Market Innovation Meets Religious Policing: Nigeria’s Sports Betting Sector at a Turning Point
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting industry.
Gaming has evolved significantly in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Despite financial obstacles such as inflation, Nigeria’s sports betting wagering sector has grown, attracting millions, specifically among the youthful market facing high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates an estimated annual income of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulative procedures like excise tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of challenges in enforcement. Problems such as insufficient age confirmation and advertising rule breaches reveal market regulative spaces.
Despite these challenges, sports betting companies continue to grow through reliable company designs and sports betting aggressive marketing methods, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually considerably contributed to Nigeria’s $2 billion gaming empire through their substantial 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 diverse career covers various roles in the video gaming and entertainment industry, consisting of working at among the United Kingdom’s largest 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, sports betting Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce organization in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has since expanded its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that integrates relevant sports betting content, engaging functions, and a world-class sportsbook.
Considering that taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly income has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually attained significant 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, having actually formerly acted as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online gaming market since 2000, holding various successful functions, including General Manager of an information analytics group and Director of a digital marketing company.
Under management, Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has actually amassed significant 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 services. Her knowledge covers the gaming, property, and credit lending industries, where he has developed himself as a tactical and functional leader.
Damilare has actually been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has actually worked 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, sports betting essential in the company’s operational methods and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer instructional background consists of 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 business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a totally functional website, 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 bookmakers in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is fully accredited.
Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a large range of sports betting 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic institutions and governments to develop developmental policies aimed at empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, established and sports betting launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly 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, developing over 100,000 tasks, the variety 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 creator, sports betting majority shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has since become one of the world’s largest online sports betting companies.
By 2016, Bet365 created $2 billion in profits and helped with $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered considerable 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 business in Nigeria, established 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 property management company that generates investment returns and uses distinct investment insights and services to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, sports betting 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 industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the business’s growth through collaborations, organization strategy, and brand-new service development.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and client experience, sports betting and sports betting Country Manager at 22BET, concentrating on marketing technique 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 career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise served 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, Benin Republic.
22Bet is an online gambling platform that offers sports betting, casino games, and live dealership games. It was launched in 2017 and is owned and sports betting run 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 gambling establishments worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become 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 investor in fintech and mobile payments and a strong advocate for sports betting the growing African internet community. His financial investments show his commitment to promoting development and advancement within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising 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 PwC, sports betting the company aims to take advantage of cutting-edge technology and a dedication to responsible gambling to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent’s largest and most innovative sports betting wagering platform.
At a press briefing, the company’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and professional team will enable it to scale and control the marketplace quickly.
Islamic cops raid wagering stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting wagering stores, which they say are running unlawfully.
“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, sports betting told the BBC.
Complaints from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of gambling addicts, he stated.
On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer stated.
However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – alongside nonreligious law.
Bookies and bars tend to be permitted to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, sports betting the current crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
sports betting wagering stores can be discovered all over the city. The majority of have television screens, sports betting and consumers watch the outcome of worldwide football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had been able to operate under the radar as they had opened under false pretences.
“They do not have licences to run as they were allowed to run video games centres, which they later on converted to sports betting stores,” he stated.
The sports betting market has actually expanded considerably across West Africa recently. The region is roughly divided between a generally Muslim north and a mainly Christian south.
Many individuals go to bookies to delight 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 economic crisis has also suggested individuals want to risk a percentage in the hope of winning huge.
But this had actually resulted in prevalent dependency, and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.
“These financial issues we are facing in Nigeria is God telling us to alter our ways 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 unclear what punishment they would face – frequently, 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 sports betting prostitution, sports betting and sports betting the usage of alcohol were banned.
