Innovation Amid Raids: Exploring Nigeria’s Dynamic Sports Betting Industry

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

Gambling has evolved significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

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

In spite of financial challenges such as inflation, Nigeria’s sports betting wagering sector has grown, bring in millions, specifically amongst the youthful market dealing with high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces an approximated yearly profits of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulatory measures like excise tasks and sports betting VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Problems such as inadequate age verification and marketing guideline breaches reveal industry regulatory gaps.

Regardless of these challenges, sports betting companies continue to flourish through efficient organization designs and aggressive marketing techniques, sports betting leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles in broadening audience reach and sports betting driving market development. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria’s $2 billion sports betting empire through their substantial 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 varied profession spans numerous functions in the gaming and entertainment industry, including operating at among the United Kingdom’s biggest video 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 sports betting gaming sector, running through online, mobile, and sports betting retail channels. The company was included in Nigeria on November 7, 2006, and sports betting has because 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 sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that combines pertinent sports betting material, engaging functions, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual income has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has accomplished significant 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 formerly functioned as the company’s Marketing and Operations Director sports betting given that 2015. He joined Betway in 2013 and has remained in the online video gaming industry considering that 2000, holding numerous successful functions, including General Manager of an information analytics team and sports betting Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and boost its offerings. The company’s app has 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 identified herself as a senior sports betting executive with a performance history of changing start-ups into institutionalized services. Her know-how spans the video gaming, realty, and credit loaning industries, where he has actually established himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for sports betting over 14 years. Considering that June 2019, she has actually functioned as Managing Director and has actually supervised the company’s growth and operations in Lagos, sports betting Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s operational methods and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting completed in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a totally functional website, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has developed 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 fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide range 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic institutions and governments to create 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, sports betting established and released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has quickly grown its presence in Nigeria, sports betting with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, the number of which is increasing every year. In the exact 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has since turned into among the world’s biggest online sports betting business.

By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered 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 business in Nigeria, developed alongside business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates investment returns and offers distinct investment insights and options to both individual and institutional clients.

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 management, Bet9ja has become a substantial player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has been working as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this role, he has added to the company’s growth through collaborations, company method, and brand-new business development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer experience, and Country Manager at 22BET, focusing on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and sports betting Betty Bingo.

His career started 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting, sports betting casino video games, and live dealership video games. It was launched in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, sports betting 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 business he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for sports betting delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a significant 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 investor sports betting in fintech and mobile payments and a strong supporter for the growing African web community. His investments show his commitment to promoting development and development within the area.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating 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 concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, sports betting with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage cutting-edge innovation and a commitment to responsible gambling to change the sector.

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

At a press instruction, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and expert team will allow it to scale and dominate the market quickly.

Islamic police raid betting shops in northern Nigeria

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

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

Grievances from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of sports betting addicts, he said.

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

However Mr Aminudeen cautioned that now that the public was aware 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 sports betting runs the Islamic legal system – Sharia – along with secular law.

Bookies 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 existing crackdown is focused on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Many have television screens, sports betting and clients see the outcome of worldwide football matches or horse races on which they have actually staked money.

Mr Aminudeen said such bookmakers had had the ability to run under the radar as they had actually opened under false pretenses.

“They don’t have licences to run as they were allowed to run video games centres, which they later on transformed to sports betting stores,” he said.

The sports betting market has actually broadened drastically across West Africa recently. The region is approximately divided in between a generally Muslim north and a predominantly Christian south.

Many people go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the result of events and sports betting teams.

Nigeria’s crippling economic crisis has actually also implied people want to risk a percentage in the hope of winning big.

However this had resulted in widespread dependency, and sports betting moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.

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

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 recommending those running those sports betting stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – often, such infringements carry a fine.

Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gaming and the consumption of alcohol were banned.