Exploring Nigeria’s Gaming Transformation: Leaders, Challengers, and Religious Conflicts

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

Gaming has evolved substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, sports betting swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

Slowly, with increased web gain access to came virtual wagering, which parallels worldwide patterns. 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 financial obstacles such as inflation, Nigeria’s sports betting sector has actually thrived, attracting millions, particularly among the vibrant group facing high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates a projected yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory measures like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Issues such as inadequate age verification and advertising rule breaches show industry regulatory spaces.

Despite these obstacles, sports betting business continue to grow through efficient organization models and aggressive marketing techniques, leveraging the developer influencer market.

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

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers various roles in the gaming and show business, including working at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and sports betting 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, sports betting founded in August 2011, has become a leading e-commerce company in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, sports betting and has since broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a totally integrated ecosystem that combines pertinent sports betting material, engaging functions, and a world-class sportsbook.

Given that taking the helm just before the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s employee headcount has actually increased by 29%, sports betting and yearly revenue has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and assisted form 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 selected CEO of Betway in November 2017, having previously functioned as the business’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has remained in the online gaming industry considering that 2000, holding various effective roles, including General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman’s management, sports betting Betway has actually continued to grow its market existence and improve its offerings. The business’s app has actually 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 differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her competence spans the gaming, property, and credit loaning markets, where he has established himself as a tactical and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has functioned as Managing Director and has actually managed the business’s development and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN offers 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, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a totally practical website, 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is completely licensed.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of sports betting alternatives and an user-friendly 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 sports betting 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 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 introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, sports betting the number of which is increasing annually. In the exact same year, MultiChoice broadcaster 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, an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online wagering website and has actually given that grown into one of the world’s biggest online gaming companies.

By 2016, sports betting Bet365 produced $2 billion in profits and facilitated $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has amassed 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 alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates investment returns and uses unique investment insights and sports betting solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

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

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

His profession began at Jumia Group, where he worked in SEO, CRM, and sports betting content management. Fikayo also acted as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that offers sports betting wagering, sports betting casino games, and live dealership video games. It was introduced 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 worldwide sports betting and real-money gaming operator sports betting understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a significant player 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 sports betting mobile payments and sports betting a strong advocate for the growing African internet ecosystem. His investments show his dedication to promoting development and development within the region.

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

The firm is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on revolutionising 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, sports betting the firm aims to leverage cutting-edge innovation and a dedication to accountable sports betting to change the sector.

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

At a press briefing, sports betting the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, has set the stage for sports betting Sunbet’s ambitious entry. He added that the firm’s robust financial backing and professional team will allow it to scale and control the market quickly.

Islamic authorities raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting stores, sports betting which they state are running unlawfully.

«As you understand, sports betting is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting referred to as the Hisbah, informed the BBC.

Complaints from community leaders and moms and dads prompted the crackdown, worried about the growing number of sports betting addicts, sports betting he said.

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

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

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.

Bookmakers and bars tend to be allowed to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

However, the present crackdown is focused on Muslim areas of Kano, a vast city and sports betting the economic hub of northern Nigeria.

sports betting wagering stores can be discovered all over the city. The majority of have tv screens, and clients view the outcome of international football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookmakers had had the ability to run under the radar as they had actually opened under false pretenses.

«They do not have licences to operate as they were allowed to run video games centres, which they later converted to sports betting shops,» he said.

The sports betting wagering industry has broadened significantly across West Africa in recent years. The region is roughly divided between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookies to delight in the friendship of other gamblers, though mobile apps are also popular for sports betting on the result of events and sports betting groups.

Nigeria’s crippling recession has likewise indicated people want to risk a percentage in the hope of winning big.

However this had actually resulted in prevalent addiction, and parents were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.

«These economic concerns we are facing in Nigeria is God informing us to alter our methods by stopping sins,» he said.

The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

«I am encouraging 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 – typically, such violations carry a fine.

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