Market Disruption Meets Moral Policing: Nigeria’s Sports Betting Sector at a Crossroads
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
Gaming has actually evolved considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor sports betting parks and kiosks, where enthusiasts would bet just N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
In spite of financial obstacles such as inflation, Nigeria’s sports betting wagering sector sports betting has actually grown, sports betting attracting millions, especially among the younger market facing high joblessness rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an approximated annual profits of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory measures like import tax responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of challenges in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches show market regulative spaces.
Regardless of these challenges, sports betting companies continue to grow through efficient business models and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have actually substantially contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans numerous roles 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 functioned 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 grown into a leading e-commerce company in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has since broadened its presence, sports betting attaining over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that integrates relevant sports betting content, sports betting engaging features, and a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and yearly profits has risen from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has actually accomplished 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 served as the company’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually been in the online gaming market since 2000, holding numerous effective roles, including General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman’s management, Betway has continued to grow its market presence and boost its offerings. The business’s app has gathered significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her proficiency covers the gaming, sports betting realty, and credit financing industries, where he has actually established himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Because June 2019, sports betting she has actually worked as Managing Director and has actually overseen the business’s development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s functional strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a fully functional site, setting a criteria in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting 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 established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully licensed.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of sports betting alternatives and an user-friendly 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, sports betting Ukanwoke has worked together with African socio-economic organizations and governments to develop 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, 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 home entertainment company has actually quickly grown its presence in Nigeria, sports betting 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, developing over 100,000 tasks, the number of which is increasing annually. In the exact 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 creator, bulk investor, and joint Chief Executive of Bet365, an online gambling business she developed 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 gaming companies.
By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has amassed substantial user engagement, sports betting 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, sports betting developed along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management company that generates investment returns and uses unique financial investment insights and services to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, 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 market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been serving as the Country Director for sports betting 22BET in Nigeria given that June 2021. In this function, he has actually contributed to the business’s development through partnerships, company strategy, and brand-new organization advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer 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 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 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, Management, and Operations from 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 business registered in Cyprus and a subsidiary of Orakum N.V.. They are also 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 wagering and real-money gaming operator understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a significant player in the market, 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 sports betting the growing African web community. His investments show his dedication to cultivating innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company intends to take advantage of cutting-edge innovation and a commitment to responsible gaming to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent’s largest and sports betting most ingenious sports betting wagering platform.
At a press instruction, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, sports betting and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and expert team will allow it to scale and control the market rapidly.
Islamic police raid wagering stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they state are operating illegally.
“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.
Complaints from community leaders and moms and dads prompted the crackdown, fretted about the growing number of sports betting 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 warning, the Sharia officer stated.
However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – together with secular law.
Bookies and bars tend to be allowed to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim locations of Kano, sports betting a sprawling city and the financial hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Most have television screens, and consumers enjoy the result of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookmakers had had the ability 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 wagering shops,” he stated.
The sports betting industry has actually broadened dramatically throughout West Africa recently. The region is approximately divided between a mainly Muslim north and a primarily Christian south.
Many individuals go to bookmakers to enjoy the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and sports betting teams.
Nigeria’s crippling recession has likewise implied people are willing to run the risk of a percentage in the hope of winning big.
However this had actually resulted in extensive dependency, and moms and dads were even complaining that kids were dropping out of school to bet, sports betting Mr Aminudeen said.
“These economic problems we are facing in Nigeria is God informing us to alter 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 recommending those running those wagering stores to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what penalty they would deal with – often, such infringements carry a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gambling and the consumption of alcohol were banned.
