Northern Crackdowns, South Disruption: Nigeria’s Sports Betting Industry in Transformation

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

Gaming has developed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting wagering sector has thrived, bring in millions, particularly amongst the youthful market dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates a projected yearly revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory procedures like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of difficulties in enforcement. Problems such as insufficient age verification and marketing rule breaches reveal market regulative gaps.

In spite of these obstacles, sports betting wagering business continue to flourish through efficient business models and aggressive marketing techniques, leveraging the creator sports betting influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have actually significantly added 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 profession spans different roles in the video gaming and sports betting entertainment industry, consisting of operating at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he acted 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, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce business in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually given that expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated environment that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.

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

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually accomplished major sports betting user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having previously served as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has remained in the online gaming industry since 2000, holding various effective functions, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market presence and sports betting improve its offerings. The company’s app has actually garnered substantial 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 sports betting executive with a performance history of transforming start-ups into institutionalized services. Her knowledge covers the video gaming, property, and credit loaning industries, where he has actually developed himself as a strategic and functional leader.

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

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

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

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a fully practical site, sports betting setting a standard in the market.

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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is completely licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of wagering alternatives and an easy to use 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and governments to design 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, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing annually. In the 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually because turned into among the world’s largest online gambling business.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered considerable user engagement, sports betting 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, sports betting developed together with businessman Kunle Soname, who also 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 produces financial investment returns and provides distinct investment insights and services to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been serving as the Country Director sports betting for 22BET in Nigeria because June 2021. In this role, sports betting he has actually contributed to the business’s growth through collaborations, service strategy, sports betting and new business advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also acted 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 offers sports betting, casino video games, and live dealership video games. It was launched in 2017 and is owned and run 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 sports betting a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually 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 the growing African internet community. His financial investments reflect his dedication to cultivating development and development within the region.

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

The company is set to disrupt the sports betting 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 annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of innovative technology and a commitment to accountable gambling to revolutionise the sector.

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

At a press rundown, sports betting the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and specialist group will allow it to scale and dominate the marketplace quickly.

Islamic police raid betting shops in northern Nigeria

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

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

Complaints from community leaders and moms and dads triggered the crackdown, stressed over the growing variety of gambling addicts, he said.

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

But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a majority 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 areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

However, the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

Sports betting shops can be discovered all over the city. The majority of have tv screens, and clients enjoy the outcome of international football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookies had been able to operate under the radar as they had actually opened under false pretences.

“They do not have licences to operate as they were permitted to run video games centres, which they later transformed to wagering stores,” he stated.

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

Many individuals go to bookies to enjoy the friendship of other bettors, though mobile apps are also popular for wagering on the result of events and teams.

Nigeria’s debilitating recession has actually also meant people are willing to run the risk of a percentage in the hope of winning huge.

However this had actually resulted in widespread addiction, sports betting and moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.

“These financial problems we are facing in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am advising those running those sports betting stores to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – frequently, such infringements carry a fine.

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