Northern Crackdowns, South Disruption: Nigeria’s Sports Betting Industry in Transition

Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.

sports betting has progressed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically tied to European football leagues, sports betting pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

In spite of economic challenges such as inflation, Nigeria’s sports betting wagering sector has grown, drawing in millions, sports betting especially amongst the vibrant market facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an approximated annual income of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory steps like import tax duties and VAT increases to handle the sector.

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

Despite these challenges, sports betting business continue to thrive through reliable service models and aggressive marketing techniques, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering 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 business he co-founded with Badmos Olasupo in 2011. His diverse career spans different functions in the video gaming and sports betting show business, including working at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, sports betting 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, sports betting founded in August 2011, has actually grown into a leading e-commerce service in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has considering that expanded 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 totally integrated community that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.

Because taking the helm prior to the pandemic, Sam has driven substantial development for LiveScore Group. The company’s staff member headcount has actually increased by 29%, sports betting and annual revenue has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and helped form the industry’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 designated CEO of Betway in November 2017, having actually formerly worked as the company’s Marketing and Operations Director sports betting since 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market given that 2000, holding different effective roles, consisting of General Manager of a data analytics team and sports betting Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and improve its offerings. The company’s app has 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 performance history of changing start-ups into institutionalized organizations. Her know-how spans the video gaming, property, and credit lending markets, where he has actually developed himself as a tactical and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has 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 business’s functional methods and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. 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 creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to launch a fully 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, sports betting a franchise of the global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting offering a wide range of wagering choices 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic organizations 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, established and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually 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 partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing each year. 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online wagering website and sports betting has because turned into among the world’s biggest online gaming companies.

By 2016, sports betting Bet365 produced $2 billion in profits and sports betting facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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, sports betting a leading sports betting company in Nigeria, developed along with business person Kunle Soname, 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 asset management business that produces investment returns and offers special investment insights and options to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, sports betting he has actually contributed to the company’s development through partnerships, service method, and brand-new business advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and sports betting consumer experience, and Country Manager at 22BET, focusing on marketing technique and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and sports betting held different digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he worked in SEO, CRM, sports betting 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, Benin Republic.

22Bet is an online gambling platform that provides sports betting, casino video games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 sports betting CEO of SportyBet, a business he established in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator sports betting understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable 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 sports betting mobile payments and a strong supporter for sports betting the growing African internet environment. His financial investments show his dedication to promoting development and development within the area.

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

The company is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In an industry 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 company intends to leverage advanced innovation and a commitment to responsible gambling to change the sector.

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

At a press briefing, sports betting the company’s representative, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and professional team will allow it to scale and dominate the marketplace rapidly.

Islamic police raid wagering shops in northern Nigeria

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

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

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

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

However Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be detained.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – alongside nonreligious 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 thinks Muslims are frequenting them.

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

sports betting wagering shops can be discovered all over the city. Many have tv screens, and consumers watch the result of global football matches or horse races on which they have actually staked cash.

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

“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 expanded considerably throughout West Africa recently. The area is approximately divided between a primarily Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to delight in the friendship of other bettors, though mobile apps are also popular for sports betting on the result of events and groups.

Nigeria’s crippling recession has likewise indicated individuals want to run the risk of a small amount in the hope of winning huge.

But this had caused extensive addiction, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.

“These economic problems we are facing in Nigeria is God telling us to change our ways 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 stores to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would deal with – frequently, such infringements carry a fine.

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