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.
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.
