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

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

sports betting has actually evolved considerably in Nigeria from traditional kinds like pool staking and sports betting Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, where enthusiasts would bet as low as N50-N200 on matches.

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

In spite of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually thrived, drawing in millions, sports betting particularly among the younger market dealing with high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates a projected yearly income of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like excise tasks and sports betting VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of obstacles in enforcement. Issues such as inadequate age confirmation and advertising guideline breaches reveal industry regulative spaces.

Regardless of these challenges, sports betting wagering business continue to flourish through efficient business designs and aggressive marketing methods, leveraging the creator influencer market.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession covers numerous functions in the video gaming and entertainment industry, consisting of working 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, has actually become a leading e-commerce company in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, sports betting and has actually given that broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated community that combines relevant sports betting content, engaging features, and a first-rate sportsbook.

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

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and helped form the market’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 appointed CEO of Betway in November 2017, having formerly functioned as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry because 2000, holding various effective roles, including General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market existence and enhance its offerings. The business’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 identified herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her competence covers the video gaming, realty, sports betting and credit financing markets, sports betting where he has actually developed himself as a strategic and sports betting functional leader.

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

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

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a completely practical website, setting a standard 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, sports betting has actually established itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 nations, sports betting including Nigeria, where it is totally accredited.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a wide 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, sports betting Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and governments to develop 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, 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 wagering and entertainment company has actually rapidly grown its existence 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 annually. 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, the creator, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has considering that become one of the world’s largest online gambling companies.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The business also holds a bulk 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 company in Nigeria, developed alongside business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that produces investment returns and offers distinct investment insights and solutions to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a substantial gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, sports betting he has actually contributed to the company’s growth through collaborations, sports betting service strategy, and new company advancement.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product development and client experience, and Country Manager at 22BET, sports betting focusing 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 started at Jumia Group, sports betting where he operated in SEO, CRM, and content management. Fikayo likewise acted 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, gambling establishment games, and live dealer video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 a global sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a significant gamer in the industry, 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 the growing African internet ecosystem. His investments show his dedication to fostering development and development within the region.

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

The firm is set to disrupt the sports betting market.

Sunbet Sporting International Limited has stated it is focused on changing how countless 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 company intends to take advantage of cutting-edge technology and a dedication to responsible gaming to change the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will introduce 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, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, sports betting mobile usage, and the continent’s deep passion for sports betting, particularly football, sports betting has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and expert team will enable it to scale and control the market rapidly.

Islamic cops raid betting stores in northern Nigeria

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

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

Grievances from community leaders and moms and dads triggered the crackdown, worried about the growing variety of sports betting addicts, he said.

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

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

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

Bookies and bars tend to be permitted to operate in areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

However, the present crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering shops can be found all over the city. Most have tv screens, and customers enjoy the outcome of international football matches or horse races on which they have staked money.

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

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

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

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

Nigeria’s debilitating recession has also suggested people are willing to risk a small amount in the hope of winning big.

However this had caused extensive addiction, sports betting and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

“These financial problems we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he said.

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

“I am encouraging those running those wagering stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – typically, such infringements carry a fine.

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