Market Disruption Meets Religious Policing: Nigeria’s Sports Betting Industry at a Crossroads

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.

Gambling has developed significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, sports betting pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually grown, attracting millions, specifically amongst the younger group dealing with high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates a projected yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative steps like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of challenges in enforcement. Problems such as inadequate age confirmation and marketing rule breaches show industry regulatory spaces.

In spite of these difficulties, sports betting business continue to flourish through reliable organization models and sports betting aggressive marketing methods, leveraging the creator influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans different roles in the video gaming and entertainment industry, including working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he acted 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, has turned into a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, sports betting and retail channels. The company was included in Nigeria on November 7, sports betting 2006, sports betting and has actually given that expanded its existence, achieving 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, sports betting a totally incorporated ecosystem that combines pertinent sports betting material, sports betting engaging features, and a world-class sportsbook.

Given that taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The business’s worker headcount has actually increased by 29%, sports betting and annual profits has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and have actually propelled LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has 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 previously acted as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding numerous successful roles, consisting of General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has actually gathered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her proficiency covers the gaming, realty, and sports betting credit lending industries, where he has established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has served as Managing Director sports betting and has actually overseen the business’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s functional techniques and market growth.

She established DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned businesses. DDWIN supplies frHer educational 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, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a fully practical website, setting a standard 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 actually established itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, sports betting where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting using a vast array of sports betting choices and an user-friendly platform. The 1XBET app has more than 500,000 downloads on the Play Store.

Gossy Ukanwoke – CEO of Betking Nigeria

Gossy Ukanwoke is the CEO of BetKing, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic institutions and federal governments to create developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has quickly grown its existence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing each year. In the exact 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, bulk investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has because grown into among the world’s biggest online gaming business.

By 2016, Bet365 created $2 billion in earnings and sports betting helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 wagering business in Nigeria, developed together with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that creates investment returns and sports betting offers unique financial investment insights and services to both individual and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually become a considerable gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business’s growth through collaborations, organization strategy, and new business advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, and sports betting Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he worked in SEO, CRM, sports betting and content management. Fikayo likewise 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 provides sports betting, casino games, and sports betting live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business 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, a company he developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a significant gamer in the market, 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 sports betting the growing African internet ecosystem. His investments show his dedication to fostering development and advancement within the area.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company intends to leverage cutting-edge innovation and sports betting a dedication to responsible gaming to revolutionise the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will enable it to scale and control the marketplace quickly.

Islamic police raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting wagering shops, which they say are running illegally.

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

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

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

However Mr Aminudeen cautioned that now that the public understood 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 bulk Muslim population and runs the Islamic legal system – Sharia – along with secular law.

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

Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.

Sports betting stores can be found all over the city. Many have tv screens, and consumers see the result of worldwide football matches or horse races on which they have actually staked cash.

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

“They do not have licences to run as they were permitted to run computer game centres, which they later on transformed to sports betting stores,” he said.

The sports betting industry has actually expanded considerably throughout West Africa recently. The area is approximately divided in between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to enjoy the camaraderie of other bettors, sports betting though mobile apps are also popular for sports betting on the result of events and teams.

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

However this had actually resulted in prevalent addiction, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

“These financial issues we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he stated.

The raids on Tuesday concentrated 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 shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would face – frequently, such violations bring a fine.

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