Big Stakes and Religious Laws: Nigeria’s Sports Betting Sector at a Turning Point

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

Gambling has developed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

Gradually, with increased web access came virtual wagering, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has grown, attracting millions, especially among the younger demographic dealing with high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates an approximated annual earnings of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative procedures like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite difficulties in enforcement. Problems such as inadequate age confirmation and marketing rule breaches show market regulatory gaps.

In spite of these challenges, sports betting wagering companies continue to prosper through reliable organization designs and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria’s $2 billion gambling 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 profession covers various functions in the video gaming and entertainment industry, including operating at one of 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, sports betting Wales. Surebet247, sports betting founded in August 2011, has actually grown into a leading e-commerce business in the sports betting and gaming sector, running through online, sports betting mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 2006, and has actually considering that expanded its presence, achieving over 5,000 on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that integrates relevant sports betting content, engaging features, and a world-class sportsbook.

Considering that taking the helm just before the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s worker headcount has increased by 29%, and annual earnings has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has achieved 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 actually previously acted as the business’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding different effective roles, including General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market presence and sports betting boost its offerings. The company’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 distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her expertise covers the video gaming, property, and credit loaning industries, where he has actually developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually functioned as Managing Director and has managed the company’s development and operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. 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 creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully practical 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, sports betting a franchise of the global sports betting company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is totally certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a vast array of wagering options and sports betting 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 federal governments to develop developmental policies targeted 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually rapidly grown its presence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing each year. 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online wagering website and has since grown into among the world’s largest online sports betting business.

By 2016, Bet365 created $2 billion in profits and helped with $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has amassed significant 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, a leading sports betting wagering business in Nigeria, established alongside 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 creates investment returns and provides unique financial investment insights and solutions to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the company’s development through collaborations, company technique, and new service development.

Fikayo’s experience includes 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 strategy and budget management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and sports betting held different digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, sports betting 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 sports betting 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 sports betting platform that provides sports betting, gambling establishment games, and sports betting live dealership video games. It was released in 2017 and is owned and operated 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 casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.

SportyBet is a global sports betting wagering and real-money gaming operator known for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has become a significant player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments reflect his commitment to cultivating development and advancement within the region.

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

The firm is set to disrupt the sports wagering market.

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

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

At a press rundown, the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, sports betting has set the stage for Sunbet’s ambitious entry. He included that the company’s robust sponsorship and specialist group will allow it to scale and control the marketplace rapidly.

Islamic police raid wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started closing down sports betting shops, which they say are operating illegally.

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

Problems from neighborhood leaders and parents prompted the crackdown, fretted about the growing variety of gambling addicts, he said.

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

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

Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – together with secular law.

Bookmakers and bars tend to be allowed to run in Kano’s Christian areas, though they too can face 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 discovered all over the city. A lot of have tv screens, and sports betting customers view the outcome of worldwide football matches or horse races on which they have staked cash.

Mr Aminudeen stated 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 allowed to run video games centres, which they later transformed to sports betting stores,” he said.

The sports betting wagering industry has broadened drastically across West Africa recently. The region is approximately divided in between a generally Muslim north and a predominantly Christian south.

Many people go to bookmakers to enjoy the friendship of other bettors, sports betting though mobile apps are also popular for sports betting on the result of events and groups.

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

But this had caused prevalent dependency, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.

“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, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending those running those sports betting shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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