Northern Crackdowns, South Innovation: Nigeria’s Sports Betting Industry in Transformation

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

sports betting has actually evolved considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, sports betting where lovers would bet just N50-N200 on matches.

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

Despite economic difficulties such as inflation, Nigeria’s sports betting sector sports betting has actually grown, sports betting drawing in millions, specifically among the youthful market dealing with high joblessness rates.

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

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite difficulties in enforcement. Problems such as insufficient age verification and marketing guideline breaches reveal industry regulatory spaces.

In spite of these obstacles, sports betting wagering business continue to flourish through reliable business models and sports betting aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria’s $2 billion gaming empire through their comprehensive 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 diverse profession covers numerous functions in the video gaming and show business, consisting of working at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he served 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 grown into a leading e-commerce company in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually given that expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that combines relevant sports betting content, engaging functions, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has driven substantial development for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and annual revenue 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 assisted form the industry’s direction. LiveScoreBet has attained major sports betting 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, sports betting having formerly functioned as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming industry because 2000, holding different effective functions, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and sports betting enhance its offerings. The business’s app has amassed considerable 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 track record of changing start-ups into institutionalized services. Her know-how spans the video gaming, real estate, and credit loaning markets, where he has actually developed himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for sports betting over 14 years. Since June 2019, she has actually functioned as Managing Director and has overseen the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the business’s operational methods and sports betting market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers 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, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a totally practical website, setting a criteria 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, sports betting including Nigeria, where it is completely certified.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting choices 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 organizations and federal 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, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, sports betting producing over 100,000 jobs, the variety of which is increasing each year. In the very 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, the creator, majority investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has since turned into one of the world’s largest online sports betting business.

By 2016, Bet365 generated $2 billion in incomes and assisted in $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered substantial user engagement, 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, a leading sports betting business in Nigeria, sports betting developed together with entrepreneur Kunle Soname, sports betting 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 provides special investment insights and options to both individual and institutional customers.

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 leadership, Bet9ja has actually become a substantial player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

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

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

His profession started at Jumia Group, where he in SEO, CRM, and content management. Fikayo also 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that offers sports betting wagering, casino games, and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.

SportyBet is an international sports betting wagering and sports betting real-money gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a substantial gamer 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 supporter for the growing African web ecosystem. His financial investments reflect his dedication to promoting innovation and development within the region.

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

The firm is set to interrupt 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 annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of advanced technology and sports betting a commitment to responsible gambling to revolutionise the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and professional team will allow it to scale and control the market rapidly.

Islamic authorities raid wagering shops in northern Nigeria

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

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, sports betting called the Hisbah, informed the BBC.

Grievances from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

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

Bookmakers and bars tend to be allowed to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

However, sports betting the present crackdown is focused 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 tv screens, and clients watch the outcome of international football matches or sports betting horse races on which they have staked cash.

Mr Aminudeen said such bookies had been able to operate under the radar as they had opened under false pretences.

“They don’t have licences to run as they were allowed to run computer game centres, which they later converted to sports betting shops,” he said.

The sports betting wagering market has actually expanded significantly across West Africa in the last few years. The area is approximately divided between a generally Muslim north and a primarily 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 outcome of events and sports betting groups.

Nigeria’s crippling recession has likewise suggested individuals are willing to risk a percentage 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 said.

“These economic problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

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 advising those running those wagering shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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