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

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

Gambling has evolved substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where lovers would bet as low as N50-N200 on matches.

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

Regardless of financial obstacles such as inflation, Nigeria’s sports betting sector sports betting has actually grown, bring in millions, especially amongst the youthful demographic facing high joblessness rates.

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

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of obstacles in enforcement. Problems such as inadequate age confirmation and advertising guideline breaches reveal industry regulative spaces.

In spite of these obstacles, sports betting companies continue to thrive through effective service designs and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have actually considerably added to Nigeria’s $2 billion gambling empire through their substantial 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 various roles in the video gaming and entertainment industry, 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, has actually turned into a leading e-commerce organization in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually considering that broadened 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 ended up being the CEO of Group, a fully integrated environment that combines relevant sports betting content, engaging features, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has driven significant development for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly earnings has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and helped form the market’s instructions. LiveScoreBet has accomplished 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 actually formerly worked as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has remained in the online gaming market given that 2000, holding different successful roles, consisting of General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market presence and enhance its offerings. The company’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 differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her expertise spans the video gaming, realty, and credit lending industries, where he has developed himself as a tactical and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, she has worked as Managing Director and has actually managed the company’s growth and operations in Lagos, sports betting Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit company empowering women-owned businesses. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to launch a totally practical site, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of sports betting options 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 endeavors, Ukanwoke has teamed up with African socio-economic institutions and federal governments to design 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, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its existence 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, developing over 100,000 tasks, the variety of which is increasing every year. In the very 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 investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has because turned into among the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in profits and assisted in $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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, 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, an independent Nigerian possession management business that produces financial investment returns and offers unique financial investment insights and sports betting options to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the business’s growth through collaborations, service strategy, and sports betting new business advancement.

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

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise functioned 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 uses sports betting, gambling establishment games, sports betting and live dealer games. It was introduced in 2017 and is owned and sports betting operated 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 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 wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has ended up being a considerable 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 sports betting the growing African internet ecosystem. His investments show his dedication to promoting development and advancement within the region.

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

The firm is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry 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 take advantage of innovative innovation and a dedication to responsible gambling to revolutionise the sector.

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

At a press rundown, sports betting the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, sports betting particularly football, sports betting has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will enable it to scale and dominate the market quickly.

Islamic authorities raid wagering stores in northern Nigeria

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

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

Problems from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing variety of sports betting addicts, he said.

On the first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a warning, the Sharia officer said.

But Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.

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

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

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

sports betting wagering shops can be discovered all over the city. A lot of have tv screens, and consumers enjoy the outcome of global football matches or horse races on which they have actually staked money.

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 operate as they were allowed to run video games centres, which they later on converted to wagering shops,” he stated.

The sports betting wagering industry has expanded dramatically throughout West Africa in the last few years. The area is approximately divided in between a mainly Muslim north and a predominantly Christian south.

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

Nigeria’s crippling economic crisis has actually also meant individuals want to run the risk of a small amount in the hope of winning huge.

However this had actually led to widespread dependency, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.

“These financial problems we are facing in Nigeria is God telling us to change 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 shops to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would face – often, such violations bring a fine.

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