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

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

sports betting has actually developed substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

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

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates a projected yearly profits of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative measures like import tax tasks and VAT increases to handle the sector.

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

Despite these difficulties, sports betting companies continue to thrive through reliable organization models and sports betting aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually substantially contributed to Nigeria’s $2 billion gambling empire through their substantial 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 varied career spans various functions 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 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 company in the wagering and gaming sector, running through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually given that expanded its presence, 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 incorporated environment that combines pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Considering that taking the helm right before the pandemic, Sam has driven substantial development for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and yearly income has 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 direction. LiveScoreBet has attained 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 acted as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has remained in the online gaming industry since 2000, holding numerous successful roles, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s management, sports betting Betway has actually continued to grow its market presence and sports betting improve its offerings. The company’s app has actually gathered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her knowledge covers the gaming, real estate, and credit loaning markets, where he has actually established himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has actually acted 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, sports betting critical in the company’s operational strategies and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer instructional 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 business, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to launch a completely functional website, 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is totally accredited.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a wide variety of wagering options and an user-friendly 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, sports betting Ukanwoke has actually teamed up with African socio-economic organizations and federal governments to create 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, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting home entertainment company has rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing every year. In the 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, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and sports betting has since grown into among the world’s largest online gambling companies.

By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has garnered substantial 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 together with business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that creates investment returns and uses unique investment insights and options to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, 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 wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has been working as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the company’s growth through collaborations, company method, sports betting and sports betting new company advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, 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 functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, sports betting where he worked in SEO, CRM, and content management. Fikayo also acted 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 wagering, casino video games, and live dealership games. It was released in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and 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 wagering and real-money gaming operator known for sports betting delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a substantial gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African internet community. His investments show his commitment to promoting development and advancement within the region.

On April 30, 2024, sports betting Sudeep Ramnani invested in Chowdeck, participating 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 annual, sports betting with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage innovative technology and a commitment to accountable gambling to revolutionise the sector.

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

At a press rundown, the company’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and specialist group will allow it to scale and dominate the market rapidly.

Islamic cops raid wagering stores in northern Nigeria

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

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

Grievances from community leaders and moms and dads prompted the crackdown, fretted about the growing number of sports betting addicts, he said.

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

However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gaming, 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 – alongside 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 thinks Muslims are frequenting them.

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

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

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

“They don’t have licences to operate as they were allowed to run computer game centres, which they later transformed to wagering stores,” he said.

The sports betting industry has expanded significantly throughout West Africa recently. The area is roughly divided in between a generally Muslim north and 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 on the result of events and teams.

Nigeria’s crippling recession has actually also indicated people are willing to run the risk of a percentage in the hope of winning huge.

But this had led to prevalent dependency, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.

“These economic issues we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he stated.

The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am advising those running those sports betting stores to either shut down or we’ll arrest 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 was in 11 other Muslim-majority northern states – and prostitution, gaming and the intake of alcohol were banned.