North Crackdowns, South Disruption: Nigeria’s Sports Betting Industry in Transition

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

Gambling has actually progressed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, sports betting pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

Gradually, with increased internet gain access to came virtual wagering, which parallels worldwide patterns. 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.

Regardless of economic challenges such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, particularly among the younger group dealing with high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates an estimated annual earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulatory procedures like excise responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of challenges in enforcement. Concerns such as insufficient age verification and advertising rule breaches reveal market regulatory gaps.

Despite these difficulties, sports betting companies continue to thrive through efficient business designs and aggressive marketing techniques, leveraging the developer influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers various functions in the gaming and show business, including working at one of 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 sports betting 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 business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, sports betting 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 more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a completely integrated environment that combines relevant sports betting content, engaging features, and a world-class sportsbook.

Given that taking the helm right before the pandemic, Sam has driven substantial development for sports betting LiveScore Group. The company’s worker headcount has increased by 29%, sports betting and annual revenue has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and sports betting assisted shape the market’s direction. 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, having formerly acted as the business’s Marketing and sports betting Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry since 2000, holding various successful roles, consisting of General Manager of a data 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 amassed substantial 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 track record of changing start-ups into institutionalized companies. Her know-how covers the video gaming, property, and credit financing markets, where he has established himself as a strategic and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s operational methods and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies 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 business, established the business in 2009. While NairaBET was not the very 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, a franchise of the international sports betting company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, sports betting providing a vast array of wagering choices 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 ventures, Ukanwoke has actually with African socio-economic organizations and governments to design 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 introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering 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, producing over 100,000 jobs, the variety of which is increasing each year. 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 gambling business she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and sports betting has because turned into one of the world’s largest online gambling business.

By 2016, Bet365 produced $2 billion in profits and sports betting facilitated $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has gathered substantial user engagement, sports betting with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, developed along with businessman Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces financial investment returns and sports betting provides distinct financial investment insights and solutions to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the business’s development through partnerships, business technique, and new business advancement.

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

His career started at Jumia Group, where he worked 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, sports betting Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, casino video games, sports betting and sports betting live dealership games. It was released in 2017 and is owned and operated 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 casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.

SportyBet is a global sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in controlled 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 function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments show his dedication to cultivating development and development within the region.

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

The firm is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said 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 growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage cutting-edge technology and a commitment to responsible sports betting to change the sector.

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

At a press instruction, sports betting the business’s representative, sports betting Akin Babatunde, said 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 specialist team will allow it to scale and dominate the market rapidly.

Islamic police raid wagering stores in northern Nigeria

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

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

Grievances from community leaders and parents prompted the crackdown, fretted about the growing number of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be arrested.

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

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

Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, sports betting a sprawling city and the financial hub of northern Nigeria.

Sports betting shops can be discovered all over the city. Many have television screens, and clients watch the outcome of global football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookmakers had had the ability to run under the radar as they had actually opened under false pretenses.

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

The sports betting market has broadened dramatically across West Africa in the last few years. The region is approximately divided between a mainly Muslim north and a mainly Christian south.

Many individuals go to bookmakers to enjoy the sociability of other bettors, though mobile apps are also popular for wagering on the result of occasions and sports betting teams.

Nigeria’s crippling recession has actually likewise meant individuals are willing to risk a small amount in the hope of winning big.

However this had caused extensive addiction, and moms and dads were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen stated.

“These financial issues we are facing in Nigeria is God telling us to change our methods 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 recommending those running those sports betting stores to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would deal with – often, such violations bring a fine.

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