Big Stakes and Holy Laws: Nigeria’s Sports Betting Industry at a Crossroads

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

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

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

In spite of economic obstacles such as inflation, Nigeria’s sports betting sector has grown, attracting millions, sports betting specifically amongst the younger market dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates an estimated annual earnings of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative measures like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Concerns such as inadequate age confirmation and advertising rule breaches reveal market regulatory gaps.

In spite of these difficulties, sports betting companies continue to thrive through effective service designs and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually substantially contributed to Nigeria’s $2 billion sports betting empire through their comprehensive 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 different functions in the video gaming and entertainment industry, consisting of working at among 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 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 business in the sports betting and sports betting video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually considering that expanded its existence, sports betting accomplishing 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, he became the CEO of LiveScore Group, a fully integrated ecosystem that combines pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Considering that taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and helped shape the market’s direction. 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 appointed CEO of Betway in November 2017, having actually formerly worked as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online video gaming industry because 2000, holding various successful roles, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s leadership, sports betting Betway has continued to grow its market presence and improve 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 differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her know-how covers the gaming, real estate, and sports betting credit loaning markets, where he has actually established himself as a strategic and sports betting operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, sports betting she has actually served as Managing Director and has overseen the business’s growth and operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN supplies frHer 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 company, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a totally functional site, setting a standard 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 worldwide 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 business operates in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering options 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 teamed up with African socio-economic institutions and governments to design developmental policies targeted at 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has rapidly grown its presence in Nigeria, with outlets in major sports betting 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 variety of which is increasing annually. In the very 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, the creator, bulk investor, sports betting and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that grown into one of the world’s biggest online sports betting business.

By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has gathered significant 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 along with business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that produces financial investment returns and uses special investment insights and services to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has actually been working as the Country Director for 22BET in Nigeria since June 2021. In this function, he has contributed to the business’s growth through partnerships, organization strategy, and new organization development.

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

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also worked as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting 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, and Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online sports betting platform that offers sports betting, casino video games, and live dealer video games. It was released in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and sports betting 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 developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable 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 financier in fintech and mobile payments and a strong advocate for the growing African web community. His investments reflect his commitment to cultivating innovation and advancement 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 interfere with the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market 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 advanced innovation and a dedication to responsible gaming to revolutionise the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, sports betting has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and specialist group will allow it to scale and dominate the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

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

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

Problems from neighborhood leaders and parents triggered the crackdown, worried about the growing number of gambling addicts, he stated.

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

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

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

Bookmakers and bars tend to be permitted to run 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 economic center of northern Nigeria.

Sports betting shops can be found all over the city. A lot of have tv screens, and customers watch the result 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 actually opened under false pretences.

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

The sports betting wagering industry has broadened drastically across West Africa over the last few years. The area is approximately divided between a primarily Muslim north and a mainly Christian south.

Many people go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the result of occasions and teams.

Nigeria’s debilitating economic crisis has actually likewise suggested people want to run the risk of a small amount in the hope of winning huge.

However this had caused widespread dependency, and parents were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.

“These economic problems we are dealing with 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 city– visitors flock there at weekends.

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

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

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