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

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

sports betting has progressed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting sector sports betting has actually grown, bring in millions, specifically amongst the younger demographic dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an estimated yearly income of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulatory steps like excise duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of obstacles in enforcement. Issues such as insufficient age confirmation and advertising rule breaches reveal market regulative spaces.

In spite of these challenges, sports betting business continue to prosper through effective service models and aggressive marketing strategies, sports betting 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 growth. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria’s $2 billion gaming empire through their substantial audience reach.

Sheriff 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 career spans various functions in the video gaming and entertainment industry, including working at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he acted as the Lead Engineer in a Bingo and sports betting 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, sports betting founded in August 2011, has become a leading e-commerce service in the sports betting and gaming sector, sports betting running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually considering that broadened its presence, accomplishing 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 became the CEO of LiveScore Group, a completely incorporated environment that combines relevant sports betting material, engaging features, sports betting and a world-class sportsbook.

Since taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The business’s worker headcount has increased by 29%, and yearly profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have propelled LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has accomplished significant 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 formerly worked as the company’s Marketing and Operations Director sports betting considering that 2015. He joined Betway in 2013 and has actually been in the online video gaming industry given that 2000, holding numerous successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market presence and improve its offerings. The business’s app has garnered considerable 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 track record of transforming start-ups into institutionalized companies. Her proficiency covers the gaming, property, and credit loaning markets, where he has developed himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for sports betting over 14 years. Because June 2019, sports betting she has actually acted as Managing Director and has supervised the company’s growth and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer educational background consists of 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 business, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a completely functional site, 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 company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is fully certified.

Under Babalola’s management, sports betting 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of 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 ventures, Ukanwoke has actually teamed up with African socio-economic organizations and federal governments to develop developmental policies targeted at empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and launched in Nigeria on February 22, sports betting 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 presence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing annually. 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, the creator, majority shareholder, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually considering that become among the world’s largest online sports betting companies.

By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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 company in Nigeria, developed together 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 asset management company that generates investment returns and offers special investment insights and solutions to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually added to the business’s growth through collaborations, business strategy, and new service advancement.

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, focusing on marketing strategy and budget 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 began at Jumia Group, where he operated in SEO, sports betting CRM, sports betting 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, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, casino games, and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 a worldwide sports betting wagering and real-money video gaming operator understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being 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 sports betting a strong advocate for the growing African internet environment. His investments show his commitment to cultivating development and advancement 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 interrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on changing 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 intends to utilize innovative innovation and a dedication to accountable gaming to change the sector.

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

At a press instruction, sports betting the company’s spokesperson, Akin Babatunde, sports betting stated that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, sports betting has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and specialist team will enable it to scale and control the marketplace rapidly.

Islamic authorities raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting wagering stores, which they say are running unlawfully.

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

Complaints from neighborhood leaders and moms and dads triggered the crackdown, stressed over the growing variety of gambling addicts, sports betting he said.

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

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gaming, 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 – along with secular law.

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

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

sports betting wagering stores can be discovered all over the city. A lot of have television screens, and consumers enjoy the outcome of international football matches or horse races on which they have actually 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 allowed to run computer game centres, which they later on converted to wagering stores,” he said.

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

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

Nigeria’s debilitating economic crisis has actually likewise indicated individuals want to risk a percentage in the hope of winning big.

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

“These financial concerns we are facing in Nigeria is God informing us to alter our ways by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, sports betting considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am advising those running those wagering stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would face – often, such infringements bring a fine.

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