Big Stakes and Religious Laws: Nigeria’s Sports Betting Sector at a Turning Point

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

Gambling has developed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

Gradually, with increased web access came virtual wagering, which parallels international patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

Despite financial difficulties such as inflation, Nigeria’s sports betting wagering sector has prospered, bring in millions, specifically among the youthful group facing high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an estimated yearly income of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulatory measures like excise duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite obstacles in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal industry regulative spaces.

Regardless of these challenges, sports betting business continue to thrive through efficient company models and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous roles in the gaming and entertainment industry, including working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he worked 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, sports betting has grown into a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, sports betting and retail channels. The company was integrated in Nigeria on November 7, 2006, and has considering that broadened its existence, attaining 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 became the CEO of LiveScore Group, sports betting a completely integrated ecosystem that combines appropriate sports betting content, engaging features, and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven substantial development for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly profits has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has actually achieved significant user engagement, 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 actually formerly functioned as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry since 2000, holding numerous successful functions, including General Manager of an information analytics group and sports betting Director sports betting of a digital marketing agency.

Under Werkman’s leadership, sports betting Betway has continued to grow its market existence and improve its offerings. The business’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 distinguished herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her proficiency spans the gaming, real estate, and credit financing markets, where he has actually developed himself as a strategic and functional leader.

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

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

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully functional website, setting a criteria in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the global sports betting business based in Cyprus. 1XBET, founded in 2007 by the Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a large range of wagering alternatives 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and governments to develop developmental policies focused on 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, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has rapidly grown its presence in Nigeria, sports betting with outlets in major sports betting 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 tasks, sports betting the number of which is increasing every year. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the creator, 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 has since turned into among the world’s biggest online gambling business.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed substantial 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 wagering company in Nigeria, established 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, sports betting an independent Nigerian possession management company that produces financial investment returns and provides special investment insights and services to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been working as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the company’s development through partnerships, sports betting business technique, and new company development.

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

His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also worked 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides sports betting wagering, gambling establishment video games, and live dealer video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise 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 global sports betting wagering and real-money gaming operator known for sports betting delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has ended up being a considerable player in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong supporter for sports betting the growing African web environment. His financial investments reflect his dedication to fostering development and advancement within the region.

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

The firm is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage cutting-edge innovation and a dedication to accountable gaming to revolutionise the sector.

Backed by the monetary 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 innovative sports betting platform.

At a press briefing, the business’s spokesperson, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and expert team will allow it to scale and dominate the market rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually begun closing down sports betting wagering shops, which they say are operating unlawfully.

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

Complaints from community leaders and parents triggered the crackdown, fretted about the growing variety of sports betting addicts, he stated.

On the very first day of raids, sports betting 30 shops were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.

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

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

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

However, the current crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting shops can be found all over the city. Many have television screens, and customers see the outcome of worldwide football matches or horse races on which they have actually staked money.

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

“They do not have licences to operate as they were permitted to run computer game centres, which they later on converted to wagering shops,” he said.

The sports betting market has actually broadened drastically throughout West Africa recently. The area is approximately divided in between a primarily Muslim north and a primarily Christian south.

Many individuals go to bookies to delight in the sociability of other bettors, though mobile apps are likewise popular for sports betting on the result of events and groups.

Nigeria’s debilitating economic crisis has also suggested people are willing to risk a percentage in the hope of winning big.

But this had resulted in widespread dependency, and parents were even grumbling that kids were leaving of school to gamble, sports betting Mr Aminudeen said.

“These economic issues we are dealing with in Nigeria is God telling us to alter our ways by stopping sins,” he stated.

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 encouraging those running those sports betting shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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