Northern Raids, South Disruption: Nigeria’s Sports Betting Industry in Transition

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

sports betting has evolved considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting 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.

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

Despite financial difficulties such as inflation, Nigeria’s sports betting sector has actually grown, attracting millions, particularly amongst the youthful group facing high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates an estimated annual income of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulatory steps like excise tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite difficulties in enforcement. Problems such as inadequate age verification and sports betting marketing guideline breaches reveal industry regulative spaces.

Despite these challenges, sports betting business continue to flourish through reliable service designs and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have substantially added to Nigeria’s $2 billion gaming empire through their comprehensive 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 career covers different roles in the video gaming and entertainment industry, including working at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he worked 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 turned into a leading e-commerce organization in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually because broadened its existence, attaining over 5,000 downloads 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 totally integrated environment that integrates relevant sports betting content, engaging functions, and sports betting a first-rate sportsbook.

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

Sam’s management and sports betting strategic vision have moved LiveScore Group’s success and assisted shape the market’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 designated CEO of Betway in November 2017, having previously worked as the business’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 numerous successful functions, sports betting including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market presence and sports betting enhance its offerings. The company’s app has actually gathered substantial user engagement, sports betting 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 services. Her competence spans the gaming, realty, and credit lending markets, where he has actually developed himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Since June 2019, she has actually functioned as Managing Director and has actually supervised 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 functional strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer instructional 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, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a totally practical website, 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and sports betting the world. The company operates in more than 50 countries, consisting of Nigeria, where it is completely accredited.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of sports betting 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 ventures, Ukanwoke has collaborated with African socio-economic organizations and governments to create 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 released 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 actually quickly grown its existence in Nigeria, with outlets in major cities and 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 tasks, the number of which is increasing each year. In the very 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, sports betting bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually since grown into among the world’s largest online sports betting companies.

By 2016, Bet365 produced $2 billion in incomes and sports betting facilitated $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually 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 sports betting co-founder of Bet9ja, a leading sports betting company in Nigeria, established alongside business person 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 possession management business that generates investment returns and provides unique financial investment insights and options to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the business’s growth through partnerships, sports betting organization strategy, and brand-new service advancement.

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

His profession started at Jumia Group, where he operated in SEO, CRM, and sports betting content management. Fikayo likewise worked 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 sports betting platform that uses sports betting, casino video games, and live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable gamer in the market, with over 1 million downloads on the Google Play Store.

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

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage innovative technology and a commitment to responsible gambling to revolutionise the sector.

Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent’s largest and most innovative sports betting wagering platform.

At a press rundown, the company’s spokesperson, Akin Babatunde, said that the increase 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 betting stores in northern Nigeria

Islamic cops in city of Kano have actually started closing down sports betting wagering shops, which they say are running unlawfully.

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, sports betting told the BBC.

Problems from neighborhood leaders and moms and dads triggered the crackdown, stressed over the growing variety 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, sports betting the Sharia officer stated.

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

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

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

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

sports betting wagering stores can be found all over the city. Many have television screens, and consumers watch the result of international football matches or sports betting horse races on which they have staked cash.

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

“They don’t have licences to run as they were allowed to run video games centres, which they later on transformed to wagering stores,” he stated.

The sports betting wagering market has broadened dramatically across West Africa in the last few years. The region is approximately divided between a primarily Muslim north and sports betting a predominantly Christian south.

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

Nigeria’s crippling economic crisis has actually likewise suggested people are willing to risk a small amount in the hope of winning huge.

But this had actually resulted in widespread dependency, and moms and sports betting dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

“These economic concerns we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he stated.

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

It is uncertain what punishment they would face – typically, such infringements carry a fine.

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