High Stakes and Religious Laws: Nigeria’s Sports Betting Industry at a Turning Point

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

sports betting has evolved significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually thrived, bring in millions, specifically among the youthful group dealing with high unemployment rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces an estimated annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like excise responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of obstacles in enforcement. Issues such as inadequate age verification and marketing guideline breaches show market regulatory spaces.

In spite of these obstacles, sports betting wagering companies continue to thrive through efficient organization designs and aggressive marketing techniques, leveraging the developer influencer market.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers different roles in the gaming and entertainment industry, consisting of working at among the United Kingdom’s biggest 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 actually become a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has considering that expanded its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 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 incorporated community that integrates appropriate sports betting material, engaging features, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual revenue has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has 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 previously worked as the business’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online gaming market considering that 2000, holding different effective roles, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market existence and boost its offerings. The company’s app has actually gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her know-how covers the gaming, property, and credit loaning markets, where he has established himself as a tactical and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Since June 2019, she has acted as Managing Director and has supervised the business’s growth and operations in Lagos, .

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides 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 business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a completely practical site, setting a benchmark 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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a large range of wagering choices and an easy to use 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, Ukanwoke has teamed up with African socio-economic organizations and federal governments to develop 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, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually rapidly 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, creating over 100,000 jobs, the variety of which is increasing each year. 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, bulk shareholder, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually because become one of the world’s largest online gaming business.

By 2016, Bet365 produced $2 billion in profits and assisted in $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered significant 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, developed alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that produces financial investment returns and offers unique investment insights and solutions to both specific and institutional clients.

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 leadership, Bet9ja has become 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 functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the business’s development through partnerships, service method, and brand-new business advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer 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 career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 sports betting platform that offers sports betting wagering, gambling establishment video games, and live dealership video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up 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 company he developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator known for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a considerable 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 the growing African web ecosystem. His financial investments show his dedication to cultivating development and development 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 disrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development 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 dedication to responsible gaming to change the sector.

Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce 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 passion for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and specialist team will allow it to scale and control the market quickly.

Islamic police raid betting stores in northern Nigeria

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

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.

Problems from community leaders and moms and dads 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 sports betting their owners were sent out home with a warning, the Sharia officer stated.

However Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on gaming, 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 – together with nonreligious law.

Bookies and bars tend to be allowed to operate in Kano’s Christian neighbourhoods, 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, a vast city and the economic center of northern Nigeria.

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

Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had opened under false pretenses.

“They do not have licences to operate as they were allowed to run computer game centres, which they later converted to wagering stores,” he said.

The sports betting industry has expanded considerably across West Africa in the last few years. The region is roughly divided in between a generally Muslim north and a mainly Christian south.

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

Nigeria’s crippling economic crisis has actually also meant people are willing to run the risk of a small amount in the hope of winning huge.

However this had actually led to widespread addiction, and moms and dads were even grumbling that kids were leaving of school to gamble, Mr Aminudeen stated.

“These financial concerns we are dealing with in Nigeria is God telling us to alter our ways by stopping sins,” he said.

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

“I am advising those running those sports betting stores to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – typically, such violations 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.