Market Innovation Meets Religious Policing: Nigeria’s Sports Betting Industry at a Turning Point

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

Gambling has evolved substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.

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

In spite of economic obstacles such as inflation, Nigeria’s sports betting sector has grown, drawing in millions, specifically among the vibrant demographic facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that generates a projected annual profits of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulative steps like excise responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite obstacles in enforcement. Problems such as inadequate age verification and marketing rule breaches reveal industry regulative gaps.

Regardless of these difficulties, sports betting companies continue to thrive through efficient company designs and aggressive marketing methods, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have significantly added 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 company he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the video gaming and show business, consisting of working at one of the United Kingdom’s biggest 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, sports betting has actually turned into a leading e-commerce company in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has actually given that broadened 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 wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated environment that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has actually attained 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 served as the company’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry because 2000, sports betting holding numerous effective roles, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s management, sports betting Betway has continued to grow its market existence and enhance its offerings. The company’s app has gathered substantial 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 services. Her know-how spans the video gaming, real estate, and credit lending industries, sports betting where he has actually established himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has worked as Managing Director and sports betting has overseen the business’s growth and operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer instructional 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 business, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce a completely practical website, 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 international sports betting 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 company runs in more than 50 nations, including Nigeria, where it is totally certified.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a large range 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 endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and federal 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, founded and sports betting 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 home entertainment business has actually quickly grown its existence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing every year. In the exact 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 investor, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has actually given that turned into among the world’s biggest online gaming companies.

By 2016, Bet365 created $2 billion in revenues and helped with $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, established alongside business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates financial investment returns and provides special investment insights and solutions to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually added to the company’s development through collaborations, service strategy, and new business development.

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

His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise worked 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 gaming platform that uses sports betting wagering, gambling establishment video games, and live dealer video games. It was introduced 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 also the owners of Betwinner and a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is an international sports betting and real-money gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a considerable gamer in the market, sports betting with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web community. His investments show his dedication to fostering innovation and development within the region.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.

The firm is set to interfere with the sports betting industry.

Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the company intends to take advantage of cutting-edge innovation and a commitment to accountable sports betting to revolutionise the sector.

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

At a press instruction, the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and expert group will enable it to scale and control the marketplace rapidly.

Islamic police 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 running unlawfully.

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

Problems from community leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he said.

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

But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the rules would be detained.

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

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

However, the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting stores can be found all over the city. A lot of have television screens, sports betting and customers watch the outcome of international football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had been able to run 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 on transformed to sports betting shops,” he said.

The sports betting wagering market has expanded dramatically across West Africa recently. The region is approximately divided between a mainly Muslim north and a predominantly Christian south.

Many individuals go to bookies to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the result of events and teams.

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

But this had actually led to widespread addiction, and moms and sports betting dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen stated.

“These financial concerns we are facing in Nigeria is God informing us to alter our ways by stopping sins,” he stated.

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 recommending those running those sports betting shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would deal with – typically, such violations bring a fine.

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