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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 market.

sports betting has progressed substantially in Nigeria from conventional forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

Slowly, with increased internet gain access to came virtual wagering, which parallels worldwide 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 economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually prospered, drawing in millions, sports betting specifically among the younger group facing high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an approximated yearly revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative measures like excise duties and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of difficulties in enforcement. Concerns such as inadequate age verification and sports betting advertising guideline breaches show industry regulatory gaps.

In spite of these obstacles, sports betting companies continue to thrive through efficient service designs and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting business who have actually significantly contributed 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 business he co-founded with Badmos Olasupo in 2011. His diverse profession covers different functions in the video gaming and entertainment industry, consisting of working at among the United Kingdom’s biggest 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, running through online, sports betting mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that broadened its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated community that integrates relevant sports betting material, engaging features, and a first-rate sportsbook.

Because taking the helm just before the pandemic, sports betting Sam has driven substantial growth for LiveScore Group. The company’s employee headcount has increased by 29%, and yearly income has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted shape the industry’s direction. LiveScoreBet has actually attained major user engagement, sports betting 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 previously served as the business’s Marketing and sports betting Operations Director sports betting given that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming industry since 2000, holding numerous successful functions, including General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, sports betting Betway has continued to grow its market presence and sports betting improve its offerings. The business’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 distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her expertise spans the video gaming, realty, and credit lending markets, where he has actually established himself as a tactical and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has worked as Managing Director and has overseen the company’s growth and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a completely functional site, setting a criteria 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 international sports betting wagering business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the biggest bookies in Europe and sports betting the world. The company runs in more than 50 countries, including Nigeria, where it is totally licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian market, sports betting offering a wide 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, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

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

By 2016, Bet365 generated $2 billion in profits and sports betting helped with $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, established along with entrepreneur 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 possession management business that generates investment returns and offers distinct financial investment insights and solutions to both specific 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 management, Bet9ja has ended up being a considerable 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 actually been functioning as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the business’s development through partnerships, company strategy, and new organization advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and sports betting consumer experience, and Country Manager at 22BET, focusing on marketing method and sports betting budget plan management. Before 22BET, sports betting 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 also acted as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting 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 offers sports betting, gambling establishment games, and live dealership video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up 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 business he developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial player 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 supporter for the growing African internet ecosystem. His investments reflect his dedication to fostering innovation and development within the region.

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

The firm is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated 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, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize innovative technology and a commitment to accountable gaming to change the sector.

Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent’s largest and sports betting most ingenious sports betting wagering platform.

At a press rundown, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and sports betting the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and professional team will allow it to scale and dominate the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

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

«As you understand, wagering is prohibited in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.

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

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

However Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on gaming, those flouting the rules would be detained.

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

Bookmakers and bars tend to be permitted to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.

However, the existing crackdown is focused 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 television screens, and customers watch the result of global football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookmakers had been able to run under the radar as they had opened under false pretenses.

«They do not have licences to run as they were allowed to run computer game centres, which they later converted to wagering stores,» he said.

The sports betting industry has broadened dramatically across West Africa recently. The area is approximately divided between a generally Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and teams.

Nigeria’s crippling recession has also suggested people are willing to risk a small amount in the hope of winning big.

But this had actually resulted in widespread dependency, and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.

«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, sports betting considered a resort area in the northeast of the city– visitors flock there at weekends.

«I am recommending 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 penalty they would deal with – frequently, such infringements bring a fine.

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