Betting Industry Shake-up: Innovation Meets Regulation in Nigeria’s Gaming Sector

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

Gaming has actually progressed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where would bet as low as N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, sports betting Nigeria’s sports betting wagering sector sports betting has actually flourished, sports betting bring in millions, especially amongst the vibrant demographic facing high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an estimated annual profits of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory procedures like import tax duties and VAT increases to manage the sector.

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

In spite of these obstacles, sports betting wagering business continue to grow through efficient organization designs and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have actually considerably added to Nigeria’s $2 billion sports betting empire through their extensive 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 varied profession spans various roles in the video gaming and entertainment industry, consisting of working at one of the United Kingdom’s biggest 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, founded in August 2011, has turned into a leading e-commerce organization in the sports betting and video gaming sector, sports betting operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has actually given that broadened its existence, sports betting achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that integrates pertinent sports betting content, engaging features, and a world-class sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and annual revenue has risen from approximately ₤ 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 attained significant user engagement, sports betting 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 previously served as the business’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has remained in the online video gaming industry considering that 2000, holding different successful functions, including General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman’s management, sports betting Betway has continued to grow its market presence and improve its offerings. The business’s app has 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 track record of changing start-ups into institutionalized businesses. Her know-how spans the video gaming, real estate, and credit lending industries, 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, sports betting she has served as Managing Director and sports betting has overseen the business’s growth and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer instructional 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, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a completely functional site, setting a standard 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and sports betting the world. The company operates in more than 50 countries, 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, using a large range of wagering choices 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 of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has actually collaborated with African socio-economic organizations and governments to create developmental policies aimed 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, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, sports betting producing over 100,000 jobs, the variety of which is increasing yearly. In the exact 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 gaming company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually since turned into among the world’s biggest online gambling companies.

By 2016, Bet365 generated $2 billion in profits and helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 business in Nigeria, established alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates investment returns and sports betting uses distinct investment insights and options to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, sports betting he has actually added to the business’s growth through partnerships, business technique, and new organization development.

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

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also worked 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting wagering, casino video games, sports betting and live dealership video games. It was launched in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also 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 understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually 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 financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments reflect his commitment to cultivating development and advancement within the region.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize innovative innovation and a dedication to accountable gambling to revolutionise the sector.

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

At a press instruction, the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, sports betting and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and expert group will allow it to scale and dominate the market quickly.

Islamic police raid betting stores in northern Nigeria

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

“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, referred to as 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 first day of raids, 30 shops were closed in one residential area alone, and sports betting their owners were sent out home with a caution, sports betting the Sharia officer stated.

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

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – alongside nonreligious law.

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

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

Sports betting stores can be discovered all over the city. A lot of have tv screens, and customers see the result of global football matches or horse races on which they have actually staked money.

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

“They do not have licences to run as they were permitted to run video games centres, which they later converted to sports betting stores,” he stated.

The sports betting industry has broadened dramatically across West Africa in the last few years. The region is approximately divided in between a primarily Muslim north and a primarily Christian south.

Many individuals go to bookmakers to enjoy the sociability of other gamblers, sports betting though mobile apps are also popular for sports betting wagering on the outcome of events and teams.

Nigeria’s debilitating economic crisis has likewise implied people are willing to risk a percentage in the hope of winning big.

But this had actually led to widespread dependency, and parents were even complaining that kids were leaving of school to bet, Mr Aminudeen said.

“These economic issues we are dealing with in Nigeria is God telling us to change our ways 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 shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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