Big Stakes and Holy Laws: 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 progressed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor sports betting parks and kiosks, sports betting where lovers would bet as little as N50-N200 on matches.
Slowly, with increased internet access came virtual wagering, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
In spite of economic challenges such as inflation, Nigeria’s sports betting wagering sector has actually flourished, attracting millions, especially amongst the vibrant market facing high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that produces an approximated yearly income of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory measures like excise tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal industry regulatory spaces.
In spite of these challenges, sports betting business continue to thrive through effective service models and aggressive marketing strategies, leveraging the developer influencer industry.
These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria’s $2 billion sports betting empire through their substantial audience reach.
Sheriff Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers numerous roles in the video gaming and entertainment industry, including 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, sports betting Wales. Surebet247, founded in August 2011, has actually become a leading e-commerce company 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 given that expanded its presence, attaining 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, sports betting a totally integrated community that integrates pertinent sports betting content, engaging functions, and sports betting a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual earnings has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and sports betting tactical vision have actually moved LiveScore Group’s success and assisted shape the market’s instructions. LiveScoreBet has attained major sports betting 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 formerly functioned as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online gaming market because 2000, holding different effective functions, consisting of General Manager of an information analytics team and sports betting Director of a digital marketing company.
Under Werkman’s leadership, Betway has continued to grow its market existence and improve its offerings. The business’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 identified herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her expertise spans the video gaming, sports betting property, and credit financing industries, where he has actually established himself as a tactical and functional leader.
Damilare has contributed in NairaBET’s success for sports betting over 14 years. Since June 2019, she has actually worked as Managing Director and has supervised the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s operational techniques and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN offers frHer instructional background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, sports betting it was the first to release a totally practical website, sports betting setting a benchmark in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the global sports betting wagering business 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 fully accredited.
Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting alternatives and an easy to use 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 endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and sports betting federal governments to design developmental policies focused on empowering youths. In 2015, 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, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually rapidly grown its existence in Nigeria, with outlets in major 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 jobs, the variety of which is increasing yearly. In the 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, sports betting bulk shareholder, and joint Chief Executive of Bet365, sports betting an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually given that grown into among the world’s biggest online gambling companies.
By 2016, Bet365 created $2 billion in earnings and assisted in $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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, sports betting developed along with business person 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 generates investment returns and sports betting offers special investment insights and services to both individual and sports betting institutional customers.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a significant player in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually added to the business’s growth through partnerships, company strategy, and sports betting brand-new organization advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, sports betting focusing on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and sports betting Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned 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 live dealer video games. It was released in 2017 and sports betting is owned and sports betting operated by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 an international sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet community. His financial investments reflect his commitment to promoting development and advancement within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports wagering market.
Sunbet Sporting International Limited has stated it is focused 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 technology and a commitment to responsible sports betting to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, sports betting aims to be the continent’s largest and most innovative sports betting platform.
At a press rundown, the business’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, sports betting has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and professional group will allow it to scale and sports betting control the market quickly.
Islamic police 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 say are operating illegally.
“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.
Problems from community leaders and parents triggered the crackdown, sports betting worried about the growing number of sports betting addicts, he stated.
On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer said.
However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and runs the Islamic legal system – Sharia – together with nonreligious law.
Bookmakers and bars tend to be permitted to operate in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern .
sports betting wagering stores can be found all over the city. Many have tv screens, and customers enjoy the outcome of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookmakers had actually had the ability to run under the radar as they had actually opened under false pretences.
“They don’t have licences to run as they were permitted to run video games centres, which they later on converted to wagering shops,” he stated.
The sports betting industry has broadened significantly across West Africa in the last few years. The region is approximately divided between a mainly Muslim north and a mainly Christian south.
Many individuals go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and teams.
Nigeria’s debilitating economic crisis has actually also implied people are willing to risk a percentage in the hope of winning big.
However this had resulted in prevalent addiction, and parents were even grumbling that kids were dropping out of school to bet, 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, 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 jail them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what punishment they would deal with – typically, such violations bring a fine.
Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and sports betting prostitution, gaming and the intake of alcohol were banned.
