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

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

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

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

Despite financial difficulties such as inflation, Nigeria’s sports betting wagering sector has flourished, attracting millions, particularly amongst the younger market facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory steps like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of difficulties in enforcement. Problems such as inadequate age confirmation and marketing rule breaches reveal market regulatory spaces.

Despite these difficulties, sports betting wagering companies continue to flourish through effective service models and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually considerably 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 business he co-founded with Badmos Olasupo in 2011. His diverse profession spans numerous roles in the video gaming and show business, including working at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting 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 sports betting 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 organization in the sports betting and video gaming sector, running through online, mobile, sports betting and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually because 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that combines appropriate sports betting material, engaging functions, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The company’s staff member headcount has increased by 29%, sports betting and annual income has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has actually 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 previously worked as the business’s Marketing and Operations Director sports betting given that 2015. He joined Betway in 2013 and has been in the online video gaming industry given that 2000, holding numerous successful functions, consisting of General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and sports betting enhance its offerings. The business’s app has actually amassed significant 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 changing start-ups into institutionalized businesses. Her proficiency covers the gaming, real estate, and credit loaning industries, where he has actually established himself as a tactical and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational techniques and market expansion.

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a totally functional website, 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 global sports betting wagering business 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 runs in more than 50 nations, consisting of Nigeria, sports betting where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering alternatives 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 ventures, Ukanwoke has collaborated with African socio-economic institutions and federal governments to design developmental policies aimed 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 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 and entertainment business has rapidly 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, creating over 100,000 tasks, the number of which is increasing yearly. In the 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, sports betting the creator, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was released in 2001 as an online wagering website and has actually because become among the world’s biggest online gambling business.

By 2016, Bet365 produced $2 billion in revenues and helped with $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has gathered considerable 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 business in Nigeria, developed alongside businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces financial investment returns and uses distinct financial investment insights and options to both private and institutional customers.

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 ended up being a considerable player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually contributed to the company’s growth through partnerships, company strategy, and new organization advancement.

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

His profession 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 Accounting from Ladoke Akintola University of Technology and sports betting 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, casino games, and live dealership video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business registered 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 company he developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a significant 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 investor in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments show his commitment to cultivating innovation and development within the region.

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

The firm is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of innovative innovation and a dedication to responsible sports betting to revolutionise the sector.

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

At a press briefing, the company’s spokesperson, sports betting Akin Babatunde, said that the rise in Internet penetration, mobile usage, and sports betting the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and specialist team will allow it to scale and dominate the market quickly.

Islamic cops raid betting stores in northern Nigeria

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

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.

Problems from community leaders and moms and dads prompted the crackdown, worried about the growing number of gambling addicts, he stated.

On the very first day of raids, 30 stores were closed in one suburban area 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 knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.

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

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

Nevertheless, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Many have television screens, and clients view the result of worldwide football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookmakers had 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 video games centres, which they later converted to sports betting shops,” he stated.

The sports betting wagering industry has actually expanded dramatically throughout West Africa recently. The region is approximately divided in between a mainly Muslim north and a predominantly Christian south.

Many people go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.

Nigeria’s crippling economic crisis has also indicated individuals are willing to run the risk of a percentage in the hope of winning big.

But this had actually caused widespread dependency, and parents were even grumbling that kids were dropping out of school to bet, sports betting Mr Aminudeen stated.

“These financial concerns we are facing in Nigeria is God telling us to change our methods 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 encouraging those running those wagering shops to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would face – frequently, such infringements carry a fine.

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