About Us

North Raids, Southern Disruption: Nigeria’s Sports Betting Industry in Transition

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

sports betting has actually progressed substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.

Slowly, with increased web access came virtual sports betting, which parallels international 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.

Regardless of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has actually thrived, attracting millions, particularly amongst the younger group dealing with high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an approximated yearly revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory measures like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of obstacles in enforcement. Problems such as insufficient age verification and marketing guideline breaches reveal industry regulative spaces.

Regardless of these challenges, sports betting wagering companies continue to grow through reliable business designs and aggressive marketing strategies, leveraging the developer influencer industry.

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

Constable 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 functions in the gaming and show business, consisting of working at one of the United Kingdom’s largest gaming centres, 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce organization in the wagering and video gaming sector, through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually given that expanded its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that integrates appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The company’s employee headcount has increased by 29%, and annual profits has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has 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 actually previously served as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market considering that 2000, holding various effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market existence 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 distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her proficiency spans the video gaming, real estate, and credit loaning markets, where he has established himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually acted as Managing Director and has supervised 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 operational strategies and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer educational 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, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a totally practical website, 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 worldwide sports betting wagering business 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 business operates in more than 50 nations, including Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of sports betting options and an user-friendly 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 collaborated with African socio-economic organizations and federal governments to design developmental policies targeted at empowering youths. 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually quickly 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, developing over 100,000 tasks, 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, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has since turned into among the world’s biggest online sports betting business.

By 2016, Bet365 created $2 billion in profits and helped with $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 business in Nigeria, developed together with entrepreneur 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 offers distinct financial investment insights and options to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business’s growth through partnerships, organization strategy, and brand-new company advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing strategy 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 profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also acted 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 offers sports betting wagering, gambling establishment games, and live dealer games. It was launched in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company 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 company he developed in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial player 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 supporter for the growing African web ecosystem. His investments reflect his commitment to fostering innovation and advancement within the area.

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

The firm is set to interfere with the sports betting market.

Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In an industry 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 firm aims to utilize innovative innovation and a commitment to responsible sports betting to change the sector.

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

At a press instruction, the business’s spokesperson, Akin Babatunde, stated 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 ambitious entry. He included that the firm’s robust sponsorship and specialist group will allow it to scale and dominate the market quickly.

Islamic authorities raid wagering shops in northern Nigeria

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

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

Grievances from community leaders and moms and dads prompted the crackdown, fretted about the growing variety of gambling addicts, he said.

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

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

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

Bookmakers and bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the existing crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.

Sports betting stores can be found all over the city. The majority of have tv screens, and customers view the result of international football matches or horse races on which they have actually staked money.

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

“They do not have licences to operate as they were permitted to run computer game centres, which they later transformed to sports betting stores,” he said.

The sports betting market has expanded drastically across West Africa over the last few years. The region is approximately divided between a generally Muslim north and a primarily Christian south.

Many people go to bookmakers to delight in the friendship of other bettors, though mobile apps are likewise popular for wagering on the outcome of occasions and teams.

Nigeria’s crippling economic crisis has also suggested people want to run the risk of a percentage in the hope of winning huge.

But this had actually resulted in prevalent dependency, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“These financial problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those wagering stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – frequently, such violations carry a fine.

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