Exploring Nigeria’s Gaming Transformation: CEOs, Challengers, and Cultural Conflicts

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

Gambling has actually progressed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.

In spite of economic difficulties such as inflation, Nigeria’s sports betting sector has actually thrived, attracting millions, particularly among the vibrant market facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates an estimated annual income of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative procedures like excise duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Problems such as inadequate age confirmation and advertising rule breaches reveal market regulatory spaces.

Despite these obstacles, sports betting companies continue to prosper through reliable company designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting business who have substantially added to Nigeria’s $2 billion gambling 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 profession covers numerous roles in the video gaming and entertainment industry, including working at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he worked 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 grown into a leading e-commerce business in the wagering and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated community that integrates pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven considerable development for LiveScore Group. The company’s staff member headcount has increased by 29%, and annual earnings has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled 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 designated CEO of Betway in November 2017, having actually previously worked as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market since 2000, holding different successful roles, including General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has actually amassed considerable user engagement, 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 sports betting executive with a track record of changing start-ups into institutionalized companies. Her knowledge spans the gaming, sports betting real estate, and credit loaning industries, sports betting where he has actually established himself as a tactical and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has served as Managing Director and sports betting 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, critical in the company’s operational techniques and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. 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 business, established 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 site, 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 worldwide sports betting wagering company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is totally certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a large range 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 collaborated with African socio-economic organizations and sports betting federal governments to create developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and launched 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 home entertainment company 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 participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing every year. In the 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, sports betting bulk investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and sports betting has since grown into one of the world’s largest online gambling business.

By 2016, Bet365 created $2 billion in revenues and facilitated $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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 entrepreneur Kunle Soname, sports betting who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that generates financial investment returns and offers distinct investment insights and sports betting services to both private 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 become a significant gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been working as the Country Director for 22BET in Nigeria because June 2021. In this function, he has added to the business’s development through partnerships, service strategy, and brand-new company development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer experience, and Country Manager at 22BET, focusing on marketing method and budget 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 started 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 a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, gambling establishment games, and sports betting live dealer video games. It was launched in 2017 and is owned and operated 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 casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has become a substantial player 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 supporter for the growing African internet ecosystem. His financial investments reflect his commitment to promoting innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to interrupt the sports betting market.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In an industry 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, the company intends to take advantage of cutting-edge innovation and a dedication to accountable gambling to revolutionise the sector.

Backed by the monetary power of four prominent African billionaires, Sunbet, 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 instruction, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, sports betting has set the stage for entry. He included that the company’s robust sponsorship and specialist group will allow it to scale and control the marketplace rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they say are running unlawfully.

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.

Problems from community leaders and moms and dads triggered 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 out home with a warning, the Sharia officer said.

But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be detained.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – together with secular law.

Bookmakers and bars tend to be enabled to run 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, sports betting a vast city and the economic center of northern Nigeria.

Sports betting shops can be found all over the city. Most have tv screens, and sports betting consumers enjoy the outcome of global football matches or horse races on which they have staked money.

Mr Aminudeen said such bookies had been able to run under the radar as they had opened under false pretences.

“They do not have licences to run as they were allowed to run computer game centres, which they later on converted to wagering shops,” he stated.

The sports betting market has actually expanded drastically across West Africa recently. The region is roughly divided between a generally Muslim north and a mainly Christian south.

Many people go to bookies to enjoy the sociability of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and groups.

Nigeria’s crippling economic crisis has actually also meant people are willing to risk a percentage in the hope of winning huge.

However this had led to prevalent addiction, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen stated.

“These financial issues we are facing in Nigeria is God informing us to change our methods by stopping sins,” he stated.

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 sports betting shops 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 face – frequently, such violations bring a fine.

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