Industry Players and Religious Police: The Fate of Sports Betting in Nigeria

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

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

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

In spite of financial obstacles such as inflation, Nigeria’s sports betting sector has flourished, drawing in millions, specifically amongst the younger group dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, sports betting driving an industry that generates a projected annual revenue of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory measures like excise responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of difficulties in enforcement. Problems such as insufficient age verification and marketing guideline breaches show industry regulative gaps.

In spite of these difficulties, sports betting companies continue to grow through efficient organization designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have significantly added to Nigeria’s $2 billion sports betting empire through their extensive 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 diverse career covers various roles in the gaming and entertainment industry, including operating at one of the United Kingdom’s largest video gaming centres, sports betting The Palace Bingo Club, where he acted as the Lead Engineer in a Bingo and sports betting 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 grown into a leading e-commerce organization in the sports betting and gaming sector, operating through online, sports betting mobile, and retail channels. The business was incorporated in Nigeria on November 7, sports betting 2006, and has because broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that integrates relevant sports betting content, engaging functions, and a world-class sportsbook.

Since taking the helm prior to the pandemic, sports betting Sam has actually driven significant development for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and yearly profits has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and helped form 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 appointed CEO of Betway in November 2017, having previously acted as the business’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually been in the online gaming market considering that 2000, holding various successful roles, including General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market presence and enhance its offerings. The business’s app has actually amassed considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her proficiency covers the gaming, sports betting real estate, and credit loaning markets, where he has actually established himself as a strategic and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s functional methods and market growth.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a fully practical 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, a franchise of the global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is totally licensed.

Under Babalola’s leadership, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a large range of wagering options 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic institutions and sports betting governments to develop developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business 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 entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing annually. In the same year, 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, sports betting the founder, bulk investor, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually because become one of the world’s biggest online gaming companies.

By 2016, Bet365 produced $2 billion in incomes and assisted in $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered considerable user engagement, sports betting with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, sports betting a leading sports betting company in Nigeria, developed along with business person 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 company that creates financial investment returns and provides special investment insights and solutions to both individual and sports betting institutional clients.

Founded 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 become a significant player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria because June 2021. In this function, sports betting he has actually added to the company’s development through collaborations, service method, and new organization advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, sports betting and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and sports betting held various 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 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, sports betting Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that offers sports betting wagering, gambling establishment 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 also 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 business he established in 2013.

SportyBet is a global sports betting and real-money video gaming operator understood for sports betting providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, sports betting SportyBet has become a considerable gamer in the market, sports betting with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments reflect his commitment to fostering innovation and development within the region.

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

The firm is set to interfere with the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In an industry 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, sports betting the company intends to utilize advanced innovation and a dedication to accountable sports betting to change the sector.

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

At a press instruction, the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile usage, sports betting and the continent’s deep passion for sports betting, specifically football, has actually set the stage for sports betting Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and specialist group will enable it to scale and dominate the market rapidly.

Islamic cops raid wagering stores in northern Nigeria

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

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

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

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

But Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on sports betting, sports betting those flouting the rules would be detained.

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.

Bookies and bars tend to be enabled to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

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

Sports betting stores can be found all over the city. Most have tv screens, and customers enjoy the outcome of worldwide football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookmakers had had the ability to run 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 transformed to wagering shops,” he stated.

The sports betting wagering industry has actually expanded dramatically throughout West Africa over the last few years. The region is approximately divided between a mainly Muslim north and a mainly Christian south.

Many people go to bookmakers to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and groups.

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

However this had actually resulted in extensive dependency, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.

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

The raids on Tuesday focused 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 shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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