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

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

sports betting has actually developed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would wager as low as N50-N200 on matches.

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

In spite of economic difficulties such as inflation, Nigeria’s sports betting wagering sector has actually thrived, bring in millions, particularly amongst the vibrant market facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces an approximated annual revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like import tax duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Issues such as inadequate age verification and advertising guideline breaches reveal industry regulative gaps.

Regardless of these obstacles, sports betting business continue to flourish through reliable organization models and aggressive marketing techniques, leveraging the developer influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have actually considerably contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Sheriff 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 profession covers numerous functions in the video gaming and sports betting entertainment industry, including operating at one of the United Kingdom’s largest gaming centres, sports betting 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, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce service in the wagering and gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has because broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated environment that combines appropriate sports betting material, engaging functions, sports betting and a first-rate sportsbook.

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

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and sports betting helped form the industry’s direction. LiveScoreBet has actually accomplished 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 formerly functioned as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online video gaming market considering that 2000, holding various effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its and boost its offerings. The business’s app has actually gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her expertise spans the video gaming, realty, and credit loaning industries, where he has actually developed himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, sports betting she has actually served as Managing Director and has managed the business’s growth and sports betting 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 established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. 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 creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a totally functional website, setting a criteria 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 international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 countries, sports betting consisting of Nigeria, sports betting where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a large range of sports betting alternatives 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic institutions and governments to develop developmental policies aimed at empowering young people. In 2015, 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, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has quickly grown its presence in Nigeria, with outlets in significant 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, creating over 100,000 tasks, the number of which is increasing yearly. In the exact same year, sports betting 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, sports betting the founder, bulk shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and sports betting has actually because grown into among the world’s biggest online gaming companies.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered significant 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 wagering business in Nigeria, established together with businessman Kunle Soname, who likewise 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 sports betting services to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the business’s development through partnerships, organization method, and new business advancement.

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

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 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 provides sports betting, sports betting gambling establishment games, and live dealer games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a company signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are also 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 business he established in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, 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, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His financial investments reflect his commitment to fostering innovation and advancement within the region.

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

The firm is set to interrupt the sports betting market.

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

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

At a press instruction, the business’s spokesperson, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile usage, and sports betting the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and professional team will allow it to scale and dominate the marketplace rapidly.

Islamic police raid wagering shops in northern Nigeria

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

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

Grievances from community leaders and moms and dads prompted 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, and their owners were sent out home with a caution, the Sharia officer stated.

But Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – along with nonreligious law.

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

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

sports betting wagering stores can be found all over the city. Many have tv screens, and clients enjoy the outcome of international football matches or horse races on which they have actually staked money.

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

“They do not have licences to operate as they were permitted to run video games centres, which they later converted to sports betting stores,” he stated.

The sports betting market has expanded drastically across West Africa recently. The region is roughly divided between a primarily Muslim north and a mainly Christian south.

Many individuals go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for sports betting wagering on the result of events and teams.

Nigeria’s crippling recession has actually also implied individuals want to run the risk of a percentage in the hope of winning big.

But this had caused prevalent addiction, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

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

The raids on Tuesday concentrated on Munjibir, considered 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 closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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