Market Disruption Meets Moral Policing: Nigeria’s Sports Betting Sector at a Turning Point

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

Gambling has evolved significantly in Nigeria from standard types like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and sports betting kiosks, where lovers would bet just N50-N200 on matches.

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

Regardless of economic challenges such as inflation, Nigeria’s sports betting sector has actually thrived, attracting millions, particularly among the youthful market facing high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that produces an approximated yearly profits of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory procedures like import tax tasks and VAT increases to handle the sector.

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

In spite of these obstacles, sports betting wagering companies continue to thrive through effective service models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles 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 comprehensive 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 covers various functions in the gaming and entertainment industry, including working at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he functioned 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, sports betting has turned into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and sports betting retail channels. The business was integrated in Nigeria on November 7, 2006, and has considering 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 sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that combines relevant sports betting material, engaging functions, and a world-class sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual profits has risen from roughly ₤ 10 million to over ₤ 80 million.

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

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having formerly worked as the business’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and sports betting has actually remained in the online gaming industry since 2000, holding numerous successful functions, sports betting 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 existence and boost its offerings. The business’s app has gathered significant user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior sports betting executive with a track record of changing start-ups into institutionalized businesses. Her expertise covers the video gaming, property, and credit lending markets, where he has actually developed himself as a tactical and operational leader.

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

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

She established DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned organizations. DDWIN provides frHer instructional background consists of 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 first sports betting wagering platform in Nigeria, it was the first to launch a fully practical website, sports betting setting a benchmark in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and sports betting the world. The company operates in more than 50 nations, including Nigeria, where it is completely accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of sports betting choices 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 ventures, Ukanwoke has worked together with African socio-economic institutions and governments to develop 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, sports betting established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business 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 jobs, the number of which is increasing yearly. 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 creator, majority shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has considering that become among the world’s largest online sports betting companies.

By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually 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, sports betting a leading sports betting wagering company in Nigeria, developed alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that generates investment returns and sports betting uses unique financial investment insights and services to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the business’s development through collaborations, service technique, sports betting and sports betting new service development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and client experience, and Country Manager at 22BET, sports betting concentrating on marketing strategy and budget 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, where he worked in SEO, CRM, 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, casino video games, and live dealership games. It was released in 2017 and is owned and 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 CEO of SportyBet, a business he established in 2013.

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

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating 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 concentrated 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 firm intends to take advantage of innovative technology and a dedication to accountable gambling to revolutionise the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and sports betting the continent’s deep passion for sports betting, sports betting especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and sports betting professional group will allow it to scale and control the market rapidly.

Islamic authorities raid betting stores in northern Nigeria

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

« As you understand, wagering is prohibited in Islam, » Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting called the Hisbah, sports betting told the BBC.

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

On the first day of raids, 30 shops were closed in one residential area alone, and sports betting their owners were sent out home with a caution, the Sharia officer stated.

But Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

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

Bookies and bars tend to be allowed to operate in Kano’s Christian areas, sports betting though they too can face action if the Hisbah believes Muslims are frequenting them.

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

sports betting wagering shops can be found all over the city. A lot of have television screens, and consumers watch the result of international football matches or horse races on which they have actually staked cash.

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

« They don’t have licences to operate as they were permitted to run video games centres, which they later transformed to wagering shops, » he stated.

The sports betting wagering market has expanded drastically across West Africa recently. The area is approximately divided between a primarily Muslim north and a primarily Christian south.

Many people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and groups.

Nigeria’s debilitating economic crisis has actually also indicated people are willing to risk a percentage in the hope of winning huge.

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

« These economic concerns we are facing in Nigeria is God telling us to change our methods by stopping sins, » he stated.

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 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, such violations carry a fine.

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