In Nigeria, gambling has evolved significantly 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 common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Gradually with increased internet access came virtual betting processes-this transformation parallels global trends, with the sports betting market valued at $89.91 billion in 2023, projected to nearly double to $182.02 billion by 2030.
Despite economic challenges such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, especially among the youthful demographic facing high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that generates an estimated annual revenue of N730 billion. This growth has not gone unnoticed by the federal government, which is considering regulatory measures like excise duties and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission, aimed at ensuring fair operations despite challenges in enforcement. Issues such as inadequate age verification and breaches of advertising rules show regulatory gaps in the industry.
Despite these challenges, sports betting companies continue to thrive through effective business models and aggressive marketing strategies, leverage the creator influencer industry.
These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in expanding audience reach and driving industry growth. Here are the CEOs leading sports betting companies and have significantly contributed 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 book company he co-founded with Badmos Olasupo in 2011. Olaniyan’s diverse career spans various roles in the gaming and entertainment industry, including working at one of the United Kingdom’s largest gaming centers, The Palace Bingo Club, where he served as 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 betting and gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has since expanded its presence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi-CEO Livescorebet
Sam Sadi has over 25 years of experience working across various betting brands and sports media. In 2019, he became the CEO of LiveScore Group, a fully integrated ecosystem that combines relevant sports content and engaging features with a world-class sportsbook.
Since taking the helm just before the pandemic, Sam has driven significant growth for LiveScore Group. The company’s employee headcount has increased by 29%, and annual revenue has surged from approximately £10 million to over £80 million.
Sam’s leadership and strategic vision have not only propelled LiveScore Group’s success but have also helped shape the industry’s direction. LiveScoreBet has achieved major user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman-CEO Betway Group
Anthony Werkman was appointed CEO of Betway in November 2017, having previously served as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has been part of the online gaming industry since 2000, holding various successful roles including General Manager of a data analytics team and Director of a digital marketing agency.
Under Werkman’s leadership, Betway has continued to grow its market presence and enhance its offerings. The company’s app has garnered 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 track record of transforming start-ups into institutionalized businesses. Her expertise spans the gaming, real estate, and credit lending industries, where he has established himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Currently serving as Managing Director since June 2019, She has overseen the company’s growth and operations in Lagos, Nigeria.
Prior to this, she was the Chief Operating Officer from 2010 to June 2019, playing a pivotal role in the company’s operational strategies and market expansion.
She is the founder of DearDammy Women’s Initiative (DDWIN), a non-profit organization dedicated to empowering women-owned businesses. 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 bookmaking company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a fully functional website, 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 international sports betting 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 company operates in more than 50 countries, including Nigeria, where it is fully licensed.
Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a wide range of betting options and a user-friendly platform. 1xbet app has over 500,000 downloads on playstore.
Gossy Ukanwoke-CEO Betking Nigeria
Gossy Ukanwoke is the CEO of BetKing, Managing Director of KingMakers, and Chairman of Vend Capital. Apart from leading these ventures, Ukanwoke has collaborated with African socio-economic institutions and governments to design developmental policies aimed at empowering young people. In 2015, he was honored as the Winner of the Accelerating Category – World Entrepreneur of the Year by Ernst & Young.
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 and 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 partnership with the Lagos Employment Trust Fund, leading to the creation of over 100,000 jobs, with the number increasing annually. 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, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online betting site and has since grown into one of the world’s largest online gambling companies.
By 2016, Bet365 generated $2 billion in revenues and facilitating $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has garnered 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 company in Nigeria, established alongside businessman Kunle Soname, 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 company. Which focuses on generating investment returns and offering unique investment insights and solutions to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has become a significant player in the Nigerian sports betting industry.
Fikayo Ogunfuye-Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting industry, currently serving as the Country Director for 22BET in Nigeria since June 2021. With over three years in this role, he has played a part in the company’s growth through partnerships, business strategy, and new business development.
Fikayo’s experience includes roles 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 management. Prior to 22BET, he led marketing efforts at LuckyBet.NG and held various 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 also 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 gambling platform that offers sports betting, casino games, and live dealer games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, which is a company registered in Cyprus and a subsidiary of Orakum N.V. They are also the owners of Betwinner and a chain of casinos across the globe.
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 and real-money gaming operator, known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a major player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments, and a strong advocate for the growing African internet ecosystem. His investments reflect his commitment to fostering 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.
Note: The individuals featured in this compilation have been carefully selected by a distinguished panel of editors and analysts at Nairametrics. It is important to note that none of the individuals listed have solicited their inclusion. While this list aims to be comprehensive, it is by no means exhaustive; numerous other individuals and entities have contributed to the growing Sportbetting industry in Nigeria. This compilation is exclusive to Nairametrics and may be updated periodically to reflect changes in the sector. Feedback will be appreciated.