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

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

Gambling has actually evolved significantly in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

In spite of financial challenges such as inflation, Nigeria’s sports betting wagering sector has thrived, bring in millions, especially amongst the youthful demographic dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces an approximated yearly revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory procedures like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of obstacles in enforcement. Issues such as insufficient age verification and advertising guideline breaches show market regulative spaces.

Despite these obstacles, sports betting business continue to grow through reliable business models and aggressive marketing methods, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria’s $2 billion gaming empire through their substantial audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans different roles in the video gaming and entertainment industry, including operating at one of the United Kingdom’s biggest video gaming centres, 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, sports betting Wales. Surebet247, founded in August 2011, has actually 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 integrated in Nigeria on November 7, 2006, and has actually since expanded its existence, achieving 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 ecosystem that combines pertinent sports betting content, engaging functions, and sports betting a world-class sportsbook.

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

Sam’s leadership and strategic vision have moved LiveScore Group’s success and assisted form the industry’s instructions. 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 actually previously worked as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has been in the online video gaming market considering that 2000, sports betting holding various effective roles, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and boost its offerings. The business’s app has actually garnered significant user engagement, 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 changing start-ups into institutionalized companies. Her knowledge spans the gaming, sports betting realty, and credit lending markets, where he has actually established himself as a tactical and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has acted as Managing Director and has supervised the business’s development and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting completed 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 platform in Nigeria, it was the very first to release a fully 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 international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a large range of sports betting choices 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, sports betting Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and governments to develop developmental policies focused on 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, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually quickly grown its presence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing 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, sports betting the creator, 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 wagering site and has considering that grown into one of the world’s biggest online sports betting companies.

By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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 businessman 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 business that produces financial investment returns and offers unique financial investment insights and services to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually added to the business’s growth through collaborations, organization strategy, and new business development.

Fikayo’s experience includes such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and sports betting Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous 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 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that uses sports betting, casino video games, and sports betting live dealership video games. It was released in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, a business registered in Cyprus and sports betting 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 business he developed in 2013.

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

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web community. His financial investments show his commitment to promoting innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani purchased 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 millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize advanced technology and a commitment to responsible gaming to revolutionise the sector.

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

At a press rundown, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and specialist group will enable it to scale and control the market quickly.

Islamic police raid betting shops in northern Nigeria

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

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

Problems from neighborhood leaders and parents triggered the crackdown, fretted about the growing variety of sports betting addicts, he said.

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

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

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

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

However, the current crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

Sports betting stores can be found all over the city. A lot of have tv screens, and consumers see the outcome of worldwide football matches or sports betting horse races on which they have staked cash.

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

“They do not have licences to operate as they were allowed to run video games centres, which they later on transformed to sports betting stores,” he said.

The sports betting wagering industry has expanded dramatically across West Africa in recent years. The area is approximately divided between a mainly Muslim north and sports betting a primarily Christian south.

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

Nigeria’s debilitating economic crisis has likewise meant individuals are willing to run the risk of a percentage in the hope of winning huge.

But this had led to extensive addiction, and moms and dads were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.

“These financial problems we are facing in Nigeria is God telling us to change our ways 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 encouraging those running those sports betting stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would deal with – typically, such infringements 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 prohibited.