Northern Crackdowns, South Disruption: Nigeria’s Sports Betting Industry in Transformation

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

Gambling has actually evolved significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing 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 just N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has prospered, drawing in millions, particularly amongst the vibrant demographic facing high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates an approximated annual income of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory steps like excise duties and VAT boosts 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. Issues such as inadequate age confirmation and advertising guideline breaches show industry regulatory spaces.

Regardless of these challenges, sports betting wagering companies continue to prosper through effective company designs and aggressive marketing methods, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital roles in broadening audience reach and sports betting driving market growth. Here are the CEOs of leading sports betting companies who have considerably contributed to Nigeria’s $2 billion gambling empire through their comprehensive 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 diverse profession covers various in the gaming and entertainment industry, consisting of working at among the United Kingdom’s largest video 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce company in the sports betting and sports betting video gaming sector, operating through online, sports betting mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has given that expanded its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated environment that combines appropriate sports betting material, sports betting engaging features, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and annual revenue has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and sports betting helped shape the market’s instructions. 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 actually previously acted as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry because 2000, holding different effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market presence and 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 distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her competence spans the video gaming, realty, and credit lending markets, where he has developed himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has worked 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, critical in the business’s operational methods and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch 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 global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is totally accredited.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting choices 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 sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and sports betting 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 launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has quickly grown its presence in Nigeria, 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, producing over 100,000 tasks, the number of which is increasing yearly. 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 founder, bulk investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually given that become among the world’s biggest online gambling companies.

By 2016, Bet365 generated $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 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 business in Nigeria, developed alongside business person Kunle Soname, sports betting 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 unique investment insights and services to both individual and institutional customers.

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 leadership, Bet9ja has actually ended up being a significant player in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually contributed to the business’s growth through collaborations, organization strategy, and sports betting brand-new business development.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product development and client experience, and Country Manager at 22BET, concentrating on marketing method and sports betting budget 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 began at Jumia Group, where he worked in SEO, CRM, 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 sports betting platform that offers sports betting wagering, gambling establishment games, and live dealer games. It was introduced in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, sports betting a business 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 company he developed in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually become a significant player in the market, sports betting with over 1 million downloads on the Google Play Store.

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

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

The firm is set to interrupt 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 yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of advanced innovation and a commitment to responsible gaming to revolutionise the sector.

Backed by the financial power of four prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, sports betting intends to be the continent’s biggest 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 enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and specialist group will allow it to scale and dominate the market quickly.

Islamic cops raid wagering shops in northern Nigeria

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

«As you understand, sports betting is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, sports betting informed the BBC.

Problems from neighborhood leaders and parents prompted the crackdown, sports betting worried about the growing number of gambling addicts, he stated.

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

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

Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting runs the Islamic legal system – Sharia – alongside secular law.

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

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

sports betting wagering shops can be discovered all over the city. Many have television screens, and customers view the result of international football matches or horse races on which they have staked cash.

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

«They don’t have licences to run as they were allowed to run computer game centres, which they later on converted to sports betting stores,» he said.

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

Many individuals go to bookmakers to delight in the sociability of other bettors, though mobile apps are likewise popular for sports betting wagering on the outcome of events and groups.

Nigeria’s crippling economic crisis has likewise suggested individuals want to run the risk of a small amount in the hope of winning huge.

However this had resulted in widespread addiction, and sports betting parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen said.

«These economic concerns we are facing in Nigeria is God informing us to change our methods by stopping sins,» he stated.

The raids on Tuesday focused on Munjibir, 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 shut down or we’ll jail them and take them to [a Sharia] court,» Mr Aminudeen stated.

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

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