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Big Stakes and Religious Laws: Nigeria’s Sports Betting Industry at a Turning Point

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

Gambling has evolved substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would wager just N50-N200 on matches.

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

In spite of financial obstacles such as inflation, Nigeria’s sports betting sector has actually prospered, bring in millions, specifically amongst the vibrant market dealing with high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an estimated annual revenue of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative measures like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of challenges in enforcement. Problems such as insufficient age confirmation and advertising guideline breaches reveal industry regulative spaces.

Despite these difficulties, sports betting business continue to thrive through reliable business models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually contributed 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 significantly contributed to Nigeria’s $2 billion gambling 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 career covers different roles in the gaming and entertainment industry, including operating at among 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, sports betting has actually grown into a leading e-commerce business in the wagering and sports betting video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 2006, and 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 sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that integrates relevant sports betting material, engaging functions, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and annual revenue has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has accomplished major 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, sports betting having actually previously functioned as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has been in the online gaming market given that 2000, holding different effective 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 company’s app has garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her know-how covers the gaming, property, and sports betting credit financing markets, where he has developed himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for sports betting over 14 years. Given that June 2019, sports betting she has actually functioned as Managing Director and 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, sports betting pivotal in the company’s operational methods and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer academic background consists of 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, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a totally practical site, setting a criteria in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

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

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide variety 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 collaborated with African socio-economic institutions and federal governments to design developmental policies focused on empowering young people. 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 sports betting Adekunle Adeniji, runs 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 significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, sports betting the variety of which is increasing each year. 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 founder, majority investor, and sports betting 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 sports betting has actually considering that turned into one of the world’s biggest online sports betting business.

By 2016, Bet365 produced $2 billion in profits and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed significant 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 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 property management company that creates financial investment returns and uses special financial investment insights and sports betting services to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually contributed to the company’s growth through collaborations, company method, and brand-new organization development.

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

His career began at Jumia Group, sports betting where he operated in SEO, CRM, sports betting and content management. Fikayo also served 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 uses sports betting wagering, casino games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a considerable 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 financier in fintech and mobile payments and a strong advocate for the growing African web community. His financial investments reflect his dedication to fostering development and advancement within the area.

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

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

Sunbet Sporting International Limited has stated it is focused on changing 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 intends to leverage advanced innovation and a commitment to accountable sports betting to change the sector.

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

At a press rundown, the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, sports betting and sports betting the continent’s deep enthusiasm for sports betting, sports betting particularly football, sports betting has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and specialist team will enable it to scale and dominate the marketplace rapidly.

Islamic police raid wagering stores in northern Nigeria

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

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

Problems from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of gambling addicts, he said.

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

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

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

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

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

sports betting wagering stores can be discovered all over the city. Many have television screens, and sports betting customers enjoy the outcome of worldwide football matches or on which they have actually staked cash.

Mr Aminudeen said such bookies had had the ability to run under the radar as they had actually opened under false pretenses.

“They do not have licences to run as they were permitted to run computer game centres, which they later on transformed to wagering shops,” he stated.

The sports betting industry has actually expanded dramatically across West Africa over the last few years. The region is roughly divided in between a primarily Muslim north and a predominantly Christian south.

Many individuals go to bookies to take pleasure in the sociability of other gamblers, though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria’s crippling economic crisis has likewise implied individuals are willing to risk a small amount in the hope of winning big.

However this had caused extensive dependency, and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.

“These economic issues we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, sports betting thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those wagering shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – frequently, sports betting 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 usage of alcohol were banned.