Big Stakes and Holy Laws: Nigeria’s Sports Betting Industry at a Turning Point

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

Gaming has progressed substantially 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 common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

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

In spite of financial obstacles such as inflation, Nigeria’s sports betting sector has grown, bring in millions, particularly amongst the vibrant market facing high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates a projected yearly income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative measures like excise 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 reasonable operations in spite of obstacles in enforcement. Concerns such as inadequate age confirmation and marketing guideline breaches reveal market regulative spaces.

In spite of these challenges, sports betting wagering companies continue to prosper through efficient business designs and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have substantially added to Nigeria’s $2 billion gaming empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans different roles in the gaming and entertainment industry, consisting of operating 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, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually since 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 became the CEO of LiveScore Group, a totally integrated environment that combines appropriate sports betting material, engaging features, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and annual profits has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has actually attained major 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, having formerly worked as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has remained in the online video gaming industry because 2000, holding numerous successful roles, including General Manager of a data analytics group and Director of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her proficiency spans the gaming, real estate, and credit lending industries, where he has established himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has actually served as Managing Director and has actually managed the business’s growth and operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer academic background includes 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 first to introduce a completely functional 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 worldwide sports betting company 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 company runs in more than 50 nations, consisting of Nigeria, where it is completely accredited.

Under Babalola’s leadership, 1XBET Nigeria has broadened 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 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 endeavors, Ukanwoke has worked together with African socio-economic organizations and federal governments to create 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 launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and 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 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was released in 2001 as an online wagering website and has given that turned into among the world’s largest online gambling business.

By 2016, Bet365 produced $2 billion in profits and facilitated $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 company in Nigeria, developed along with entrepreneur 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 company that creates financial investment returns and offers unique investment insights and services to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the company’s development through collaborations, business strategy, and brand-new organization advancement.

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

His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise served 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 gaming platform that provides sports betting wagering, casino video games, and live dealer games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also 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 established in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant 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 financier in fintech and mobile payments and a strong supporter for the growing African internet community. His investments reflect his dedication to fostering development and advancement within the area.

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 market.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced innovation and a commitment to responsible sports betting to change the sector.

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

At a press instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and expert group will allow it to scale and dominate the marketplace quickly.

Islamic cops raid wagering stores in northern Nigeria

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

“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.

Grievances from neighborhood leaders and parents prompted the crackdown, stressed over the growing variety of gambling addicts, he said.

On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent 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 gambling, those flouting the rules would be jailed.

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

Bookmakers and bars tend to be enabled to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

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

Sports betting shops can be found all over the city. A lot of have tv screens, and clients view the outcome of international football matches or 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 pretences.

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

The sports betting wagering industry has actually broadened significantly throughout West Africa in the last few years. The area is approximately divided in between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookies to enjoy the sociability of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and groups.

Nigeria’s debilitating recession has also suggested people want to risk a percentage in the hope of winning big.

However this had resulted in extensive addiction, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.

“These economic concerns we are facing in Nigeria is God telling us to alter our methods 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 advising those running those wagering stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would deal with – frequently, 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 consumption of alcohol were prohibited.