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

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

sports betting has progressed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, sports betting where enthusiasts would wager as low as N50-N200 on matches.

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

Despite economic obstacles such as inflation, Nigeria’s sports betting wagering sector sports betting has flourished, attracting millions, sports betting specifically among the younger market facing high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates a projected annual revenue of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Problems such as inadequate age confirmation and advertising rule breaches reveal industry regulative gaps.

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

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have substantially added to Nigeria’s $2 billion gaming 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 varied profession covers various functions in the gaming and entertainment industry, including working at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he worked 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 actually turned into a leading e-commerce service in the wagering and gaming sector, running through online, sports betting mobile, and retail channels. The company was integrated in Nigeria on November 7, sports betting 2006, and has actually since broadened its presence, achieving 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 completely incorporated ecosystem that integrates appropriate sports betting content, engaging functions, and sports betting a first-rate sportsbook.

Because taking the helm just before the pandemic, sports betting Sam has driven considerable development for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and yearly revenue has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has attained significant user engagement, sports betting 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 sports betting given that 2015. He joined Betway in 2013 and has remained in the online gaming industry since 2000, holding numerous effective roles, consisting of General Manager of an information analytics team and Director of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her knowledge spans the gaming, realty, and credit lending markets, where he has established himself as a strategic and sports betting functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has served as Managing Director sports betting and has actually managed the company’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 founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, sports betting established 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 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 global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of wagering alternatives and an easy to use 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic organizations and governments to develop developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and launched in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually quickly grown its presence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing every year. In the same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, sports betting the founder, majority investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually because turned into among the world’s biggest online sports betting companies.

By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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 business in Nigeria, established alongside businessman Kunle Soname, sports betting who also 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 provides special investment insights and services to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a substantial player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the company’s development through collaborations, service technique, and new company development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, sports betting focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting 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 likewise 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 provides sports betting wagering, casino video games, and live dealer video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and sports betting 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 an international sports betting and real-money video gaming operator understood for sports betting providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a significant gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong supporter for the growing African web ecosystem. His investments reflect his dedication to promoting innovation 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 firm is set to interrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage cutting-edge innovation and a commitment to accountable gaming to change the sector.

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

At a press instruction, sports betting the company’s spokesperson, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and sports betting expert team will enable it to scale and control the marketplace quickly.

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting shops, which they state are running illegally.

”As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.

Grievances from neighborhood leaders and parents prompted the crackdown, fretted about the growing variety of gambling addicts, he stated.

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

However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

Kano city is the capital of Kano state, sports betting which has a majority Muslim population and runs 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 deal with action if the Hisbah thinks Muslims are frequenting them.

However, the existing crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting shops can be found all over the city. The majority of have television screens, and sports betting customers view the result of international football matches or horse races on which they have staked cash.

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

”They do not have licences to operate as they were allowed to run computer game centres, which they later on converted to sports betting stores,” he said.

The sports betting industry has broadened drastically across West Africa recently. The region is approximately divided in between a primarily Muslim north and a primarily Christian south.

Many individuals go to bookies to enjoy the sociability of other bettors, though mobile apps are also popular for wagering on the result of occasions and groups.

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

But this had resulted in widespread addiction, and moms and dads were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.

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

The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the flock there at weekends.

”I am advising those running those sports betting shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would face – typically, such violations bring a fine.

Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gaming and the intake of alcohol were prohibited.