Market Innovation Meets Religious Policing: Nigeria’s Sports Betting Industry at a Crossroads

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

sports betting has actually progressed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

Slowly, 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 is forecasted to almost double to $182.02 billion by 2030.

Regardless of financial obstacles such as inflation, Nigeria’s sports betting wagering sector sports betting has flourished, drawing in millions, specifically among the youthful market dealing with high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an approximated annual earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory steps like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of challenges in enforcement. Problems such as inadequate age verification and marketing rule breaches show market regulatory gaps.

In spite of these difficulties, sports betting companies continue to thrive through effective service models and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial functions in broadening audience reach and growth. Here are the CEOs of leading sports betting business who have considerably contributed to Nigeria’s $2 billion sports betting empire through their extensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers different roles in the gaming and entertainment industry, including working at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he functioned 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 turned into a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has since expanded its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a totally integrated ecosystem that integrates pertinent sports betting content, engaging functions, and sports betting a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven significant development for LiveScore Group. The company’s employee headcount has increased by 29%, and yearly income has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually moved LiveScore Group’s success and assisted shape the industry’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, sports betting having actually formerly functioned as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has remained in the online gaming market since 2000, holding various effective roles, sports betting including General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and boost its offerings. The company’s app has actually gathered substantial 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 performance history of changing start-ups into institutionalized organizations. Her knowledge covers the video gaming, real estate, and credit loaning industries, 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 functioned as Managing Director and has actually managed the business’s development and operations in Lagos, sports betting Nigeria.

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

She founded 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, finished in 2005.

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

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together 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, founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually 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 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 gaming company she established in 2000. Bet365.com was released in 2001 as an online wagering website and has actually considering that become one of the world’s biggest online gaming companies.

By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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 wagering company in Nigeria, sports betting established alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that generates investment returns and uses distinct investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, sports betting he has actually contributed to the company’s growth through partnerships, service strategy, and new company advancement.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and 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 profession 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 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, sports betting Benin Republic.

22Bet is an online gaming platform that provides sports betting wagering, gambling establishment games, and sports betting live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company registered 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 company he established in 2013.

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

In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His investments reflect his commitment to cultivating development and advancement within the area.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.

The company is set to interrupt the sports betting industry.

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 annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage advanced technology and a commitment to responsible sports betting to change the sector.

Backed by the financial power of 4 prominent African billionaires, sports betting 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 briefing, sports betting the company’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for sports betting Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and professional team will enable it to scale and sports betting dominate the market quickly.

Islamic authorities raid betting shops in northern Nigeria

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

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

Grievances from community leaders and parents prompted the crackdown, fretted about the growing variety of sports betting addicts, sports betting he stated.

On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent home with a warning, sports betting the Sharia officer stated.

But Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.

Kano city is the capital of Kano state, which has a majority Muslim population and sports betting runs the Islamic legal system – Sharia – along with 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 thinks Muslims are frequenting them.

Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.

Sports betting stores can be found all over the city. The majority of have tv screens, and consumers view the result of worldwide football matches or horse races on which they have actually staked cash.

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

“They do not 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 wagering market has actually expanded considerably across West Africa in the last few years. The area is roughly divided between a generally Muslim north and a predominantly Christian south.

Many people go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the outcome of events and sports betting teams.

Nigeria’s crippling economic crisis has actually likewise implied people are willing to run the risk of a small amount in the hope of winning big.

But this had actually caused prevalent addiction, and sports betting parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“These economic concerns we are facing in Nigeria is God telling us to alter 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 shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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