Power Players and Religious Police: The Future of Sports Betting in Nigeria

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

Gaming has actually developed significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

Gradually, 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 forecasted to nearly double to $182.02 billion by 2030.

In spite of financial challenges such as inflation, sports betting Nigeria’s sports betting wagering sector has actually thrived, drawing in millions, especially amongst the youthful demographic facing high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an estimated annual revenue of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative measures like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of obstacles in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show market regulatory gaps.

In spite of these difficulties, sports betting wagering companies continue to thrive through effective business models and aggressive marketing methods, leveraging the developer influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in expanding audience reach and sports betting driving market development. Here are the CEOs of leading sports betting wagering business who have actually significantly added to Nigeria’s $2 billion sports betting 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 profession spans numerous roles in the gaming and entertainment industry, consisting of operating at one of the United Kingdom’s biggest 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, Wales. Surebet247, sports betting founded in August 2011, sports betting has become a leading e-commerce organization in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was incorporated 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 wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated community that integrates appropriate sports betting material, engaging functions, and a first-rate sportsbook.

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

Sam’s management and strategic vision have moved LiveScore Group’s success and sports betting helped shape the industry’s instructions. 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 selected CEO of Betway in November 2017, having actually formerly served as the company’s Marketing and sports betting Operations Director sports betting since 2015. He joined Betway in 2013 and has actually been in the online video gaming industry considering that 2000, holding different successful roles, including General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve its offerings. The business’s app has actually 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 distinguished herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her know-how covers the gaming, property, and credit lending markets, where he has actually developed himself as a tactical and functional leader.

Damilare has contributed in NairaBET’s success for sports betting over 14 years. Given that June 2019, she has functioned as Managing Director and has 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 functional techniques and sports betting market expansion.

She established 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, sports betting completed in 2005.

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

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of sports betting choices 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 actually teamed up with African socio-economic institutions and governments to create developmental policies focused on empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting 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 actually rapidly 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, creating over 100,000 jobs, the number of which is increasing each year. In the exact 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, bulk investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has given that turned into one of the world’s largest online gambling business.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The company also holds a bulk stake in Football Club. Bet365 has actually gathered significant 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, sports betting a leading sports betting company in Nigeria, developed along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that generates financial investment returns and uses special financial investment insights and options to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting wagering market. 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 partnerships, company technique, and new service advancement.

Fikayo’s experience consists of 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 spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise acted as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and sports betting 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, gambling establishment games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a worldwide sports betting wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually ended up being a considerable gamer in the market, 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 web ecosystem. His financial investments show his dedication to promoting development and development within the area.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market 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 company aims to utilize advanced innovation and a commitment to accountable gaming to revolutionise the sector.

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

At a press briefing, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and expert team will enable it to scale and control the market quickly.

Islamic authorities raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting stores, which they state are operating illegally.

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

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

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

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – together with secular 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 thinks Muslims are frequenting them.

However, the present crackdown is focused on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.

sports betting wagering shops can be found all over the city. The majority of have television screens, and consumers enjoy the result of global football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookies had actually been able to run 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 on transformed to sports betting stores,” he stated.

The sports betting industry has actually broadened significantly throughout West Africa recently. The area is roughly divided between a mainly Muslim north and a primarily Christian south.

Many individuals go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the outcome of occasions and groups.

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

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

“These economic concerns we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he said.

The raids on Tuesday concentrated 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 shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – typically, such violations carry a fine.

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