Northern Raids, South Disruption: Nigeria’s Sports Betting Industry in Transformation

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

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

Slowly, with increased internet access came virtual sports betting, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is predicted 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 specifically among the youthful demographic facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces an approximated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory measures like excise duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Problems such as inadequate age confirmation and marketing rule breaches reveal industry regulative spaces.

Regardless of these challenges, sports betting business continue to grow through effective organization designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital roles in expanding audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting wagering business who have significantly contributed to Nigeria’s $2 billion gambling empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans numerous functions in the gaming and entertainment industry, including working at one of the United Kingdom’s largest video gaming centres, 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 turned into a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and sports betting retail channels. The company was included in Nigeria on November 7, 2006, and has actually considering that broadened its existence, 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that combines pertinent sports betting content, engaging features, and a world-class sportsbook.

Considering that taking the helm right before the pandemic, Sam has driven substantial growth for sports betting LiveScore Group. The company’s staff member headcount has actually increased by 29%, and has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has accomplished major 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 formerly served as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and sports betting has been in the online video gaming industry because 2000, holding different effective roles, including General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has actually gathered 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 performance history of changing start-ups into institutionalized businesses. Her expertise spans the video gaming, realty, and credit lending industries, sports betting where he has actually established himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has functioned as Managing Director 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, pivotal in the company’s operational techniques and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer instructional 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, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a totally functional site, setting a criteria 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 company 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 business operates in more than 50 countries, including Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering options and an user-friendly 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, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic institutions and federal governments to design developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting founded and introduced 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 entertainment business has actually quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing annually. In the exact 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 founder, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually considering that turned into among the world’s biggest online sports betting business.

By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually 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, a leading sports betting wagering company in Nigeria, sports betting established alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that produces financial investment returns and offers distinct financial investment insights and sports betting options to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, 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 industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has been working as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually added to the company’s development through partnerships, organization method, and new business development.

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

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

22Bet is an online sports betting platform that provides sports betting wagering, casino games, and live dealership games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered 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, sports betting a business he developed in 2013.

SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a significant gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web community. His investments show his dedication to promoting innovation and advancement within the region.

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

The company is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting with double-digit growth projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of innovative technology and a commitment to accountable gaming to revolutionise the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and specialist group will enable it to scale and control the marketplace rapidly.

Islamic authorities raid wagering shops in northern Nigeria

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

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police, known as the Hisbah, informed the BBC.

Complaints from neighborhood leaders and parents prompted the crackdown, stressed over 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 out 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 gaming, those flouting the guidelines would be apprehended.

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

Bookies and bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the current crackdown is focused on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting shops can be found all over the city. Most have television screens, and consumers watch the outcome of worldwide football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had actually been able to run under the radar as they had opened under false pretenses.

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

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

Many people go to bookmakers to enjoy the sociability of other bettors, though mobile apps are likewise popular for sports betting wagering on the result of events and teams.

Nigeria’s crippling economic crisis has actually also implied individuals want to run the risk of a small amount in the hope of winning huge.

However this had led to prevalent dependency, and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.

“These economic issues we are dealing with in Nigeria is God informing us to change our methods 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 encouraging those running those sports betting stores to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would face – often, such violations bring a fine.

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