Game Changers: How Islamic Raids and Tech Innovation are Transforming Nigeria’s Betting Landscape

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

Gambling has actually progressed considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, sports betting Nigeria’s sports betting sector sports betting has thrived, drawing in millions, particularly among the vibrant group dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces an approximated yearly revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory procedures like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Concerns such as insufficient age verification and advertising guideline breaches show industry regulatory spaces.

Regardless of these obstacles, sports betting wagering companies continue to thrive through effective organization models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing important functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have considerably added to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers various functions in the gaming and show business, consisting of operating at among 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce company in the wagering and video gaming sector, sports betting running through online, mobile, sports betting and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually given that expanded its presence, accomplishing 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 fully integrated community that integrates appropriate sports betting content, engaging features, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has driven significant development for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly earnings has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have propelled LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has actually attained major user engagement, sports betting 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 previously worked as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and sports betting has been in the online video gaming market considering that 2000, sports betting holding numerous successful roles, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has actually gathered considerable user engagement, sports betting 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 spans the video gaming, property, and sports betting credit lending markets, where he has actually established himself as a tactical and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has actually functioned as Managing Director and has actually supervised the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s operational techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established 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 site, setting a benchmark in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

is the Managing Director of 1XBET Nigeria Limited, a franchise of the worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is totally accredited.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of wagering alternatives 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 teamed up with African socio-economic organizations and governments to create 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has actually quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, sports betting the number of which is increasing annually. In the 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 creator, majority shareholder, sports betting and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually given that grown into one of the world’s largest online sports betting business.

By 2016, Bet365 produced $2 billion in revenues and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered 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 company in Nigeria, developed along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management company that produces financial investment returns and uses unique investment insights and sports betting solutions to both individual and institutional customers.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting 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 22BET in Nigeria since June 2021. In this function, he has contributed to the company’s growth through collaborations, company method, and brand-new company advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, and Country Manager at 22BET, focusing on marketing method and budget plan 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, sports betting 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 gaming platform that provides sports betting wagering, casino games, and live dealership games. It was released 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 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 company he developed in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a significant 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 sports betting mobile payments and a strong supporter for the growing African web environment. His financial investments show his commitment to cultivating innovation and advancement within the area.

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

The firm is set to interfere with the sports betting market.

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 yearly, 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 innovative innovation and a commitment to responsible sports betting to revolutionise the sector.

Backed by the financial power of 4 popular African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent’s largest and most ingenious sports betting platform.

At a press briefing, the business’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, sports betting has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and expert team will enable it to scale and dominate the marketplace rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they say are running unlawfully.

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

Problems from community leaders and parents triggered the crackdown, worried about the growing variety of gambling addicts, he stated.

On the 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 stated.

But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be detained.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.

Bookies and bars tend to be permitted to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

Nevertheless, sports betting the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

Sports betting stores can be discovered all over the city. Most have television screens, and sports betting customers watch the outcome of international football matches or horse races on which they have actually staked money.

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

“They don’t have licences to operate as they were permitted to run video games centres, which they later transformed to sports betting shops,” he said.

The sports betting market has actually broadened dramatically across West Africa in recent years. The region is approximately divided between a primarily Muslim north and a predominantly Christian south.

Lots of people go to bookies to enjoy the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of events and teams.

Nigeria’s crippling recession has likewise meant individuals are willing to risk a percentage in the hope of winning huge.

But this had caused extensive addiction, and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.

“These economic problems we are facing in Nigeria is God informing us to change our ways by stopping sins,” he stated.

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 wagering stores to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would deal with – typically, such infringements carry a fine.

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