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Industry Players and Religious Police: The Fate of Sports Betting in Nigeria

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

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

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

Despite economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually prospered, attracting millions, particularly among the younger group facing high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an estimated yearly earnings of N730 billion. The federal government has actually not gone undetected by this development, sports betting which is thinking about regulatory procedures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches reveal industry regulative gaps.

Regardless of these difficulties, sports betting companies continue to grow through efficient organization models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually considerably added to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans various roles in the gaming and entertainment industry, consisting of operating at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he served 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 organization in the sports betting and video gaming sector, running through online, sports betting mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually because expanded its presence, sports betting achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that integrates relevant sports betting content, engaging features, and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and sports betting annual revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and assisted shape the market’s instructions. LiveScoreBet has attained significant 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 served as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online gaming market since 2000, holding various successful functions, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market existence and improve 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 distinguished herself as a senior sports betting executive with a track record of transforming start-ups into institutionalized organizations. Her competence covers the gaming, property, and credit loaning markets, where he has actually established himself as a tactical and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational strategies and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN offers 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 business, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a totally functional website, sports betting setting a standard in the industry.

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, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, sports betting including Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering options and an easy to use 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, sports betting Ukanwoke has collaborated with African socio-economic organizations and governments to design developmental policies targeted at empowering young people. 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 sports betting Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and 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, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, 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, bulk shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually because grown into one of the world’s largest online gambling business.

By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed substantial 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 alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates financial investment returns and offers special financial investment insights and options to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business’s development through partnerships, company strategy, sports betting and brand-new business advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and customer experience, sports betting and sports betting Country Manager at 22BET, sports betting concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held numerous digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 sports betting a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting wagering, casino games, and live dealership games. It was launched in 2017 and is owned and 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 casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a global sports betting and real-money gaming operator known for an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a considerable 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 advocate for the growing African internet community. His financial investments show his dedication to cultivating innovation and advancement within the area.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to interfere with the sports betting market.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of cutting-edge technology and a commitment to responsible sports betting to change the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, sports betting especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and professional team will enable it to scale and control the marketplace rapidly.

Islamic authorities raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting stores, which they say are running unlawfully.

“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.

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

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

However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gaming, 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 secular law.

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

However, the present crackdown is concentrated on Muslim locations of Kano, a sprawling city and sports betting the financial hub of northern Nigeria.

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

Mr Aminudeen stated such bookies had had the ability to operate under the radar as they had actually opened under false pretenses.

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

The sports betting industry has expanded significantly across West Africa in recent years. The region is approximately divided between a generally Muslim north and a primarily Christian south.

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

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

But this had actually led to extensive dependency, and parents were even complaining that kids were dropping out of school to bet, sports betting Mr Aminudeen said.

“These financial problems we are dealing with in Nigeria is God informing us to change our methods by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, thought about 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 shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would face – often, such infringements carry a fine.

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