Gaming Moguls Under Scrutiny: New Player Emerges as North Nigeria Tightens Betting Restrictions

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

sports betting has actually progressed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a successful sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, sports betting where lovers would wager as little as N50-N200 on matches.

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

In spite of economic difficulties such as inflation, Nigeria’s sports betting sector has actually thrived, drawing in millions, particularly amongst the vibrant demographic dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative steps like import tax tasks and VAT boosts to handle the sector.

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

Regardless of these challenges, sports betting business continue to thrive through reliable service designs and aggressive marketing methods, leveraging the developer influencer market.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, sports betting with CEOs playing essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have actually substantially added to Nigeria’s $2 billion sports betting empire through their extensive 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 covers various functions in the video gaming and entertainment industry, including operating at among 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 turned into a leading e-commerce service in the wagering and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has considering that broadened its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that combines appropriate sports betting content, engaging features, and sports betting a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven significant growth for LiveScore Group. The business’s worker headcount has increased by 29%, and annual revenue has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and sports betting tactical vision have actually moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has achieved significant user engagement, sports betting 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 actually previously acted as the business’s Marketing and sports betting Operations Director sports betting because 2015. He joined Betway in 2013 and has remained in the online video gaming market considering that 2000, holding different effective roles, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market existence and enhance its offerings. The business’s app has amassed significant user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her expertise spans the video gaming, sports betting property, and credit lending markets, where he has actually developed himself as a strategic and sports betting operational leader.

Damilare has actually contributed in NairaBET’s success for sports betting over 14 years. Since June 2019, she has actually served as Managing Director and sports betting has actually managed the company’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s operational techniques and market growth.

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit company empowering women-owned companies. DDWIN provides 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 the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce a fully practical website, setting a criteria 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 business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a large range of sports betting alternatives 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 collaborated with African socio-economic organizations and governments to create 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, sports betting established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually 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, sports betting developing over 100,000 tasks, the number of which is increasing each year. In the very same year, sports betting 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 introduced in 2001 as an online wagering website and has actually given that turned into among the world’s largest online gaming companies.

By 2016, sports betting Bet365 produced $2 billion in earnings and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has garnered significant user engagement, with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, established along with entrepreneur 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 business that produces investment returns and sports betting offers distinct financial investment insights and services to both individual and institutional customers.

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 actually become a significant gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has been working as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this function, sports betting he has added to the business’s growth through partnerships, sports betting company method, and new organization advancement.

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

His career began at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo also functioned 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 gambling platform that uses sports betting, casino video games, sports betting and live dealer video games. It was introduced in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company signed up 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 providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a considerable player in the industry, sports betting 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 supporter for the growing African internet ecosystem. His financial investments reflect his commitment to cultivating development and advancement within the area.

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 disrupt the sports wagering market.

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

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

At a press briefing, the business’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert group will allow it to scale and dominate the marketplace rapidly.

Islamic cops raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing 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, called the Hisbah, informed the BBC.

Grievances from community leaders and parents prompted the crackdown, fretted about the growing variety of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the rules would be apprehended.

Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting 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 deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, sports betting a vast city and the economic center of northern Nigeria.

sports betting wagering shops can be found all over the city. Many have television screens, and consumers see the outcome of worldwide football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookies had been able to operate under the radar as they had opened under false pretenses.

“They don’t have licences to run as they were permitted to run video games centres, which they later on transformed to wagering stores,” he said.

The sports betting market has broadened drastically across West Africa in the last few years. The area is approximately divided between a generally Muslim north and a primarily Christian south.

Lots of people go to bookies to delight in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of events and groups.

Nigeria’s debilitating economic crisis has actually likewise suggested individuals are willing to risk a small amount in the hope of winning big.

But this had caused widespread addiction, and moms and dads were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.

“These financial concerns we are facing in Nigeria is God telling us to change our methods 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 encouraging those running those wagering stores to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would face – typically, such infringements bring a fine.

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