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

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

sports betting has actually progressed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

Slowly, with increased internet gain access to 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.

Regardless of financial difficulties such as inflation, Nigeria’s sports betting sector has thrived, drawing in millions, specifically among the younger market facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces an estimated annual income of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative steps like import tax duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of challenges in enforcement. Issues such as insufficient age verification and marketing rule breaches show industry regulative gaps.

Despite these difficulties, sports betting wagering companies continue to flourish through efficient business designs and sports betting aggressive marketing techniques, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have substantially added to Nigeria’s $2 billion gaming 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 numerous functions in the gaming and sports betting entertainment industry, including operating at one of the United Kingdom’s largest video 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, has actually grown into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually considering that broadened its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a completely integrated community that combines pertinent sports betting content, engaging features, and a first-rate sportsbook.

Given that taking the helm right before the pandemic, Sam has actually driven considerable development for LiveScore Group. The company’s worker headcount has actually increased by 29%, and yearly income has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and sports betting helped shape the market’s direction. LiveScoreBet has actually achieved 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 formerly acted as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry given that 2000, holding different effective functions, including General of a data analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market existence and improve its offerings. The business’s app has actually garnered 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 executive with a performance history of changing start-ups into institutionalized organizations. Her knowledge covers the gaming, real estate, and credit lending industries, sports betting where he has actually developed himself as a strategic and sports betting operational leader.

Damilare has been instrumental in NairaBET’s success for sports betting over 14 years. Considering that June 2019, she has actually functioned as Managing Director and has overseen the company’s growth and operations in Lagos, Nigeria.

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

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

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a vast array 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 ventures, Ukanwoke has actually worked together with African socio-economic institutions and sports betting federal 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company 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 partnership with the Lagos Employment Trust Fund, sports betting producing over 100,000 jobs, the number of which is increasing each year. In the very 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 shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has given that become one of the world’s biggest online sports betting business.

By 2016, Bet365 created $2 billion in earnings and helped with $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 company in Nigeria, sports betting developed along with business owner Kunle Soname, who also 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 offers distinct financial investment insights and options 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 management, Bet9ja has become a significant player in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the business’s growth through partnerships, service method, and new business advancement.

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

His career started at Jumia Group, sports betting 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting, casino games, and live dealer video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business 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 a global sports betting wagering and sports betting real-money gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a substantial player 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 ecosystem. His financial investments reflect his commitment to cultivating innovation and development within the area.

On April 30, 2024, Sudeep Ramnani invested in 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 concentrated on changing how countless Africans engage with sports betting. In a market 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 aims to take advantage of innovative innovation and a commitment to accountable gaming to change the sector.

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

At a press instruction, the business’s representative, sports betting Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for sports betting Sunbet’s ambitious entry. He added that the company’s robust sponsorship and specialist team will allow it to scale and control the market rapidly.

Islamic police 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 say are running unlawfully.

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

Problems from neighborhood leaders and sports betting parents prompted the crackdown, worried about the growing variety of gambling addicts, he stated.

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

However Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gaming, sports betting those flouting the guidelines would be detained.

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

Bookmakers and 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.

Nevertheless, the present crackdown is focused on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.

sports betting wagering stores can be found all over the city. A lot of have tv screens, and consumers view the result of international football matches or horse races on which they have staked money.

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

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

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

Many individuals go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the result of events and groups.

Nigeria’s crippling recession has likewise indicated individuals want to run the risk of a small amount in the hope of winning big.

But this had resulted in widespread dependency, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.

“These financial problems we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he stated.

The raids on Tuesday focused on Munjibir, considered 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 arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would deal with – often, such violations carry a fine.

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