Market Disruption Meets Religious Policing: Nigeria’s Sports Betting Sector at a Crossroads

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

Gaming has actually developed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied to football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

In spite of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has thrived, sports betting bring in millions, specifically amongst the younger demographic facing high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an estimated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulatory measures like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Problems such as inadequate age verification and marketing guideline breaches reveal industry regulative spaces.

Despite these obstacles, sports betting wagering companies continue to flourish through reliable service designs and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, sports betting with CEOs playing important functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually substantially added 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 varied career spans various functions in the video gaming and entertainment industry, consisting of working at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, 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, Wales. Surebet247, founded in August 2011, has become a leading e-commerce service in the wagering and sports betting video gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has given that broadened its presence, 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted form the market’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 business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market given that 2000, holding different effective roles, including General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has actually garnered substantial 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 proficiency covers the gaming, realty, and credit lending markets, where he has established himself as a strategic and functional leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer educational 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 business, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a totally functional website, 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 global sports betting wagering business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of wagering options 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 sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and governments to design developmental policies targeted at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment business has actually quickly grown its presence in Nigeria, with outlets in major 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 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 joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually considering that turned into one of the world’s biggest online gambling companies.

By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in annual bets. The company also 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 wagering business in Nigeria, established along with 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 asset management company that produces investment returns and provides distinct financial investment insights and services to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and sports betting 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 provides sports betting wagering, gambling establishment games, and live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting 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 business he developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and sports betting mobile payments and a strong advocate for the growing African internet ecosystem. His investments show his commitment to promoting development and development within the region.

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

The firm is set to interfere with the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast 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 dedication to responsible gaming to revolutionise the sector.

Backed by the financial power of 4 popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting platform.

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

Islamic cops raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting wagering stores, which they state are running unlawfully.

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

Grievances from neighborhood leaders and moms and dads triggered the crackdown, sports betting worried about the growing variety of gambling addicts, he stated.

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

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

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

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

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

Sports betting stores can be found all over the city. A lot of have television screens, and customers enjoy the outcome 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 operate under the radar as they had actually opened under false pretenses.

“They don’t have licences to operate as they were allowed to run video games centres, which they later on converted to sports betting shops,” he said.

The sports betting market has broadened dramatically throughout West Africa in the last few years. The region is roughly divided between a mainly Muslim north and a mainly Christian south.

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

Nigeria’s crippling economic crisis has actually likewise indicated people want to risk a small amount in the hope of winning huge.

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

“These financial issues we are facing in Nigeria is God telling 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 sports betting 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 – frequently, such infringements 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 intake of alcohol were prohibited.