Market Innovation Meets Religious Policing: Nigeria’s Sports Betting Industry at a Turning Point

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

Gaming has actually evolved significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where enthusiasts would wager just N50-N200 on matches.

Slowly, with increased web gain access to came virtual sports betting, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is forecasted to almost double to $182.02 billion by 2030.

In spite of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually thrived, attracting millions, particularly among the vibrant group dealing with high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates an estimated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory procedures like excise tasks 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 despite difficulties in enforcement. Problems such as inadequate age verification and advertising rule breaches reveal market regulative gaps.

Regardless of these obstacles, sports betting companies continue to flourish through effective service models and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have actually significantly added to Nigeria’s $2 billion gambling 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 varied profession covers various roles in the gaming and show business, consisting of operating at among the United Kingdom’s largest video 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, sports betting has actually turned into a leading e-commerce organization in the wagering and video gaming sector, running through online, mobile, sports betting and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has given that broadened its existence, achieving 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 ended up being the CEO of LiveScore Group, a fully incorporated environment that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s worker headcount has increased by 29%, and yearly earnings has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and helped form the market’s instructions. 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 actually formerly served as the company’s Marketing and Operations Director sports betting given that 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry given that 2000, holding numerous successful functions, including General Manager of an information analytics group and sports betting Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The company’s app has actually gathered significant 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 organizations. Her expertise spans the video gaming, realty, and credit loaning markets, where he has actually established himself as a tactical and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting critical in the company’s operational methods and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer instructional 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 business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a totally functional site, setting a criteria in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

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

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering options 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 worked together with African socio-economic organizations and federal governments to design 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 released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing each year. In the exact same year, sports betting 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 gambling business she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has because turned into among the world’s biggest online gaming business.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has 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, a leading sports betting business in Nigeria, developed along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that generates investment returns and uses distinct financial investment insights and solutions to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has been working as the Country Director for sports betting 22BET in Nigeria since June 2021. In this role, he has actually added to the business’s growth through collaborations, business technique, and new business advancement.

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

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise worked 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 gaming platform that offers sports betting wagering, gambling establishment video games, sports betting and sports betting live dealership video games. It was launched 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 also 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 an international sports betting and sports betting real-money gaming operator known for sports betting delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable 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 financier in fintech and mobile payments and a strong supporter for the growing African web community. His investments reflect his dedication to cultivating innovation and advancement within the region.

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

The firm is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, sports betting 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 advanced technology and a dedication to responsible sports betting to change the sector.

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

At a press instruction, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for sports betting 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 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 illegally.

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

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

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

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

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

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

Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.

Sports betting stores can be discovered all over the city. The majority of have tv screens, and clients see the result of global football matches or sports betting horse races on which they have actually staked money.

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

“They don’t have licences to run as they were allowed to run video games centres, which they later on converted to sports betting stores,” he said.

The sports betting market has actually expanded drastically throughout West Africa in recent years. The area is roughly divided between a generally Muslim north and a predominantly Christian south.

Many people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the result of events and groups.

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

However this had actually resulted in extensive addiction, and sports betting moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

“These economic concerns we are facing in Nigeria is God telling us to alter our ways by stopping sins,” he said.

The raids on Tuesday focused on Munjibir, sports betting thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those sports betting stores 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 – typically, sports betting such violations bring a fine.

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