North Raids, Southern Disruption: Nigeria’s Sports Betting Industry in Transition

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

Gambling has actually developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

Slowly, with increased internet access came virtual sports betting, which parallels global patterns. 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 obstacles such as inflation, Nigeria’s sports betting sector has actually prospered, bring in millions, particularly amongst the youthful demographic facing high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates a projected yearly profits of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory measures like import tax duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Problems such as inadequate age confirmation and advertising rule breaches show market regulatory gaps.

Despite these obstacles, sports betting companies continue to thrive through efficient service models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have significantly added to Nigeria’s $2 billion sports betting empire through their substantial 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 profession spans different roles in the video gaming and show business, including operating at among the United Kingdom’s largest 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, has actually turned into a leading e-commerce company in the wagering and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has because 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that combines appropriate sports betting material, engaging functions, and a first-rate sportsbook.

Since taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual revenue has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and helped shape 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, having actually formerly acted as the business’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually been in the online gaming market since 2000, holding numerous successful functions, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market presence and enhance its offerings. The business’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 distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her know-how spans the video gaming, real estate, and credit loaning industries, where he has developed himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, she has actually served as Managing Director and has actually supervised the company’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 functional strategies and market expansion.

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

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering choices and an user-friendly 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, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and governments to create developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs 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 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, creating over 100,000 tasks, the variety of which is increasing every year. In the exact 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, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and sports betting has actually considering that grown into among the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in profits and facilitated $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered considerable 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 likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that generates investment returns and uses distinct financial investment insights and solutions to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and consumer experience, and Country Manager at 22BET, concentrating 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 started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 wagering, gambling establishment video games, and live dealer games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up 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 gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under leadership, SportyBet has become a substantial gamer in the industry, 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 supporter for the growing African internet community. His financial investments reflect his dedication to promoting development and advancement within the area.

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

The company is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry 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 company aims to leverage innovative innovation and a dedication to responsible sports betting to change the sector.

Backed by the monetary 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 ingenious sports betting platform.

At a press rundown, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will allow it to scale and control the marketplace quickly.

Islamic police raid wagering stores in northern Nigeria

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

“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.

Complaints from community leaders and moms and dads triggered the crackdown, worried about the growing number of gambling addicts, he said.

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

But Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be apprehended.

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

Bookmakers and bars tend to be allowed to run 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 locations of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering shops can be found all over the city. Most have tv screens, and customers see the result of global football matches or horse races on which they have staked cash.

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

“They don’t have licences to run as they were allowed to run computer game centres, which they later transformed to sports betting shops,” he said.

The sports betting industry has broadened significantly throughout West Africa over the last few years. The area is roughly divided between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookmakers to delight in the sociability of other gamblers, though mobile apps are also popular for sports betting on the result of events and groups.

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

However this had resulted in prevalent addiction, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

“These economic concerns we are facing in Nigeria is God telling us to change our methods by stopping sins,” he said.

The raids on Tuesday focused on Munjibir, thought about 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 detain them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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