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 substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels global patterns. 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.
Despite financial obstacles such as inflation, Nigeria’s sports betting wagering sector has grown, sports betting attracting millions, especially among the youthful group facing high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that produces a projected annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory measures like import tax responsibilities and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of difficulties in enforcement. Problems such as inadequate age verification and marketing guideline breaches reveal market regulatory gaps.
Regardless of these obstacles, sports betting business continue to prosper through efficient organization designs and aggressive marketing techniques, leveraging the developer influencer market.
These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually considerably added to Nigeria’s $2 billion gaming empire through their substantial audience reach.
Sheriff Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career covers different functions in the gaming and entertainment industry, including 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 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 turned into a leading e-commerce organization in the sports betting and sports betting gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has considering that expanded its presence, accomplishing 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 totally integrated ecosystem that combines pertinent sports betting material, engaging functions, and a world-class sportsbook.
Because taking the helm right before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s employee headcount has increased by 29%, and yearly earnings has surged from around ₤ 10 million to over ₤ 80 million.
and strategic vision have propelled LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has actually accomplished major 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 company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming market because 2000, holding various successful functions, including General Manager of an information analytics group and Director of a digital marketing company.
Under Werkman’s leadership, Betway has continued to grow its market presence and boost its offerings. The company’s app has actually gathered substantial user engagement, 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 sports betting executive with a track record of changing start-ups into institutionalized services. Her proficiency spans the video gaming, real estate, and credit loaning industries, where he has actually developed himself as a strategic and functional leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has acted as Managing Director and has actually overseen the business’s development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s operational techniques and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a fully practical site, setting a criteria 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, has developed itself as one of the largest bookies in Europe and sports betting the world. The company runs in more than 50 countries, consisting of Nigeria, where it is totally accredited.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a wide variety of wagering alternatives 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 actually collaborated with African socio-economic institutions and governments to create 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, founded and launched in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, 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, sports betting the founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually because turned into among the world’s biggest online gaming companies.
By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in annual bets. The business also holds a majority 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 company in Nigeria, established alongside businessman Kunle Soname, sports betting 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 business that produces investment returns and offers special investment insights and options to both private and institutional clients.
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 leadership, Bet9ja has actually ended up being a considerable player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the business’s development through partnerships, business method, and new company advancement.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and consumer experience, and Country Manager at 22BET, focusing on marketing technique and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he operated in SEO, sports betting 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 gaming platform that offers sports betting, casino games, and sports betting live dealer video 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 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, a business he established in 2013.
SportyBet is a worldwide sports betting wagering and sports betting real-money gaming operator understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable gamer in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments show his dedication to promoting innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry 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, sports betting the company aims to take advantage of innovative innovation and a dedication to responsible gambling to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting platform.
At a press rundown, sports betting the business’s representative, 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 included that the company’s robust sponsorship and professional group will enable it to scale and dominate the market rapidly.
Islamic cops raid wagering stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have actually started shutting down sports betting stores, which they state 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, told the BBC.
Grievances from neighborhood leaders and parents triggered the crackdown, stressed over the growing variety of gambling addicts, sports betting he said.
On the first day of raids, 30 shops were closed in one suburban area alone, sports betting and their owners were sent out home with a caution, the Sharia officer stated.
But Mr Aminudeen alerted that now that the public knew 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 majority Muslim population and 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 concentrated on Muslim areas of Kano, sports betting a sprawling city and the economic hub of northern Nigeria.
Sports betting stores can be found all over the city. A lot of have tv screens, and customers view the result of international football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookies had actually had the ability to operate under the radar as they had actually opened under false pretences.
“They do not have licences to run as they were allowed to run video games centres, which they later on transformed to sports betting shops,” he stated.
The sports betting industry has broadened considerably throughout West Africa in the last few years. The region is roughly divided in between a primarily Muslim north and a primarily Christian south.
Many people go to bookmakers to enjoy the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and teams.
Nigeria’s debilitating economic crisis has actually also indicated people are willing to risk a small amount in the hope of winning huge.
But this had actually resulted in prevalent dependency, and parents were even grumbling that children were leaving of school to gamble, sports betting Mr Aminudeen said.
“These financial issues we are facing in Nigeria is God informing us to change 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 encouraging those running those wagering shops to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what penalty they would face – frequently, such violations carry a fine.
Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gambling and the intake of alcohol were prohibited.