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 betting industry.

Gambling has actually evolved substantially in Nigeria from conventional forms like pool staking and Baba Ijebu to a successful sports betting wagering market. 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.

Gradually, with increased internet gain access to came virtual sports betting, sports betting which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is projected to nearly double to $182.02 billion by 2030.

Despite economic challenges such as inflation, Nigeria’s sports betting sector has actually flourished, sports betting bring in millions, particularly among the vibrant group facing high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates a projected yearly earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory procedures like excise duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of difficulties in enforcement. Problems such as insufficient age verification and advertising guideline breaches show market regulatory spaces.

Despite these difficulties, sports betting business continue to flourish through reliable company models and sports betting aggressive marketing methods, leveraging the developer influencer market.

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

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans different roles in the video gaming and show business, consisting of operating at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, sports betting where he acted as the Lead Engineer in a Bingo and sports betting 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, sports betting founded in August 2011, has turned into a leading e-commerce service in the wagering and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has considering that broadened its existence, attaining 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 became the CEO of LiveScore Group, a completely integrated community that combines appropriate sports betting material, engaging functions, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual revenue has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually propelled LiveScore Group’s success and assisted form 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 appointed CEO of Betway in November 2017, having formerly worked as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry considering that 2000, holding various effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s leadership, sports betting Betway has continued to grow its market presence and improve its offerings. The company’s app has gathered significant 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 sports betting executive with a performance history of changing start-ups into institutionalized services. Her competence covers the gaming, property, and credit lending markets, where he has actually established himself as a tactical and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has served as Managing Director and sports betting has actually supervised 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 functional methods and market growth.

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

Akin Alabi, sports betting 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 launch a completely functional website, sports betting setting a criteria 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is totally certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a large range of wagering choices and sports betting an easy to use 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 organizations and federal governments to develop developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

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

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing every year. In the same year, MultiChoice broadcaster bought 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 creator, bulk investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has given that turned into one of the world’s biggest online gambling business.

By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered substantial 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 alongside business owner 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 creates investment returns and provides unique investment insights and services to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the company’s development through collaborations, business strategy, and brand-new company development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different 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 also 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting, casino games, and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 company he established in 2013.

SportyBet is an international sports betting and real-money gaming operator known for delivering an omni-channel home entertainment experience in managed 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 function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web community. His financial investments show his dedication to fostering development and advancement 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 stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and 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 four popular African billionaires, sports betting Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s largest and most innovative sports betting platform.

At a press rundown, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and expert team will allow it to scale and dominate the market quickly.

Islamic cops raid wagering stores in northern Nigeria

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

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

Problems from neighborhood leaders and parents triggered the crackdown, worried about the growing number of sports betting addicts, sports betting he said.

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

But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.

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

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

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

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

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

“They don’t have licences to run as they were permitted to run computer game centres, which they later converted to wagering stores,” he stated.

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

Lots of people go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and groups.

Nigeria’s debilitating recession has actually likewise indicated people want to run the risk of a small amount in the hope of winning huge.

However this had led to prevalent dependency, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.

“These financial concerns we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he said.

The raids on Tuesday focused 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 closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would face – often, such a fine.

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