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

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

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

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

In spite of financial challenges such as inflation, Nigeria’s sports betting wagering sector has prospered, drawing in millions, specifically among the youthful group dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an approximated annual profits of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory measures like excise duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show industry regulatory gaps.

In spite of these challenges, sports betting wagering business continue to flourish through reliable service models and sports betting aggressive marketing strategies, leveraging the creator influencer market.

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

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans various roles in the gaming and show business, consisting of operating at among 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 sports betting 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 organization in the wagering and gaming sector, sports betting operating through online, mobile, and retail channels. The company was integrated 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 over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated community that combines relevant sports betting material, engaging functions, and sports betting a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven significant development for LiveScore Group. The business’s worker headcount has increased by 29%, and annual revenue has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has actually attained 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 formerly worked as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and sports betting has actually remained in the online video gaming market since 2000, holding numerous effective functions, 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 business’s app has actually gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her knowledge covers the video gaming, real estate, and credit financing markets, where he has actually established himself as a strategic and functional leader.

Damilare has been instrumental in NairaBET’s success for sports betting over 14 years. Because June 2019, she has served as Managing Director and has managed the business’s growth and operations in Lagos, Nigeria.

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

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, completed in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a totally practical website, setting a standard in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed 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 completely certified.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of sports betting alternatives 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 institutions and governments to develop developmental policies focused on empowering young people. 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing every year. In the very 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, bulk investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually since become among the world’s largest online sports betting business.

By 2016, Bet365 created $2 billion in revenues and assisted in $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered considerable 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 wagering company in Nigeria, sports betting developed alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management company that produces financial investment returns and uses distinct financial investment insights and solutions to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually 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 industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has actually been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the business’s development through partnerships, organization strategy, and brand-new company development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo also functioned 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, gambling establishment games, and live dealership video games. It was introduced in 2017 and is owned and operated 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 a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, sports betting a company he developed in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a considerable player in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web community. His financial investments show his commitment to promoting innovation and development within the area.

On April 30, 2024, Sudeep Ramnani purchased 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 focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage cutting-edge innovation and a commitment to responsible gaming to change the sector.

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

At a press briefing, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert team will enable it to scale and control the market rapidly.

Islamic cops raid wagering stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually 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, called the Hisbah, told the BBC.

Grievances from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing variety of gambling addicts, he stated.

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

However Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a majority Muslim population and sports betting operates the Islamic legal system – Sharia – together with nonreligious law.

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

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

sports betting wagering shops can be discovered all over the city. Most have television screens, and clients watch the result of global football matches or horse races on which they have staked cash.

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

“They don’t have licences to operate as they were permitted to run video games centres, which they later transformed to sports betting stores,” he said.

The sports betting industry has actually broadened considerably across West Africa recently. The region is roughly divided in between a mainly Muslim north and a predominantly .

Lots of people go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the result of occasions and sports betting groups.

Nigeria’s crippling recession has likewise suggested individuals want to run the risk of a small amount in the hope of winning big.

But this had caused extensive addiction, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen stated.

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

The raids on Tuesday focused on Munjibir, sports betting 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 closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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