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

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

sports betting has evolved substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

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

Regardless of economic challenges such as inflation, Nigeria’s sports betting wagering sector has actually flourished, drawing in millions, specifically among the younger market facing high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates a projected yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative procedures like excise duties and VAT increases to handle the sector.

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

Regardless of these challenges, sports betting business continue to thrive through efficient service designs and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria’s $2 billion gambling empire through their extensive 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 profession covers various roles in the video gaming and entertainment industry, including operating at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he worked 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 actually become a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has considering that expanded its presence, 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, sports betting he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that integrates pertinent sports betting content, engaging functions, sports betting and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly earnings has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has actually accomplished significant user engagement, 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, having previously acted as the company’s Marketing and sports betting Operations Director since 2015. He joined Betway in 2013 and has been in the online gaming industry since 2000, holding numerous effective roles, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market presence and boost its offerings. The company’s app has actually gathered 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 organizations. Her knowledge spans the video gaming, property, and credit financing markets, sports betting where he has established himself as a tactical and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has functioned as Managing Director and 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, pivotal in the business’s operational techniques and market expansion.

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

Akin Alabi, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a completely functional 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is totally licensed.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a wide 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, sports betting and sports betting Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has actually worked together with African socio-economic institutions and governments to develop 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, founded and released in Nigeria on February 22, sports betting 2018, sports betting by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually rapidly grown its presence 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, creating over 100,000 jobs, the number of which is increasing each year. In the same year, sports betting 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 shareholder, and sports betting joint Chief Executive of Bet365, sports betting an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has since turned into among the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 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 company that generates financial investment returns and uses special financial investment insights and solutions to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, 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 market.

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and consumer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget 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 worked 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, 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 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 business he developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable 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 financier in fintech and mobile payments and a strong advocate for the growing African internet community. His financial investments show his commitment to fostering development and development 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 disrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless 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 intends to take advantage of advanced technology and a commitment to accountable gambling to revolutionise the sector.

Backed by the financial power of four prominent African billionaires, Sunbet, sports betting which will release in the very first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting wagering platform.

At a press briefing, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, sports betting specifically football, has set the stage for sports betting Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and specialist group will allow it to scale and dominate the marketplace quickly.

Islamic police raid betting shops in northern Nigeria

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

“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.

Problems from neighborhood leaders and moms and sports betting dads triggered the crackdown, stressed over the growing variety of gambling addicts, he said.

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

However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.

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

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

However, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.

sports betting wagering stores can be found all over the city. Most have tv screens, and customers see the result of worldwide football matches or sports betting horse races on which they have actually staked cash.

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

“They do not have licences to operate as they were allowed to run video games centres, which they later converted to wagering stores,” he stated.

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

Lots of people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are also popular for wagering on the outcome of events and groups.

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

However this had caused prevalent addiction, and moms and sports betting dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.

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

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 unclear what penalty they would deal with – frequently, sports betting such infringements 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.