Market Innovation Meets Religious Policing: Nigeria’s Sports Betting Industry at a Turning Point

Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.

sports betting has developed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, sports betting pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

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

Regardless of economic difficulties such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, particularly amongst the vibrant demographic facing high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates an estimated annual profits of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulative measures like import tax duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite challenges in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches reveal market regulatory gaps.

Despite these difficulties, sports betting companies continue to flourish through reliable company designs and aggressive marketing techniques, leveraging the developer influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers various functions in the gaming and show business, consisting of operating at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he worked as the Lead Engineer in a Bingo and sports betting 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 become a leading e-commerce company in the sports betting and sports betting video gaming sector, sports betting running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has considering that expanded its existence, achieving 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, sports betting he became the CEO of LiveScore Group, a fully integrated community that combines pertinent sports betting content, engaging features, sports betting and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has driven substantial growth for sports betting LiveScore Group. The company’s staff member headcount has actually increased by 29%, sports betting and yearly revenue has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has actually achieved significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, having actually formerly worked as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has remained in the online gaming industry because 2000, sports betting holding various effective roles, sports betting including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market presence and sports betting enhance its offerings. The business’s app has 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 changing start-ups into institutionalized businesses. Her knowledge spans the gaming, realty, and credit loaning markets, where he has established himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, sports betting she has functioned as Managing Director sports betting and sports betting has actually supervised the business’s development and sports betting operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s functional methods and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN supplies frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first platform in Nigeria, it was the very first to launch a totally practical 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is totally accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, sports betting providing a wide range of sports betting alternatives and sports betting 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, Ukanwoke has actually collaborated with African socio-economic organizations and governments to develop 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, founded and released in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually rapidly 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, sports betting creating over 100,000 tasks, sports betting the number 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.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the founder, majority investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was released in 2001 as an online wagering site and has since become one of the world’s biggest online gaming business.

By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has amassed 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, established alongside 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 company that creates financial investment returns and provides unique financial investment insights and services to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a considerable player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the business’s development through collaborations, business method, and brand-new company development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and client experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.

His profession 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 gambling platform that provides 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 business 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 business he developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator sports betting known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a substantial player in the market, 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 advocate for the growing African internet ecosystem. His financial investments reflect his commitment to promoting innovation and advancement within the area.

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

The firm is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize advanced technology and a commitment to responsible gaming to revolutionise the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and sports betting specialist group will enable it to scale and dominate the marketplace quickly.

Islamic cops raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting stores, which they state are operating illegally.

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting called the Hisbah, informed the BBC.

Problems from community leaders and parents triggered the crackdown, fretted about the growing variety of sports betting addicts, he stated.

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

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gaming, 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 secular law.

Bookmakers and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

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

sports betting wagering stores can be discovered all over the city. Many have television screens, and customers view the result of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies had actually had the ability to operate under the radar as they had opened under false pretences.

“They do not have licences to run as they were allowed to run computer game centres, which they later converted to wagering stores,” he stated.

The sports betting market has actually broadened drastically throughout West Africa recently. The region is approximately divided between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to delight in the friendship of other gamblers, sports betting though mobile apps are also popular for sports betting on the outcome of events and groups.

Nigeria’s debilitating recession has actually also indicated people want to risk a percentage in the hope of winning big.

However this had resulted in prevalent dependency, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen said.

“These economic problems we are facing in Nigeria is God telling us to change our ways by stopping sins,” he said.

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 said.

It is uncertain what penalty they would deal with – often, such violations bring a fine.

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