North Crackdowns, Southern Disruption: Nigeria’s Sports Betting Industry in Transformation

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

Gambling has evolved significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would wager as low as N50-N200 on matches.

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

In spite of financial challenges such as inflation, Nigeria’s sports betting sector has actually flourished, drawing in millions, sports betting specifically amongst the vibrant group dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces an approximated yearly profits of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulatory procedures like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite challenges in enforcement. Issues such as insufficient age verification and marketing guideline breaches reveal market regulatory spaces.

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

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually substantially contributed to Nigeria’s $2 billion gambling empire through their extensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans different roles in the video gaming and entertainment industry, including operating at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he acted 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 service in the sports betting and video gaming sector, sports betting operating through online, sports betting mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 2006, and sports betting has actually since expanded its presence, sports betting accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 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 totally integrated environment that integrates pertinent sports betting material, engaging features, and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has driven substantial development for LiveScore Group. The company’s staff member headcount has increased by 29%, and annual income has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has attained 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 worked as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online video gaming industry considering that 2000, holding numerous successful functions, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and boost its offerings. The business’s app has actually garnered 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 competence spans the gaming, property, and sports betting credit loaning industries, where he has actually established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has worked as Managing Director and has supervised the business’s growth and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN offers frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.

Akin Alabi, the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a fully functional site, setting a benchmark 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 company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of sports betting 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 Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic institutions and governments to develop 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, established and released in Nigeria on February 22, 2018, sports betting 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 quickly grown its existence in Nigeria, with outlets in and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing yearly. In the 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, the founder, majority shareholder, sports betting and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has given that turned into among the world’s largest online sports betting companies.

By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has garnered considerable user engagement, sports betting 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, sports betting a leading sports betting company in Nigeria, established alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that produces financial investment returns and offers unique financial investment insights and options to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a substantial player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually 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 development through partnerships, company strategy, and brand-new organization advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and client experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo also functioned 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 gambling platform that provides sports betting, gambling establishment video games, and live dealership games. It was launched 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 worldwide sports betting and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a significant player in the market, sports betting 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 supporter for the growing African internet environment. His financial investments reflect his dedication to fostering development and advancement within the area.

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

The company is set to interrupt the sports betting market.

Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of innovative technology and a commitment to responsible sports betting to change the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, sports betting mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, sports betting has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and specialist group will enable it to scale and control the marketplace quickly.

Islamic authorities raid wagering stores in northern Nigeria

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

Problems from community leaders and moms and dads prompted the crackdown, fretted about the growing number of sports betting addicts, he said.

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

But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be detained.

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

Bookies and bars tend to be permitted to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.

Sports betting stores can be found all over the city. The majority of have tv screens, and clients enjoy the result of worldwide football matches or horse races on which they have actually staked money.

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

“They don’t have licences to operate as they were permitted to run video games centres, which they later converted to sports betting stores,” he stated.

The sports betting wagering market has actually broadened significantly across West Africa in the last few years. The area is roughly divided in between a generally Muslim north and a predominantly Christian south.

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

Nigeria’s debilitating economic crisis has likewise indicated individuals are willing to run the risk of a small amount in the hope of winning huge.

However this had led to prevalent dependency, and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen stated.

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

The raids on Tuesday concentrated 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 shut down or we’ll apprehend 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 presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gaming and the consumption of alcohol were banned.