Innovation Amid Raids: Inside Nigeria’s Turbulent Sports Betting Industry

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

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

Slowly, with increased web gain access to came virtual wagering, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.

Regardless of economic obstacles such as inflation, Nigeria’s sports betting sector has flourished, bring in millions, particularly amongst the vibrant demographic facing high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an approximated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative measures like excise duties and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Problems such as inadequate age confirmation and advertising rule breaches reveal market regulative gaps.

Regardless of these obstacles, sports betting wagering companies continue to flourish through effective service designs and aggressive marketing techniques, leveraging the creator sports betting influencer market.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff 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, including operating at among the United Kingdom’s biggest 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 actually turned into a leading e-commerce business in the wagering and gaming sector, running through online, sports betting mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has since broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.

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

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and assisted shape the market’s instructions. LiveScoreBet has accomplished 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, sports betting having actually previously served as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually been in the online gaming market given that 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market existence and improve its offerings. The business’s app has actually garnered considerable 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 performance history of transforming start-ups into institutionalized companies. Her know-how covers the video gaming, property, and sports betting credit lending industries, where he has actually established himself as a tactical and operational leader.

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

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

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the very first to release a totally functional website, setting a criteria 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a vast array of wagering alternatives 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic institutions and governments to create developmental policies targeted at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and launched 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 wagering and entertainment company has actually rapidly grown its existence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing annually. In the very same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, sports betting the founder, bulk investor, sports betting and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online wagering website and has given that turned into one of the world’s biggest online gaming business.

By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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, established together with entrepreneur 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 asset management business that generates investment returns and uses unique investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has contributed to the business’s growth through collaborations, business method, and new company development.

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

His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise 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 provides sports betting, sports betting gambling establishment video games, and live dealer games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business registered 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 sports betting CEO of SportyBet, a business he established in 2013.

SportyBet is a global sports betting wagering and real-money gaming operator understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a substantial 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 community. His financial investments show his dedication to fostering development and development within the area.

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

The firm is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market 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 cutting-edge technology and sports betting a dedication to responsible gaming to revolutionise the sector.

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

At a press rundown, the representative, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and expert team will allow it to scale and control the marketplace quickly.

Islamic authorities raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering shops, which they state are operating unlawfully.

« As you know, sports betting is prohibited in Islam, » Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, sports betting informed the BBC.

Complaints from community leaders and moms and dads prompted the crackdown, fretted about the growing number of sports betting 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 caution, sports betting the Sharia officer said.

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

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

Bookies and bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, sports betting a vast city and the financial hub of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Most have television screens, and consumers enjoy the result of global football matches or horse races on which they have actually staked money.

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

« They do not have licences to run as they were allowed to run video games centres, which they later transformed to sports betting stores, » he stated.

The sports betting industry has broadened considerably across West Africa in the last few years. The area is approximately divided between a generally Muslim north and a primarily Christian south.

Many individuals go to bookmakers to enjoy the camaraderie of other gamblers, sports betting though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria’s crippling economic crisis has likewise suggested people are willing to risk a small amount in the hope of winning huge.

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

« These economic problems 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, thought about 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 unclear what penalty they would face – frequently, such violations bring a fine.

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