Betting Moguls Under Pressure: Fresh Player Enters as Northern Nigeria Tightens Betting Controls

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

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

Slowly, with increased internet access came virtual sports betting, 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.

Despite financial challenges such as inflation, Nigeria’s sports betting sector has flourished, drawing in millions, sports betting especially among the vibrant group dealing with high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that generates an approximated annual income of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of challenges in enforcement. Problems such as inadequate age confirmation and marketing guideline show market regulatory gaps.

Regardless of these obstacles, sports betting wagering business continue to thrive through effective organization models and aggressive marketing strategies, leveraging the developer influencer industry.

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

Constable 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 functions in the gaming and show business, including operating at among the United Kingdom’s biggest video gaming centres, sports betting 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has actually become a leading e-commerce company in the sports betting and sports betting video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has considering that broadened its presence, accomplishing 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 fully integrated environment that integrates appropriate sports betting material, engaging features, and a world-class sportsbook.

Because taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The company’s worker headcount has increased by 29%, and yearly income has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has accomplished major 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 previously worked as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry because 2000, holding various successful roles, including General Manager of a data analytics team and sports betting Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has amassed 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 transforming start-ups into institutionalized organizations. Her expertise covers the video gaming, real estate, and credit loaning industries, where he has actually established himself as a tactical and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, sports betting she has acted as Managing Director and has overseen 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 company’s operational techniques and market growth.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a completely practical site, 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The company runs 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, sports betting using a wide variety of wagering choices 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 collaborated with African socio-economic institutions and sports betting 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, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually quickly grown its existence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing each year. In the very 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 founder, majority investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and sports betting has actually given that become among the world’s largest online gaming companies.

By 2016, Bet365 created $2 billion in revenues and facilitated $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 co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, established alongside business owner 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 asset management company that creates financial investment returns and provides special financial investment insights and options to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has been working as the Country Director sports betting for 22BET in Nigeria given that June 2021. In this function, he has actually added to the business’s development through collaborations, company technique, and new organization development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and sports betting customer experience, and sports betting 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 roles at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise served 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, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that offers sports betting wagering, casino video games, and sports betting live dealer games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business 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 sports betting CEO of SportyBet, a company 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 managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His investments show his dedication to fostering development and development 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 industry.

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

Backed by the monetary power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting platform.

At a press briefing, the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and sports betting expert group will allow it to scale and dominate the market rapidly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting stores, which they state are operating illegally.

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

Problems from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of gambling addicts, he stated.

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

However Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the rules would be arrested.

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 allowed to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

However, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

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

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

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

The sports betting industry has broadened dramatically throughout West Africa recently. The area is roughly divided between a primarily Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to enjoy the friendship of other gamblers, though mobile apps are also popular for sports betting on the result of events and groups.

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

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

“These economic problems we are dealing with in Nigeria is God informing us to alter our methods by stopping sins,” he said.

The raids on Tuesday focused 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 jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would deal with – typically, such violations carry a fine.

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