Betting s Billion-Dollar War: Industry Leaders Face Double Threat In Nigeria

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


Gambling has evolved substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
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Slowly, with increased internet access came virtual wagering, which parallels international 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.
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Despite economic challenges such as inflation, Nigeria's sports betting sector has actually prospered, drawing in millions, specifically among the vibrant demographic dealing with high joblessness rates.


Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces a projected annual profits of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative steps like excise tasks and VAT boosts to handle the sector.


The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Issues such as inadequate age confirmation and advertising rule breaches show industry regulatory gaps.


In spite of these obstacles, sports betting wagering companies continue to prosper through effective service designs and aggressive marketing strategies, leveraging the creator influencer market.


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


Sheriff Olaniyan - CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers different roles in the video gaming and show business, including 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 actually grown into a leading e-commerce company in the wagering and gaming sector, running through online, mobile, sports betting and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has because broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that integrates appropriate sports betting material, engaging features, and a first-rate sportsbook.


Because taking the helm right before the pandemic, Sam has driven considerable growth for LiveScore Group. The company's worker headcount has increased by 29%, and yearly earnings has actually surged from around ₤ 10 million to over ₤ 80 million.


Sam's leadership and tactical vision have moved LiveScore Group's success and helped shape the market's instructions. LiveScoreBet has actually attained significant 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 formerly served as the company's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online video gaming industry given that 2000, holding different successful roles, including General Manager of a data analytics team and Director of a digital marketing firm.


Under Werkman's management, Betway has actually continued to grow its market presence and enhance its offerings. The business'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 actually differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her knowledge spans the gaming, property, and credit lending industries, where he has established himself as a strategic and functional leader.


Damilare has been instrumental in NairaBET's success for over 14 years. Because June 2019, she has served as Managing Director and has actually supervised the business's development and operations in Lagos, Nigeria.


Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's functional techniques 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, 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 very first to introduce a completely functional site, setting a benchmark in the industry.

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 company 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 the world. The business operates in more than 50 nations, including Nigeria, where it is totally certified.


Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a large range of wagering options and an easy to use 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 worked together with African socio-economic institutions and governments to design 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 introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.


In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing each year. 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 creator, majority investor, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually considering that turned into one of the world's biggest online gambling companies.


By 2016, Bet365 created $2 billion in revenues and helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 company in Nigeria, developed together with business owner 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 possession management company that produces investment returns and uses unique investment insights and solutions to both individual 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 become a substantial gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has actually been working as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the company's growth through partnerships, organization strategy, and new service advancement.


Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.


His career began at Jumia Group, where he worked 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 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 uses sports betting, gambling establishment games, and live dealer games. It was launched 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 likewise 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 developed in 2013.


SportyBet is a worldwide sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has become a substantial gamer in the industry, 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 advocate for the growing African internet community. His investments show his commitment to fostering innovation and advancement within the area.


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

The firm is set to interrupt the sports wagering industry.


Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of innovative technology and a commitment to accountable sports betting to change the sector.


Backed by the financial power of 4 prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent's largest and most ingenious sports betting wagering platform.


At a press briefing, the company's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and specialist group will enable it to scale and control the market rapidly.




Islamic authorities raid betting stores in northern Nigeria


Islamic authorities in Nigeria's northern city of Kano have actually begun shutting down sports betting wagering shops, which they say are running illegally.


"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.


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


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


But Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be arrested.


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


Bookies and bars tend to be allowed to run in Kano's Christian neighbourhoods, 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 the financial center of northern Nigeria.


sports betting wagering shops can be found all over the city. Most have tv screens, and customers view the result of worldwide football matches or horse races on which they have actually staked cash.


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


"They don't have licences to operate as they were allowed to run computer game centres, which they later on converted to sports betting shops," he said.


The sports betting wagering industry has broadened drastically across West Africa over the last few years. The region is roughly divided between a primarily Muslim north and a mainly Christian south.


Many individuals go to bookmakers to take pleasure in the sociability of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.


Nigeria's crippling economic crisis has likewise meant individuals want to risk a small amount in the hope of winning big.


However this had actually caused widespread dependency, and parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen said.


"These financial concerns we are dealing with in Nigeria is God informing 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 wagering stores to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.


It is uncertain what punishment they would face - frequently, 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 and the usage of alcohol were prohibited.