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

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

Gaming has actually progressed significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would bet just N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually flourished, sports betting attracting millions, particularly amongst the vibrant market dealing with high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates an approximated annual income of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory measures like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite difficulties in enforcement. Problems such as inadequate age verification and advertising rule breaches show market regulative gaps.

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

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

Constable 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 different roles in the gaming and show business, consisting of operating at one of the United Kingdom’s biggest 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, Wales. Surebet247, founded in August 2011, sports betting has actually turned into a leading e-commerce company in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually since expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

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

Since 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 profits has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually moved LiveScore Group’s success and assisted form the industry’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 because 2015. He joined Betway in 2013 and has actually been in the online video gaming market considering that 2000, holding different effective roles, including General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, sports betting Betway has actually continued to grow its market existence 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 organizations. Her proficiency spans the video gaming, property, and credit lending markets, 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. Because June 2019, she has actually served as Managing Director and has actually managed the business’s growth and operations in Lagos, sports betting Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s functional strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN supplies frHer instructional 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 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 totally functional site, sports betting 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed 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, where it is completely certified.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering alternatives and 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic organizations and sports betting federal governments to develop 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 sports betting 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 company has quickly grown its existence in Nigeria, with outlets in significant 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, creating over 100,000 jobs, the number of which is increasing yearly. In the exact same year, 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, the creator, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually considering that become among the world’s largest online sports betting companies.

By 2016, Bet365 produced $2 billion in revenues 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, sports betting a leading sports betting company in Nigeria, developed together with business owner Kunle Soname, who likewise 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 creates investment returns and uses distinct financial investment insights and services to both private 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 management, Bet9ja has ended up being a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

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

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

His career started at Jumia Group, where he worked 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 sports betting 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 dealer video games. It was released in 2017 and is owned and 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 and sports betting 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 wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a substantial 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 financier in fintech and mobile payments and a strong supporter for the growing African web community. His investments reflect his dedication to cultivating 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 disrupt the sports betting industry.

Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, sports betting the company aims to take advantage of innovative innovation and a dedication to accountable sports betting to revolutionise the sector.

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

At a press rundown, the company’s representative, sports betting Akin Babatunde, stated that the rise in Internet penetration, mobile usage, 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 sponsorship and expert group will enable it to scale and sports betting dominate the marketplace quickly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun shutting down sports betting wagering shops, which they say are operating illegally.

“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.

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

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

However Mr Aminudeen cautioned that now that the general 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 bulk Muslim population and operates the Islamic legal system – Sharia – alongside 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 believes Muslims are frequenting them.

Nevertheless, the present crackdown is focused on Muslim areas of Kano, sports betting a sprawling city and sports betting the financial center of northern Nigeria.

Sports betting stores can be discovered all over the city. Most have television screens, and clients enjoy the outcome of worldwide football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookies had actually been able to run under the radar as they had opened under false pretences.

“They do not have licences to operate as they were allowed to run video games centres, which they later converted to wagering shops,” he stated.

The sports betting market has expanded considerably across West Africa recently. The region is approximately divided in between a primarily Muslim north and a primarily Christian south.

Many people go to bookmakers to delight in the sociability of other bettors, though mobile apps are also popular for wagering on the result of events and groups.

Nigeria’s crippling economic crisis has likewise suggested people are willing to run the risk of a percentage in the hope of winning big.

But this had led to widespread dependency, and moms and dads were even complaining that children were leaving of school to gamble, Mr Aminudeen stated.

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

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 detain them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – typically, sports betting such infringements bring a fine.

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