Big Stakes and Religious Laws: Nigeria’s Sports Betting Sector at a Crossroads

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

Gaming has actually progressed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a successful 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 enthusiasts would bet just N50-N200 on matches.

Gradually, with increased internet access came virtual sports betting, sports betting which parallels worldwide 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 economic challenges such as inflation, Nigeria’s sports betting sector has grown, bring in millions, especially amongst the youthful market facing high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, sports betting driving an industry that creates an approximated annual income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory measures like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite obstacles in enforcement. Concerns such as insufficient age confirmation and advertising rule breaches reveal industry regulatory gaps.

Despite these obstacles, sports betting business continue to grow through effective company designs and aggressive marketing techniques, leveraging the developer influencer market.

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

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous roles in the video gaming and show business, consisting of working at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, sports betting 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, has turned into a leading e-commerce business in the sports betting and sports betting video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has because broadened its presence, sports betting achieving 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, sports betting he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that combines relevant sports betting material, engaging functions, and a world-class sportsbook.

Given that taking the helm just before the pandemic, Sam has driven considerable growth for sports betting LiveScore Group. The business’s employee headcount has increased by 29%, and yearly income has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and assisted shape the industry’s direction. LiveScoreBet has accomplished major user engagement, sports betting 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 acted as the business’s Marketing and Operations Director sports betting since 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market since 2000, holding numerous effective functions, sports betting consisting of General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The business’s app has amassed significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her proficiency covers the gaming, sports betting property, and credit loaning industries, where he has developed himself as a strategic and functional leader.

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

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a fully 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and sports betting the world. The business operates in more than 50 nations, including Nigeria, where it is completely accredited.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering choices and an user-friendly 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 collaborated with African socio-economic organizations and federal governments to create developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually quickly 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing every year. 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, bulk investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has given that become among the world’s largest online gambling companies.

By 2016, Bet365 produced $2 billion in revenues and sports betting assisted in $45 billion in annual bets. The company likewise holds a bulk 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 wagering business in Nigeria, developed along with businessman 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 property management company that creates financial investment returns and uses unique financial investment insights and options to both private and sports betting institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the business’s development through partnerships, organization technique, and brand-new organization development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled item development and consumer experience, sports betting and Country Manager at 22BET, sports betting focusing on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held different digital marketing roles at Laclic Services and sports betting Betty Bingo.

His profession started at Jumia Group, where he operated in SEO, CRM, 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 sports betting 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 provides sports betting wagering, sports betting gambling establishment games, and live dealer video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting 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 established in 2013.

SportyBet is an international sports betting and real-money gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a significant gamer 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 supporter for the growing African internet community. His investments show his dedication to promoting development and advancement within the area.

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

The company is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is concentrated on changing how engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced technology and a commitment to responsible gambling to revolutionise the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, sports betting stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and specialist group will allow it to scale and dominate the marketplace rapidly.

Islamic police raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started closing down sports betting wagering shops, which they say are operating unlawfully.

“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.

Problems from community leaders and parents prompted the crackdown, sports betting fretted about the growing variety of gambling addicts, sports betting he said.

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

However Mr Aminudeen cautioned that now that the public knew 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 bulk Muslim population and runs the Islamic legal system – Sharia – along with nonreligious law.

Bookmakers and bars tend to be permitted 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 locations of Kano, a vast city and the financial center of northern Nigeria.

Sports betting shops can be discovered all over the city. The majority of have television screens, and clients watch the outcome of worldwide football matches or sports betting horse races on which they have staked cash.

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

“They do not have licences to run as they were permitted to run video games centres, which they later converted to sports betting stores,” he stated.

The sports betting wagering market has broadened dramatically across West Africa recently. The region is roughly divided in between a generally Muslim north and a mainly Christian south.

Many people go to bookies to delight in the friendship of other gamblers, though mobile apps are also popular for sports betting on the result of events and sports betting teams.

Nigeria’s debilitating recession has likewise suggested people are willing to run the risk of a small amount in the hope of winning huge.

But this had actually caused prevalent addiction, and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen stated.

“These economic issues we are dealing with in Nigeria is God informing us to change our methods by stopping sins,” he said.

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

“I am advising those running those wagering stores to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would deal with – frequently, sports betting such violations carry 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 usage of alcohol were prohibited.