Game Changers: How Islamic Crackdowns and Tech Innovation are Transforming Nigeria’s Betting Scene

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

Gambling has actually progressed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

Despite economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually prospered, bring in millions, sports betting particularly amongst the younger group dealing with high joblessness rates.

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

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations despite obstacles in enforcement. Issues such as inadequate age verification and marketing guideline breaches show market regulative spaces.

In spite of these challenges, sports betting wagering companies continue to thrive through efficient organization designs and aggressive marketing strategies, leveraging the developer influencer market.

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

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers numerous functions in the gaming and show business, consisting of working at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he served 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 become a leading e-commerce business in the sports betting and video gaming sector, running through online, mobile, sports betting and retail channels. The company was included in Nigeria on November 7, 2006, and has given that broadened its presence, sports betting accomplishing 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, he became the CEO of LiveScore Group, sports betting a totally integrated ecosystem that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has actually driven substantial development for sports betting LiveScore Group. The business’s staff member headcount has increased by 29%, and annual revenue has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and sports betting helped form 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 formerly acted as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry since 2000, holding numerous effective functions, sports betting consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s management, sports betting Betway has actually continued to grow its market existence and sports betting boost its offerings. The business’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 differentiated herself as a senior executive with a track record of changing start-ups into institutionalized services. Her expertise spans the video gaming, sports betting real estate, sports betting and sports betting credit lending markets, where he has developed himself as a tactical and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s operational methods and sports betting market growth.

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

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

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of sports betting options 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 teamed up with African socio-economic institutions and sports betting federal governments to develop developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and released in on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually quickly 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, sports betting developing over 100,000 jobs, the number 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, sports betting the founder, majority investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has given that turned into one of the world’s biggest online gambling companies.

By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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, established alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates investment returns and offers distinct financial investment insights and options to both private and 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 ended up being a significant player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the company’s growth through collaborations, service method, and brand-new business development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and sports betting customer 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 various digital marketing roles at Laclic Services and Betty Bingo.

His profession started 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 sports betting platform that uses sports betting wagering, gambling establishment video games, and live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up 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 a global sports betting wagering and real-money gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, sports betting SportyBet has become a substantial 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 investor in fintech and sports betting mobile payments and a strong advocate for the growing African web community. His investments show his dedication to fostering innovation 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 interrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the firm aims to leverage innovative innovation and a commitment to accountable sports betting to change the sector.

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

At a press briefing, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and sports betting the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and professional group will enable it to scale and control the market quickly.

Islamic cops raid betting stores in northern Nigeria

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

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

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

On the very first day of raids, 30 stores were closed in one suburb alone, sports betting and their owners were sent home with a caution, the Sharia officer said.

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be jailed.

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

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

However, the existing crackdown is focused on Muslim locations of Kano, sports betting a sprawling city and the economic hub of northern Nigeria.

Sports betting stores can be found all over the city. Most have television screens, and customers view the result of global football matches or horse races on which they have actually staked money.

Mr Aminudeen said such bookies had been able to operate under the radar as they had opened under false pretenses.

“They do not have licences to operate as they were permitted to run computer game centres, which they later transformed to sports betting shops,” he said.

The sports betting industry has actually broadened considerably throughout West Africa in the last few years. The area is approximately divided between a generally Muslim north and a primarily Christian south.

Many individuals go to bookies to take pleasure in the sociability of other bettors, though mobile apps are also popular for sports betting on the result of events and groups.

Nigeria’s crippling recession has actually also indicated people are willing to risk a small amount in the hope of winning big.

But this had actually led to extensive addiction, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.

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

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 shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would face – typically, such violations bring a fine.

Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gambling and the consumption of alcohol were prohibited.