Betting Industry Revolution: Disruption Meets Control in Nigeria's Gaming Space

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



Gaming has actually developed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.


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


In spite of financial difficulties such as inflation, Nigeria's sports betting sector has flourished, attracting millions, especially amongst the youthful group facing high joblessness rates.


Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected yearly profits of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulatory procedures like import tax responsibilities 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 reasonable operations despite difficulties in enforcement. Problems such as inadequate age confirmation and advertising guideline breaches show industry regulatory spaces.


In spite of these challenges, sports betting companies continue to flourish through effective company designs and aggressive marketing strategies, leveraging the creator influencer industry.


These efforts have added to Nigeria's robust $2 billion gaming sector, with CEOs playing vital roles in broadening audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting wagering business who have actually substantially added to Nigeria's $2 billion gambling empire through their comprehensive audience reach.

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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 roles in the gaming and show business, including operating at among the United Kingdom's biggest video gaming centres, sports betting 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, sports betting has actually turned into a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, sports betting and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually given that expanded 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 wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated environment that combines pertinent sports betting material, engaging functions, and a world-class sportsbook.


Since taking the helm right before the pandemic, sports betting Sam has driven considerable development for sports betting LiveScore Group. The business's worker headcount has actually increased by 29%, and annual revenue has actually surged from roughly ₤ 10 million to over ₤ 80 million.


Sam's leadership and strategic vision have actually propelled LiveScore Group's success and assisted shape the industry's direction. LiveScoreBet has attained major 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 actually formerly functioned as the business's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has remained in the online video gaming industry given that 2000, holding different effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing company.


Under Werkman's management, Betway has continued to grow its market existence and enhance its offerings. The business's app has gathered considerable 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 track record of transforming start-ups into institutionalized companies. Her expertise covers the video gaming, realty, and credit financing industries, 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 acted as Managing Director and has actually supervised the company's growth and operations in Lagos, Nigeria.


Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business's functional strategies and market growth.


She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN offers frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.


Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, sports betting developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the first to release a completely functional 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, sports betting 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 bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is completely licensed.


Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a vast array 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 ventures, sports betting Ukanwoke has collaborated with African socio-economic organizations and federal governments to develop 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, founded and released in Nigeria on February 22, 2018, sports betting 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 major cities and over 500,000 downloads on the Google Play Store.


In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, sports betting 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.

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Denise Coates - CEO Bet 365


Denise Coates is a British billionaire businesswoman, the founder, majority investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and sports betting has considering that turned into among the world's largest online gambling business.


By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in yearly bets. The company likewise holds a bulk 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, sports betting established along with business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.


Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates investment returns and offers distinct financial investment insights and options to both private and institutional clients.


Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a significant 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, he has actually added to the company's development through collaborations, service method, and new business development.


Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and customer experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.


His career began at Jumia Group, where he operated 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 Operations from ESTG University in Cotonou, Benin Republic.


22Bet is an online gaming platform that uses sports betting, sports betting gambling establishment video games, and live dealer games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting 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 and real-money video gaming operator known for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has become a considerable 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 web community. His financial investments reflect his commitment to promoting innovation and development within the region.


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


The firm is set to interrupt the sports betting industry.



Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced technology and a dedication to accountable gambling to change the sector.


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


At a press rundown, sports betting the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and specialist team will enable it to scale and control the market rapidly.



Islamic cops raid wagering shops in northern Nigeria



Islamic authorities in Nigeria's northern city of Kano have actually started closing down sports betting stores, which they say are running illegally.


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


Complaints from community leaders and moms and dads prompted the crackdown, worried about the growing number of sports betting addicts, he said.


On the very first day of raids, 30 stores were closed in one suburban area alone, and sports betting their owners were sent out home with a caution, the Sharia officer said.


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


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


Bookmakers and bars tend to be permitted to run in Kano's Christian neighbourhoods, sports betting though they too can face action if the Hisbah thinks Muslims are frequenting them.


Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.


Sports betting stores can be found all over the city. A lot of have tv screens, and customers watch the outcome of worldwide football matches or horse races on which they have actually staked cash.


Mr Aminudeen said such bookmakers had actually been able to operate under the radar as they had opened under false pretenses.


"They don't have licences to run as they were allowed to run video games centres, which they later transformed to wagering shops," he said.


The sports betting market has expanded drastically throughout West Africa in recent years. The area is approximately divided between a primarily Muslim north and a predominantly Christian south.


Many individuals go to bookies to delight in the sociability of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and groups.


Nigeria's crippling recession has actually also suggested people want to run the risk of a small amount in the hope of winning big.


But this had actually caused prevalent dependency, and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen said.


"These economic problems we are dealing with in Nigeria is God informing us to alter our methods by stopping sins," he stated.


The raids on Tuesday focused on Munjibir, sports betting considered a resort area in the northeast of the city-- visitors flock there at weekends.


"I am advising those running those wagering stores to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.


It is unclear what punishment they would face - often, such violations carry a fine.


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

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