Market Disruption Meets Religious Policing: Nigeria’s Sports Betting Sector at a Crossroads
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.
sports betting has actually developed considerably in Nigeria from conventional kinds like pool staking and sports betting Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Gradually, with increased web gain access to came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
In spite of economic obstacles such as inflation, Nigeria’s sports betting sector has actually grown, sports betting drawing in millions, specifically amongst the youthful group dealing with high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that creates an approximated annual profits of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative measures like import tax responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of difficulties in enforcement. Problems such as insufficient age verification and advertising guideline breaches show market regulatory gaps.
Regardless of these obstacles, sports betting business continue to prosper through efficient business designs and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have significantly added to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.
Constable Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans various functions in the gaming and show business, consisting of working at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he functioned 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 turned into a leading e-commerce organization in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and has given that broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a fully incorporated environment that integrates pertinent sports betting content, engaging features, and a world-class sportsbook.
Since taking the helm prior to the pandemic, Sam has driven considerable growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly revenue has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have propelled LiveScore Group’s success and helped shape the instructions. LiveScoreBet has actually attained major 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 actually formerly acted as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online gaming market since 2000, holding numerous successful functions, consisting of General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has actually amassed 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 companies. Her know-how spans the gaming, real estate, and credit loaning markets, where he has actually established himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has actually served as Managing Director and has overseen 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 functional strategies and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN supplies frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, sports betting established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the very first to release a totally practical site, 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 global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually established itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is totally certified.
Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of sports betting 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 ventures, sports betting Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to create developmental policies targeted at empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, founded and introduced in Nigeria on February 22, sports betting 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has quickly grown its presence in Nigeria, with outlets in major cities and sports betting 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 jobs, the number of which is increasing annually. 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually because become one of the world’s biggest online gaming business.
By 2016, Bet365 created $2 billion in profits and assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered substantial 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 wagering business in Nigeria, developed together with business person Kunle Soname, sports betting who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces investment returns and sports betting provides distinct investment insights and options to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a significant player in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting market. He has actually been working as the Country Director for 22BET in Nigeria since June 2021. In this role, sports betting he has actually added to the company’s development through partnerships, service strategy, and new service development.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, sports betting and sports betting Country Manager at 22BET, concentrating on marketing technique and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he operated in SEO, CRM, and 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that provides sports betting, casino games, and sports betting live dealership video games. It was released in 2017 and is owned and run 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 business he developed in 2013.
SportyBet is an international sports betting wagering and real-money gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has 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 financier in fintech and mobile payments and a strong supporter for the growing African web community. His financial investments show his commitment 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 company is set to interrupt the sports wagering market.
Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the company aims to take advantage of cutting-edge innovation and a dedication to accountable gaming to change the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting platform.
At a press rundown, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and professional group will enable it to scale and dominate the market rapidly.
Islamic police raid betting stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have actually begun closing down sports betting shops, which they state are operating illegally.
“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, sports betting informed the BBC.
Grievances from neighborhood leaders and parents triggered the crackdown, worried about the growing number of sports betting addicts, he said.
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, sports betting the Sharia officer said.
But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – together with nonreligious law.
Bookmakers and bars tend to be enabled to operate 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 concentrated on Muslim areas of Kano, sports betting a vast city and the economic hub of northern Nigeria.
Sports betting shops can be found all over the city. Most have television screens, and customers view the result of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had been able to run under the radar as they had actually opened under false pretences.
“They do not have licences to operate as they were allowed to run video games centres, which they later converted to sports betting shops,” he said.
The sports betting wagering industry has actually broadened significantly throughout West Africa recently. The region is roughly divided in between a mainly Muslim north and sports betting a primarily Christian south.
Many people go to bookmakers to enjoy the sociability of other bettors, though mobile apps are likewise popular for wagering on the outcome of events and groups.
Nigeria’s crippling recession has actually likewise meant individuals are willing to run the risk of a small amount in the hope of winning huge.
However this had led to prevalent dependency, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.
“These economic problems we are facing in Nigeria is God telling us to change 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 encouraging those running those wagering shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what punishment they would face – frequently, 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.