High Stakes and Religious Laws: Nigeria’s Sports Betting Sector at a Crossroads

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

Gaming has actually developed considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

Regardless of economic challenges such as inflation, Nigeria’s sports betting sector has actually prospered, attracting millions, especially among the younger demographic facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates an estimated yearly income of N730 billion. The federal government has 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 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of challenges in enforcement. Problems such as inadequate age verification and sports betting advertising rule breaches reveal industry regulative spaces.

Despite these difficulties, sports betting business continue to thrive through reliable organization designs and sports betting aggressive marketing methods, sports betting leveraging the creator influencer industry.

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

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans various roles in the video gaming and show business, including operating at one of the United Kingdom’s biggest gaming centres, sports betting 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 actually turned into a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually considering that broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that combines appropriate sports betting content, engaging functions, and a world-class sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly profits has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and sports betting tactical vision have actually propelled LiveScore Group’s success and helped form the market’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, sports betting having actually previously served as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry because 2000, holding numerous effective roles, consisting of General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market existence and enhance its offerings. The business’s app has garnered significant 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, real estate, sports betting and sports betting 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. Considering that June 2019, she has actually acted as Managing Director and has overseen the business’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s functional methods and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer academic 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 company, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a totally practical site, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing of 1XBET Nigeria Limited, a franchise of the international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the biggest bookies in Europe and sports betting the world. The company operates in more than 50 nations, consisting of Nigeria, where it is totally certified.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a wide variety of wagering options and an user-friendly 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic organizations and federal governments to design developmental policies targeted at empowering youths. 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 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing each year. In the very 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, sports betting the founder, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online wagering website and has given that become one of the world’s largest online sports betting companies.

By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has amassed considerable 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 along with 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 financial investment returns and uses distinct investment insights and options to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, 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 wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria because June 2021. In this function, sports betting he has actually contributed to the company’s growth through collaborations, service strategy, and brand-new service development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled product development and customer experience, and Country Manager at 22BET, focusing on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous 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 also served 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 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 offers sports betting, casino games, and live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also 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 an international sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a considerable gamer in the market, sports betting 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 internet community. His financial investments show his commitment to promoting development and development within the region.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.

The company is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of cutting-edge innovation and a commitment to responsible gaming to revolutionise the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting wagering platform.

At a press rundown, the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and sports betting the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and expert team will allow it to scale and control the market rapidly.

Islamic cops raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering shops, sports betting which they state are running illegally.

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.

Complaints from community leaders and parents triggered the crackdown, fretted about the growing number of gambling addicts, he said.

On the very first day of raids, sports betting 30 shops were closed in one suburban area alone, and sports betting their owners were sent out home with a caution, the Sharia officer stated.

But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – together with nonreligious law.

Bookmakers and bars tend to be enabled to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a vast city and sports betting the financial hub of northern Nigeria.

Sports betting shops can be found all over the city. The majority of have tv screens, sports betting and customers see the result of global football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookmakers had actually been able to operate 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 transformed to sports betting stores,” he stated.

The sports betting wagering industry has broadened drastically across West Africa over the last few years. The area is roughly divided in between a primarily Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to enjoy the camaraderie of other bettors, sports betting though mobile apps are likewise popular for wagering on the outcome of occasions and teams.

Nigeria’s debilitating recession has likewise implied individuals want to run the risk of a small amount in the hope of winning huge.

However this had resulted in prevalent addiction, and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.

“These financial issues 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 advising those running those wagering stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would face – typically, such infringements bring a fine.

Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and sports betting prostitution, gaming and the intake of alcohol were prohibited.