Market Innovation Meets Religious Policing: Nigeria’s Sports Betting Sector at a Turning Point
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.
sports betting has developed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, sports betting pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
Regardless of financial challenges such as inflation, Nigeria’s sports betting sector has flourished, drawing in millions, specifically amongst the vibrant demographic dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an estimated yearly profits of N730 billion. The federal government has not gone undetected by this growth, sports betting which is thinking about regulatory steps like import tax responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Problems such as confirmation and sports betting marketing guideline breaches reveal market regulative spaces.
Despite these challenges, sports betting wagering companies continue to thrive through reliable company designs and sports betting aggressive marketing techniques, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually considerably added to Nigeria’s $2 billion sports betting 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, including operating at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he worked 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 organization in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has considering that broadened 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 became the CEO of LiveScore Group, a completely integrated environment that combines pertinent sports betting content, engaging features, and a world-class sportsbook.
Since taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The business’s worker headcount has increased by 29%, and annual income has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have moved LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has accomplished major sports betting user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman – CEO of Betway Group
Anthony Werkman was designated CEO of Betway in November 2017, having formerly acted as the business’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually been in the online video gaming industry since 2000, holding different successful functions, consisting of General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve 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 companies. Her expertise covers the video gaming, property, and credit financing markets, sports betting where he has actually established himself as a strategic and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has worked as Managing Director and has actually supervised the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s operational strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned organizations. DDWIN offers frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, sports betting the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a fully functional site, sports betting 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 company operates in more than 50 countries, including Nigeria, where it is completely accredited.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering options 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 endeavors, Ukanwoke has teamed up with African socio-economic organizations and governments to create 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 sports betting released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has quickly grown its existence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, sports betting developing over 100,000 tasks, the number of which is increasing yearly. In the very 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 founder, bulk investor, sports betting and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually considering that turned into one of the world’s biggest online gambling companies.
By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed substantial 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 wagering company in Nigeria, established alongside businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that produces financial investment returns and sports betting uses unique financial investment insights and sports betting options to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting wagering industry. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, sports betting he has actually contributed to the company’s development through collaborations, organization method, and new company development.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and client experience, and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise functioned 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 sports betting 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, gambling establishment video games, and live dealer 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 sports betting a chain of casinos worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.
SportyBet is an international sports betting wagering and real-money video gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a significant gamer in the market, 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 sports betting a strong supporter for the growing African internet environment. His financial investments reflect his dedication to fostering 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 firm is set to disrupt 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 projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of advanced innovation and a dedication to responsible sports betting to change the sector.
Backed by the financial power of 4 popular African billionaires, sports betting Sunbet, which will release in the very first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting platform.
At a press instruction, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and specialist group will allow it to scale and control the market quickly.
Islamic authorities raid betting stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have begun closing down sports betting wagering stores, sports betting which they say are operating illegally.
“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, sports betting known as the Hisbah, informed the BBC.
Complaints from community leaders and parents prompted the crackdown, stressed over the growing variety of sports betting addicts, he said.
On the first day of raids, sports betting 30 stores were closed in one suburb alone, and their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting operates the Islamic legal system – Sharia – along with secular law.
Bookmakers and bars tend to be allowed to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.
sports betting wagering shops can be discovered all over the city. Most have tv screens, and clients enjoy the result of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookies had actually 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 computer game centres, which they later on converted to sports betting stores,” he stated.
The sports betting market has actually expanded drastically across West Africa in recent years. The area is approximately divided between a primarily Muslim north and a predominantly Christian south.
Lots of people go to bookies to delight in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the result of occasions and groups.
Nigeria’s crippling recession has actually likewise indicated people are willing to run the risk of a percentage in the hope of winning huge.
However this had led to widespread addiction, and sports betting parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen stated.
“These economic problems we are facing in Nigeria is God informing us to change 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 encouraging those running those sports betting stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what punishment they would face – typically, sports betting such infringements bring a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, sports betting gaming and the consumption of alcohol were prohibited.