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

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

Gambling has developed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, sports betting where enthusiasts would wager just N50-N200 on matches.

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

In spite of financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually thrived, sports betting drawing in millions, specifically amongst the youthful demographic facing high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative procedures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of challenges in enforcement. Issues such as inadequate age verification and sports betting advertising rule breaches reveal industry regulative gaps.

In spite of these difficulties, sports betting wagering business continue to prosper through reliable service models and aggressive marketing methods, leveraging the creator influencer market.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing important roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career spans different functions in the video gaming and show business, including operating at among the United Kingdom’s largest video gaming centres, sports betting 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, sports betting has grown into a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has actually given that broadened its presence, sports betting attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that combines appropriate sports betting material, engaging functions, and a world-class sportsbook.

Because taking the helm prior to the pandemic, sports betting Sam has driven considerable development for LiveScore Group. The company’s worker headcount has actually increased by 29%, sports betting and yearly income has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and sports betting tactical vision have actually propelled LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has actually achieved major 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 previously worked as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry considering that 2000, holding numerous effective roles, including General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and sports betting improve its offerings. The business’s app has amassed considerable user engagement, 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 executive with a track record of transforming start-ups into institutionalized services. Her proficiency covers the gaming, real estate, and credit loaning markets, where he has actually developed himself as a tactical and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has actually acted as Managing Director and has actually managed 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 business’s operational methods and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned companies. DDWIN supplies frHer academic background includes 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, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a totally functional site, 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, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is completely certified.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a vast array of wagering choices and an easy to use 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 endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and governments to design developmental policies targeted at empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

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

In 2020, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing annually. 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 creator, sports betting bulk investor, 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 site and has actually since turned into among the world’s biggest online gaming companies.

By 2016, Bet365 created $2 billion in revenues and sports betting assisted in $45 billion in yearly bets. The business also holds a majority 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 company in Nigeria, established together with business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates investment returns and uses distinct investment insights and options to both private and institutional customers.

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 management, sports betting Bet9ja has become a significant player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the company’s growth through partnerships, company technique, and brand-new service development.

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

His profession began at Jumia Group, sports betting where he operated 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that offers sports betting wagering, gambling establishment games, and live dealer video games. It was released 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 wagering and real-money gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His investments show his dedication to fostering innovation and sports betting advancement within the area.

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 said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, sports betting with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company aims to take advantage of innovative technology and a commitment to accountable gaming to change 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, intends to be the continent’s largest and sports betting most innovative sports betting platform.

At a press briefing, sports betting the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and expert group will allow it to scale and sports betting dominate the market rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually begun shutting down sports betting shops, which they state are running illegally.

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

Complaints from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing variety of sports betting addicts, sports betting he said.

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

But Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.

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.

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

Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

Sports betting shops can be discovered all over the city. Most have tv screens, and clients see the result of international football matches or horse races on which they have staked money.

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

« They do not have licences to run as they were permitted to run video games centres, which they later on converted to wagering shops, » he said.

The sports betting market has actually expanded dramatically throughout West Africa recently. The area is approximately divided between a generally Muslim north and a mainly Christian south.

Many people go to bookmakers to enjoy the friendship of other bettors, though mobile apps are also popular for sports betting on the result of events and groups.

Nigeria’s crippling economic crisis has actually also meant people want to run the risk of a small amount in the hope of winning big.

However this had actually resulted in widespread addiction, and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.

« These economic issues we are dealing with in Nigeria is God telling us to alter 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 recommending those running those wagering 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 deal with – frequently, such infringements 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.