Industry Players and Prayer Police: The Fate of Sports Betting in Nigeria

Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.

sports betting has actually evolved considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, pool staking was a common sight at motor sports betting parks and kiosks, sports betting where lovers would wager as low as N50-N200 on matches.

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

Regardless of economic challenges such as inflation, Nigeria’s sports betting sector has actually grown, attracting millions, specifically among the youthful demographic dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates an estimated annual profits of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative steps like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of obstacles in enforcement. Problems such as inadequate age verification and advertising guideline breaches show industry regulatory spaces.

Despite these challenges, sports betting wagering companies continue to prosper through effective business designs and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in broadening audience reach and sports betting driving market development. Here are the CEOs of leading sports betting wagering companies who have 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 company he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous functions in the video gaming and show business, sports betting consisting of working 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 a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce service in the wagering and gaming sector, running through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has because broadened its presence, 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated ecosystem that integrates appropriate sports betting material, engaging features, sports betting and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and yearly profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and assisted shape the market’s direction. 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 designated CEO of Betway in November 2017, having actually formerly served as the business’s Marketing and Operations Director because 2015. He joined Betway in 2013 and sports betting has actually remained in the online gaming market since 2000, holding numerous effective roles, consisting of General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has actually amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her proficiency covers the gaming, property, and credit lending markets, where he has established himself as a tactical and functional leader.

Damilare has contributed in NairaBET’s success for sports betting over 14 years. Because June 2019, she has acted as Managing Director and has actually managed the company’s growth and operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned services. DDWIN supplies frHer instructional background consists of 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 betting bookmaking business, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very 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 global sports betting wagering business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 nations, including Nigeria, sports betting where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety of wagering choices 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 ventures, Ukanwoke has teamed up with African socio-economic organizations and governments to create 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, sports betting established and introduced in Nigeria on February 22, 2018, 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 actually rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing each year. In the very 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 creator, majority shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually considering that grown into among the world’s biggest online gaming companies.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 business in Nigeria, sports betting developed together with 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, an independent Nigerian possession management business that creates financial investment returns and uses distinct investment insights and options to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually added to the business’s development through partnerships, business method, and brand-new organization development.

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

His career began at Jumia Group, sports betting where he worked in SEO, CRM, and content management. Fikayo likewise 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 sports betting platform that provides sports betting, gambling establishment video games, and live dealership video games. It was released in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a global sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a significant 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 web community. His investments show his dedication to cultivating development and advancement within the region.

On April 30, sports betting 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to interrupt the sports wagering market.

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

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

At a press rundown, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for sports betting Sunbet’s ambitious entry. He added that the firm’s robust financial backing and expert team will allow it to scale and dominate the marketplace rapidly.

Islamic cops raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they say are operating illegally.

“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.

Complaints from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing variety of addicts, he said.

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

However Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be apprehended.

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

Bookmakers and bars tend to be allowed to operate in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the current crackdown is focused on Muslim areas of Kano, a sprawling city and sports betting the economic center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. The majority of have television screens, and customers view the outcome of global 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 actually opened under false pretences.

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

The sports betting wagering industry has broadened dramatically throughout West Africa over the last few years. The region is approximately divided between a generally Muslim north and a mainly Christian south.

Lots of people go to bookmakers to enjoy the friendship of other bettors, sports betting though mobile apps are also popular for sports betting on the outcome of occasions and teams.

Nigeria’s debilitating recession has also meant individuals are willing to run the risk of a small amount in the hope of winning big.

But this had led to prevalent dependency, and moms and dads were even complaining that children were dropping out of school to bet, Mr Aminudeen said.

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

The raids on Tuesday concentrated on Munjibir, 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 closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would face – frequently, sports betting such violations carry a fine.

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