High Stakes and Religious Laws: Nigeria’s Sports Betting Industry at a Crossroads

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

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

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

Regardless of economic challenges such as inflation, Nigeria’s sports betting sector has actually thrived, attracting millions, particularly among the vibrant group facing high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates a projected annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, sports betting which is considering regulative steps like excise responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of obstacles in enforcement. Concerns such as insufficient age verification and advertising guideline breaches reveal industry regulative gaps.

Despite these challenges, sports betting companies continue to grow through reliable company models and sports betting aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in broadening audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually significantly contributed to Nigeria’s $2 billion sports betting empire through their extensive 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 diverse career covers various functions in the gaming and entertainment industry, consisting of working at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he functioned 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, sports betting Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce service in the sports betting and video gaming sector, operating through online, sports betting mobile, sports betting and retail channels. The business was integrated in Nigeria on November 7, 2006, and has given that broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated ecosystem that combines appropriate sports betting content, engaging features, and a first-rate sportsbook.

Given that taking the helm right before the pandemic, Sam has driven considerable development for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly revenue has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has 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 previously served as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding different effective roles, sports betting including General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market presence and sports betting 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 identified herself as a senior executive with a track record of changing start-ups into institutionalized organizations. Her know-how spans the video gaming, realty, and credit loaning industries, where he has established himself as a strategic and functional leader.

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

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

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

Akin Alabi, the founder 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 first to introduce a fully 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is completely licensed.

Under Babalola’s leadership, sports betting 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering 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 endeavors, Ukanwoke has worked together with African socio-economic organizations and governments to develop 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, established and sports betting launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing each 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, sports betting the founder, majority shareholder, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has because become one of the world’s largest online gambling business.

By 2016, Bet365 created $2 billion in revenues and assisted in $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 company in Nigeria, established together with entrepreneur Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates investment returns and uses special investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has actually been working as the Country Director sports betting for sports betting 22BET in Nigeria since June 2021. In this role, he has contributed to the company’s growth through partnerships, business technique, and new business development.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and sports betting customer experience, and sports betting Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.

His career began at Jumia Group, sports betting where he operated in SEO, CRM, and content management. Fikayo also acted 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that offers sports betting wagering, casino games, and live dealer games. It was introduced in 2017 and is owned and sports betting 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator understood for sports betting delivering an omni-channel entertainment experience in controlled emerging . Under Ramnani’s leadership, SportyBet has actually become a substantial gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet community. His investments show his dedication to fostering development and development within the area.

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

The company is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm intends to utilize advanced technology and sports betting a commitment to accountable sports betting to change the sector.

Backed by the financial power of four 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 briefing, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, sports betting and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and specialist team will enable it to scale and dominate the marketplace rapidly.

Islamic police raid betting shops in northern Nigeria

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

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

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

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

But Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on sports betting, sports betting those flouting the rules would be arrested.

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

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

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

Sports betting stores can be found all over the city. Most have television screens, sports betting and clients see the outcome of worldwide football matches or horse races on which they have staked cash.

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

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

The sports betting market has actually expanded significantly across West Africa in recent years. The area is approximately divided in between a generally Muslim north and sports betting a mainly Christian south.

Many people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for wagering on the outcome of events and groups.

Nigeria’s crippling recession has also suggested individuals are willing to risk a small amount in the hope of winning huge.

But this had actually resulted in extensive addiction, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

“These financial issues we are facing in Nigeria is God informing us to change our ways 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 encouraging those running those sports betting shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would deal with – often, such violations bring a fine.

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