Exploring Nigeria’s Gaming Revolution: CEOs, Innovators, and Religious Clashes
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering market.
Gaming has actually progressed considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a successful sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Despite financial difficulties such as inflation, Nigeria’s sports betting wagering sector has grown, drawing in millions, particularly among the younger demographic dealing with high unemployment rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an approximated yearly profits of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory measures like excise responsibilities and VAT boosts to manage the sector.
The Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of challenges in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches show industry regulative spaces.
Despite these difficulties, sports betting wagering companies continue to prosper through reliable organization models and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have considerably added to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career covers different functions in the video gaming and show business, including working at one of 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 actually become a leading e-commerce company in the wagering and gaming sector, running through online, mobile, and retail channels. The company was incorporated 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 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 environment that combines pertinent sports betting material, engaging features, and a first-rate sportsbook.
Given that taking the helm right before the pandemic, Sam has driven substantial development for LiveScore Group. The company’s worker headcount has actually increased by 29%, and yearly profits has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam’s management and sports betting strategic vision have propelled LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has actually achieved major 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 previously served as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually remained in the online gaming market because 2000, holding various successful roles, consisting of General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman’s leadership, Betway has continued to grow its market presence and boost its offerings. The company’s app has actually 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 distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her competence spans the gaming, property, and credit loaning markets, where he has established himself as a tactical and functional leader.
Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually worked as Managing Director and has actually managed the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s functional strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder 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 launch a completely functional site, setting a standard 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers 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 expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of sports betting alternatives 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and federal governments to create developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, founded 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 rapidly 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 collaboration 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 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 shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually since become among the world’s largest online gaming business.
By 2016, Bet365 generated $2 billion in profits and helped with $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has gathered 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, developed along with businessman 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 asset management business that generates investment returns and provides unique financial investment insights and solutions to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a substantial gamer in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the business’s growth through collaborations, company strategy, and new company advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise 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 Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that provides sports betting wagering, casino games, and live dealership video games. It was launched in 2017 and is owned and run 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 gambling establishments worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.
SportyBet is a global sports betting and real-money gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His investments reflect his commitment to cultivating development and advancement within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to disrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of cutting-edge technology and a commitment to accountable sports betting to change the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s largest and most innovative sports betting 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 passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and professional group will allow it to scale and dominate the marketplace rapidly.
Islamic police raid wagering shops in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering shops, which they say are operating 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.
Complaints from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.
But Mr Aminudeen cautioned that now that the public understood 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 – along with nonreligious law.
Bookies and bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
Sports betting shops can be discovered all over the city. Most have television screens, and consumers watch the result of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookies had been able to operate under the radar as they had opened under false pretences.
« They don’t have licences to run as they were permitted to run video games centres, which they later converted to sports betting stores, » he said.
The sports betting industry has actually expanded drastically across West Africa recently. The area is approximately divided in between a mainly Muslim north and a predominantly Christian south.
Many individuals go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the outcome of events and teams.
Nigeria’s crippling recession has also meant individuals want to risk a percentage in the hope of winning huge.
However this had resulted in widespread dependency, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.
« These economic problems we are facing in Nigeria is God telling us to change our ways 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 recommending 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 – 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 usage of alcohol were banned.
