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

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

Gaming has actually developed substantially in Nigeria from conventional types 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 enthusiasts would bet as little as N50-N200 on matches.

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

Despite economic challenges such as inflation, sports betting Nigeria’s sports betting sector has grown, attracting millions, particularly among the vibrant demographic facing high unemployment rates.

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

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

Despite these obstacles, sports betting business continue to thrive through efficient service models and sports betting aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles in expanding audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.

Sheriff 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 various roles in the video gaming and entertainment industry, consisting of operating at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he functioned 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 turned into a leading e-commerce service in the sports betting and video gaming sector, sports betting running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually considering that broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 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 completely incorporated environment that integrates appropriate sports betting material, sports betting engaging features, and a first-rate sportsbook.

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

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has actually accomplished significant 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 functioned as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online gaming industry because 2000, holding various successful roles, sports betting consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market presence and enhance its offerings. The business’s app has garnered significant 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 performance history of transforming start-ups into institutionalized services. Her competence covers the video gaming, property, and credit lending industries, where he has established himself as a tactical and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has served 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, essential in the company’s functional methods and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, sports betting the founder 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 launch a totally practical website, sports betting setting a benchmark 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 worldwide sports betting 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 sports betting the world. The business operates in more than 50 nations, including Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering options 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 worked together with African socio-economic institutions and governments to develop developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established 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 wagering 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 participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing yearly. In the very same year, 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, bulk investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has since become one of the world’s largest online gaming companies.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 wagering business in Nigeria, established alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates financial investment returns and provides distinct investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting industry. He has actually been working as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this function, he has contributed to the business’s development through collaborations, business technique, and brand-new service development.

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

His career 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 sports betting platform that provides sports betting wagering, casino games, and live dealership video games. It was introduced in 2017 and is owned and run 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 gambling establishments 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 wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a significant gamer in the industry, 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 environment. His financial investments show his commitment to fostering development and development within the region.

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

The firm is set to interfere with the sports betting market.

Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In an industry 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 firm intends to leverage cutting-edge innovation and sports betting a commitment to accountable sports betting to change the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile use, and the passion for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and expert group will allow it to scale and control the market quickly.

Islamic police raid wagering stores in northern Nigeria

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

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

Problems from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing number of gambling addicts, he stated.

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

But Mr Aminudeen alerted that now that the public understood 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 majority Muslim population and operates the Islamic legal system – Sharia – together with secular law.

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

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

Sports betting shops can be discovered all over the city. The majority of have television screens, and consumers enjoy 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 operate under the radar as they had opened under false pretenses.

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

The sports betting wagering industry has actually expanded drastically across West Africa in recent years. The region is roughly divided in 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 suggested people want to run the risk of a small amount in the hope of winning huge.

However this had led to widespread addiction, and moms and dads were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.

“These economic concerns we are dealing with in Nigeria is God telling us to change our methods by stopping sins,” he said.

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 advising those running those sports betting stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would deal with – often, such infringements carry a fine.

Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, sports betting gaming and sports betting the consumption of alcohol were prohibited.