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.

In spite of financial challenges such as inflation, sports betting Nigeria’s sports betting wagering sector has actually flourished, drawing in millions, sports betting specifically among the vibrant group facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that produces a projected annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative measures like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of difficulties in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches show market regulatory spaces.

Despite these difficulties, sports betting business continue to prosper through effective business designs and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have actually significantly added to Nigeria’s $2 billion sports betting 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 career spans various functions in the gaming and show business, consisting of operating at one of the United Kingdom’s largest 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 actually grown into a leading e-commerce organization in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 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 wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that integrates appropriate sports betting content, engaging functions, and sports betting a first-rate sportsbook.

Given that taking the helm right before the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s staff member 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 moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has 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 functioned as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market considering that 2000, holding different effective functions, including General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market existence and boost 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 actually differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her knowledge covers the gaming, sports betting property, and sports betting credit lending industries, where he has actually established himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for sports betting over 14 years. Because June 2019, she has actually acted as Managing Director and has actually supervised 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 operational strategies and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer instructional 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, sports betting Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a totally practical website, setting a criteria 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 company 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, sports betting including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting alternatives and an easy to use platform. The 1XBET app has more than 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 organizations 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, founded and launched 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 entertainment company has quickly grown its presence in Nigeria, 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, producing over 100,000 jobs, the variety of which is increasing every year. 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 shareholder, and joint Chief Executive of Bet365, sports betting an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually considering that become among the world’s largest online sports betting companies.

By 2016, Bet365 generated $2 billion in profits and facilitated $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has garnered 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 business in Nigeria, established along with 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 business that creates investment returns and sports betting provides distinct investment insights and options to both specific and sports betting institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually added to the company’s development through partnerships, organization method, and new business development.

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

His profession started 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 sports betting a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online sports betting platform that uses sports betting wagering, gambling establishment games, and live dealership games. It was released in 2017 and sports betting is owned and sports betting operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 business he established in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable 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 in fintech and mobile payments and a strong advocate for the growing African web community. His investments reflect his commitment to fostering development and sports betting advancement within the region.

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

The firm is set to disrupt 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 growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the company intends to leverage advanced technology and a dedication to responsible sports betting to revolutionise the sector.

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

At a press briefing, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, sports betting mobile usage, 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 company’s robust sponsorship and sports betting expert team will allow it to scale and dominate the marketplace rapidly.

Islamic police raid wagering stores in northern Nigeria

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

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

Grievances from neighborhood leaders and parents prompted the crackdown, sports betting stressed over the growing number of gambling addicts, he stated.

On the very first day of raids, 30 shops were closed in one suburb alone, sports betting and their owners were sent out home with a caution, sports betting the Sharia officer said.

However Mr Aminudeen warned that now that the public was aware 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 bulk Muslim population and runs the Islamic legal system – Sharia – alongside secular law.

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

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

sports betting wagering stores can be discovered all over the city. A lot of have tv screens, and consumers watch the outcome of worldwide football matches or horse races on which they have staked cash.

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

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

The sports betting wagering industry has expanded dramatically throughout West Africa recently. The region is approximately divided between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are also popular for wagering on the outcome of events and teams.

Nigeria’s crippling recession has also suggested individuals are willing to run the risk of a percentage in the hope of winning huge.

But this had actually caused extensive addiction, and moms and dads were even grumbling that kids 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 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 recommending those running those sports betting stores to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would face – frequently, such infringements carry a fine.

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