Power Players and Prayer Police: The Fate of Sports Betting in Nigeria

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

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

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

In spite of economic challenges such as inflation, Nigeria’s sports betting sector has prospered, bring in millions, particularly among the younger group facing high unemployment rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates a projected annual income of N730 billion. The federal government has not gone undetected by this growth, which is thinking about like import tax 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 reasonable operations regardless of obstacles in enforcement. Issues such as inadequate age confirmation and advertising guideline breaches reveal market regulatory spaces.

Regardless of these challenges, sports betting wagering companies continue to thrive through effective business models and sports betting aggressive marketing techniques, leveraging the creator influencer market.

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

Sheriff 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 profession covers numerous roles in the video gaming and entertainment industry, sports betting consisting of operating at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he acted as the Lead Engineer in a Bingo and sports betting 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 service in the wagering and sports betting video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually considering that expanded its existence, sports betting 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 ecosystem that integrates appropriate sports betting content, engaging features, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The business’s employee headcount has increased by 29%, and annual revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has 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 previously acted as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and sports betting has remained in the online gaming market given that 2000, holding various successful functions, consisting of General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market presence and boost its offerings. The business’s app has amassed significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her competence spans the video gaming, property, and credit financing markets, where he has developed himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Since June 2019, she has actually served as Managing Director and sports betting has actually overseen the company’s development and operations in Lagos, sports betting Nigeria.

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

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

Akin Alabi, the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a completely functional website, setting a benchmark in the market.

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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, sports betting consisting of Nigeria, where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting providing a wide variety 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 teamed up with African socio-economic organizations and governments to develop developmental policies targeted at empowering youths. 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 wagering and entertainment business has actually quickly grown its presence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing yearly. 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, majority investor, sports betting and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has since grown into among the world’s largest online gambling companies.

By 2016, Bet365 produced $2 billion in profits and assisted in $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has 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 sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, established alongside entrepreneur 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 business that creates financial investment returns and offers special investment insights and solutions to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

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

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

His career began at Jumia Group, sports betting where he worked in SEO, CRM, and sports betting 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 gaming platform that uses sports betting, casino games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and sports betting 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 home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being 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 the growing African web ecosystem. His financial investments reflect his dedication to fostering development and advancement within the region.

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

The company is set to interfere with the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry 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 aims to leverage innovative innovation and a dedication to accountable gaming to change the sector.

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

At a press instruction, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and specialist group will enable it to scale and dominate the marketplace quickly.

Islamic cops raid betting shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually begun closing down sports betting wagering shops, which they state are running illegally.

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

Problems from neighborhood leaders and parents prompted the crackdown, worried about the growing variety of gambling addicts, he said.

On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent out home with a warning, 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 rules would be arrested.

Kano city is the capital of Kano state, which has a majority Muslim population and sports betting runs the Islamic legal system – Sharia – alongside secular law.

Bookmakers and bars tend to be allowed to operate in Kano’s Christian neighbourhoods, sports betting though they too can face action if the Hisbah believes Muslims are frequenting them.

However, the present crackdown is focused on Muslim locations of Kano, sports betting a sprawling city and the economic center of northern Nigeria.

Sports betting shops can be discovered all over the city. The majority of have tv screens, and clients 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 allowed to run computer game centres, which they later on transformed to sports betting stores,” he stated.

The sports betting wagering market has broadened significantly throughout West Africa recently. The region is roughly divided between a mainly Muslim north and sports betting a primarily Christian south.

Many people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are also popular for wagering on the result of occasions and groups.

Nigeria’s crippling recession has also suggested people are willing to risk a small amount in the hope of winning big.

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

“These financial issues we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he said.

The raids on Tuesday concentrated on Munjibir, sports betting 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 arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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