Market Innovation Meets Religious Policing: Nigeria’s Sports Betting Industry at a Turning Point

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

Gaming has developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, sports betting swimming pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would wager as little as N50-N200 on matches.

Gradually, with increased internet gain access to came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and sports betting is predicted to nearly double to $182.02 billion by 2030.

In spite of economic challenges such as inflation, Nigeria’s sports betting sector has actually grown, drawing in millions, especially amongst the younger market facing high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates an estimated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative steps 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 in spite of challenges in enforcement. Problems such as insufficient age verification and marketing guideline breaches show industry regulative gaps.

In spite of these difficulties, sports betting wagering companies continue to grow through reliable service models and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital roles in broadening audience reach and sports betting driving market growth. Here are the CEOs of leading sports betting wagering companies who have substantially contributed to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans numerous roles in the gaming and show business, sports betting including operating 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 Bowling Club.

Olaniyan holds a BSc in Geography from the University of Ilorin and sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce organization in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has considering that expanded its existence, attaining 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, he became the CEO of LiveScore Group, a totally integrated community that integrates appropriate sports betting content, engaging functions, and a first-rate sportsbook.

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

Sam’s management and tactical vision have propelled LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has actually achieved major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, sports betting having actually formerly worked as the company’s Marketing and Operations Director sports betting because 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry given that 2000, holding different successful roles, sports betting including General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and sports betting improve its offerings. The company’s app has actually amassed 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 track record of transforming start-ups into institutionalized businesses. Her know-how spans the gaming, property, and credit lending markets, where he has actually established himself as a strategic and functional leader.

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

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

She established 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, finished in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a totally practical website, setting a criteria 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, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, sports betting offering a wide variety of sports betting alternatives and 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 Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and federal governments to create developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has quickly grown its existence 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 exact same year, MultiChoice broadcaster 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, sports betting majority investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually since turned into one of the world’s largest online gambling companies.

By 2016, Bet365 generated $2 billion in revenues and facilitated $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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, developed along with entrepreneur 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 possession management business that generates financial investment returns and uses special investment insights and services to both individual 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 management, Bet9ja has ended up being a significant player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the business’s growth through collaborations, service strategy, and sports betting new service development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, and Country Manager at 22BET, focusing on marketing method 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, sports betting CRM, and content management. Fikayo likewise served 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, sports betting and sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, casino games, and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a company signed up in Cyprus and sports betting 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 company he established in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial player 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 mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments show his commitment to fostering innovation and development within the area.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to interrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless 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 sports betting PwC, sports betting the firm aims to take advantage of advanced technology and sports betting a commitment to responsible gambling to revolutionise the sector.

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

At a press briefing, sports betting the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, sports betting specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and professional team will enable it to scale and sports betting dominate the market quickly.

Islamic authorities raid wagering shops in northern Nigeria

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

«As you know, wagering is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.

Grievances from neighborhood leaders and parents prompted the crackdown, sports betting fretted about the growing number of gambling addicts, he stated.

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

But Mr Aminudeen warned 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 operates the Islamic legal system – Sharia – together with secular law.

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

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

Sports betting shops can be found all over the city. Many have tv screens, and consumers see the outcome of global football matches or horse races on which they have staked money.

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

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

The sports betting wagering market has expanded 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 bookmakers to delight in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and teams.

Nigeria’s debilitating economic crisis has likewise suggested people are willing to run the risk of a small amount in the hope of winning big.

But this had actually resulted in prevalent addiction, sports betting and parents 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 telling us to alter 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 stores to either shut down or we’ll jail them and take them to [a Sharia] court,» Mr Aminudeen stated.

It is uncertain what penalty they would face – often, sports betting such infringements 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 usage of alcohol were banned.