Disruption Amid Raids: Exploring Nigeria’s Dynamic Sports Betting Industry

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

sports betting has progressed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where enthusiasts would wager just N50-N200 on matches.

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

Despite economic challenges such as inflation, Nigeria’s sports betting wagering sector has actually grown, attracting millions, especially amongst the younger group facing high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces a projected annual income of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative steps like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite obstacles in enforcement. Problems such as insufficient age confirmation and marketing rule breaches reveal industry regulatory gaps.

Despite these challenges, sports betting business continue to flourish through efficient service models and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering who have significantly 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 diverse career spans numerous functions in the video gaming and entertainment industry, consisting of working at one of the United Kingdom’s largest 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 organization in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually because expanded its presence, 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 sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The business’s worker headcount has increased by 29%, and yearly earnings has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually propelled LiveScore Group’s success and helped shape the industry’s instructions. LiveScoreBet has actually attained 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 has actually remained in the online gaming industry given that 2000, holding various successful functions, including General Manager of a data analytics group and Director sports betting of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her proficiency spans the gaming, realty, and credit financing industries, where he has actually established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has acted as Managing Director sports betting and has actually supervised the business’s development and operations in Lagos, Nigeria.

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

She founded 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, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a totally practical site, 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is totally certified.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering choices 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 ventures, Ukanwoke has worked together with African socio-economic institutions and federal governments to create developmental policies targeted at empowering young people. 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, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has quickly grown its presence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing every year. In the exact same year, sports betting 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 creator, 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 sports betting website and has because turned into one of the world’s largest online gaming companies.

By 2016, Bet365 created $2 billion in revenues and facilitated $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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 company in Nigeria, developed along with entrepreneur 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 company that creates financial investment returns and offers unique financial investment insights and services to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has been serving as the Country Director sports betting for 22BET in Nigeria since June 2021. In this function, he has added to the company’s development through collaborations, service technique, and brand-new service development.

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

His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise worked 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 gambling platform that offers sports betting wagering, casino video games, and live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and 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 business he established in 2013.

SportyBet is an international sports betting and real-money gaming operator sports betting known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a considerable player 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 in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial 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 interfere with the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company intends to leverage cutting-edge technology and sports betting a commitment to accountable gambling to change the sector.

Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the first quarter of 2025, aims 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 increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and expert team will allow it to scale and control the marketplace quickly.

Islamic police raid wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually begun shutting down sports betting shops, which they say are operating illegally.

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

Problems from community leaders and sports betting parents triggered the crackdown, stressed over the growing number of gambling addicts, he stated.

On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent out home with a caution, the Sharia officer stated.

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

Kano city is the capital of Kano state, which has a bulk 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 neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

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

sports betting wagering stores can be found all over the city. Many have tv screens, and consumers watch the outcome of worldwide football matches or sports betting horse races on which they have staked cash.

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

« They don’t have licences to operate as they were permitted to run computer game centres, which they later transformed to sports betting stores, » he said.

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

Many individuals go to bookies to enjoy the friendship of other gamblers, though mobile apps are also popular for sports betting on the result of events and groups.

Nigeria’s debilitating recession has likewise implied individuals want to run the risk of a percentage in the hope of winning big.

However this had resulted in extensive dependency, sports betting and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.

« These economic issues we are facing in Nigeria is God informing us to change our methods by stopping sins, » he stated.

The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

« I am recommending those running those sports betting shops to either closed down or we’ll arrest them and take them to [a Sharia] court, » Mr Aminudeen said.

It is uncertain what penalty they would face – often, sports betting 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.