North Raids, Southern Disruption: Nigeria’s Sports Betting Industry in Transition

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

Gambling has actually developed substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and sports betting kiosks, where enthusiasts would bet just N50-N200 on matches.

Slowly, with increased web gain access to 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, sports betting Nigeria’s sports betting wagering sector has actually prospered, attracting millions, specifically 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 creates a projected annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative measures like excise responsibilities and sports betting VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of challenges in enforcement. Problems such as inadequate age verification and advertising guideline breaches show market regulative spaces.

In spite of these challenges, sports betting wagering companies continue to grow through effective service models and aggressive marketing methods, leveraging the developer influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have actually substantially added to Nigeria’s $2 billion sports betting empire through their extensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse 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, sports betting founded in August 2011, has actually grown into a leading e-commerce service 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 actually given that expanded its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated ecosystem that integrates appropriate sports betting material, engaging functions, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The company’s worker headcount has increased by 29%, and yearly earnings has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and assisted shape the industry’s direction. LiveScoreBet has actually achieved major 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 actually previously acted as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has remained in the online video gaming market since 2000, holding numerous successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s management, sports betting Betway has 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 differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her expertise covers the gaming, real estate, and credit loaning markets, where he has established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has actually served as Managing Director and has managed 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 business’s operational techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer instructional 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, sports betting Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a totally practical site, setting a benchmark 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 worldwide sports betting wagering company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a large range of sports betting options and an user-friendly 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, Ukanwoke has teamed up with African socio-economic organizations and sports betting federal governments to design developmental policies aimed at 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, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually quickly grown its presence in Nigeria, with outlets in major 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 variety of which is increasing annually. 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, the creator, bulk investor, and sports betting joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has because turned into one of the world’s largest online sports betting business.

By 2016, Bet365 generated $2 billion in revenues and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has garnered 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 wagering company in Nigeria, developed together with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that creates financial investment returns and provides distinct financial investment insights and options to both individual and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually ended up being a significant player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has been working as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the business’s growth through partnerships, service technique, and brand-new service advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he operated 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 gambling platform that provides sports betting, casino video games, and live dealer games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of and a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a significant gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web ecosystem. His financial investments show his dedication to fostering innovation and development within the region.

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

The company is set to interrupt the sports betting 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 yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative technology and a dedication to accountable gaming to change the sector.

Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s largest and most innovative sports betting wagering platform.

At a press instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and 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 financial backing and sports betting expert group will allow it to scale and control the market rapidly.

Islamic authorities raid wagering shops in northern Nigeria

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

“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.

Problems from community leaders and parents prompted the crackdown, stressed over the growing variety of gambling addicts, he stated.

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 warning, sports betting the Sharia officer stated.

However Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on gambling, those flouting the guidelines 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.

Bookies and bars tend to be allowed to run in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

Sports betting shops can be found all over the city. Most have tv screens, and clients watch the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookies had been able 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 transformed to wagering stores,” he said.

The sports betting wagering industry has broadened significantly across West Africa in recent years. The region is roughly divided in between a primarily Muslim north and sports betting a predominantly Christian south.

Many people go to bookmakers to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the outcome of occasions and groups.

Nigeria’s debilitating economic crisis has likewise indicated individuals want to risk a small amount in the hope of winning big.

However this had caused extensive addiction, and moms and sports betting dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.

“These economic problems we are dealing with in Nigeria is God telling us to change our methods by stopping sins,” he said.

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 stores to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would deal with – typically, such violations 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.