North Raids, Southern Disruption: Nigeria’s Sports Betting Industry in Transition

Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.

sports betting has progressed significantly in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, Nigeria’s sports betting wagering sector sports betting has grown, bring in millions, especially among the vibrant demographic dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates a projected yearly revenue of N730 billion. The federal government has not gone undetected by this growth, sports betting which is considering regulative procedures like excise duties and sports betting VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of challenges in enforcement. Issues such as insufficient age confirmation and advertising rule breaches reveal industry regulatory gaps.

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

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have considerably added to Nigeria’s $2 billion gambling empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers different functions in the video gaming and show business, sports betting consisting of working at among the United Kingdom’s largest 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 company in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually since 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, sports betting he became the CEO of LiveScore Group, a fully incorporated ecosystem that integrates pertinent sports betting content, engaging functions, and sports betting a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven significant development for LiveScore Group. The business’s worker headcount has increased by 29%, and sports betting yearly earnings has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and assisted shape the market’s instructions. LiveScoreBet has achieved 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 previously served as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has been in the online video gaming market given that 2000, holding numerous effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market existence and boost its offerings. The company’s app has amassed considerable 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 performance history of transforming start-ups into institutionalized companies. Her competence spans the video gaming, property, and credit loaning industries, where he has established himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has served as Managing Director and has actually supervised the business’s growth and operations in Lagos, Nigeria.

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

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

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

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering options and sports betting an user-friendly 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 ventures, Ukanwoke has actually worked together with African socio-economic institutions 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, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing yearly. 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually given that become among the world’s largest online sports betting business.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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, a leading sports betting wagering company in Nigeria, established together with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian property management business that generates financial investment returns and offers unique financial investment insights and services to both individual 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 become a considerable player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, sports betting he has actually added to the company’s growth through partnerships, business technique, sports betting and brand-new organization development.

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

His career started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also acted 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 sports betting platform that offers sports betting wagering, gambling establishment video games, and live dealer video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered 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 company he established in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable player in the market, 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 advocate for the growing African internet community. His financial investments show his commitment to fostering development and advancement within the region.

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

The company is set to interfere with the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage innovative technology and a dedication to responsible gambling to revolutionise the sector.

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

At a press briefing, sports betting the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, 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 company’s robust financial backing and expert group will allow it to scale and dominate the market quickly.

Islamic cops 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 say are operating illegally.

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

Grievances from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gambling, those flouting the guidelines would be detained.

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

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

Nevertheless, the current crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering stores can be found all over the city. The majority of have tv screens, and clients see the result of international football matches or horse races on which they have actually staked cash.

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

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

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

Many individuals go to bookies to delight in the friendship of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.

Nigeria’s crippling recession has actually also meant people want to risk a percentage in the hope of winning big.

But this had actually resulted in widespread addiction, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“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 concentrated on Munjibir, thought about 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 said.

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

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