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

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering industry.

Gaming has actually developed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

Regardless of financial obstacles such as inflation, Nigeria’s sports betting wagering sector has flourished, attracting millions, particularly among the youthful group dealing with high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates a projected yearly profits of N730 billion. The federal government has not gone undetected by this growth, sports betting which is thinking about regulatory procedures like import tax responsibilities and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite challenges in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches show market regulative gaps.

In spite of these difficulties, sports betting companies continue to flourish through reliable company designs and aggressive marketing strategies, leveraging the creator sports betting influencer market.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in expanding 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.

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 spans different roles in the gaming and show business, consisting of operating at among the United Kingdom’s biggest video gaming centres, sports betting The Palace Bingo Club, where he functioned as the Lead Engineer in a Bingo and sports betting 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 become a leading e-commerce company in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has given that expanded its presence, sports betting 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that integrates relevant sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The business’s employee headcount has increased by 29%, and annual profits has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and assisted shape the market’s instructions. 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 designated CEO of Betway in November 2017, having previously acted as the company’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry considering that 2000, holding numerous effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and boost its offerings. The company’s app has actually garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her knowledge covers the gaming, sports betting realty, and credit loaning markets, where he has actually developed himself as a tactical and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has worked 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 company’s operational techniques and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a fully functional site, setting a criteria 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 global sports betting wagering 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 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 wagering market, sports betting using a vast array of sports betting 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, sports betting Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic institutions and federal governments to develop developmental policies targeted at . In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and sports betting launched 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 wagering and sports betting home entertainment company has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing every year. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the creator, majority shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually since become among the world’s largest online gaming business.

By 2016, sports betting Bet365 produced $2 billion in earnings and assisted in $45 billion in yearly bets. The company also 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 wagering business in Nigeria, established alongside business owner 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 offers unique financial investment insights and options to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a considerable gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

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

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

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also acted 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 provides sports betting wagering, casino games, sports betting and live dealership games. It was introduced in 2017 and 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 sports betting a chain of gambling establishments 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 video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a significant player in the market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web environment. His investments show his commitment to fostering development and sports betting advancement within the area.

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

The firm is set to interfere with the sports betting 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 annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm aims to take advantage of advanced innovation and a commitment to responsible gaming to change the sector.

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

At a press instruction, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and specialist group will allow it to scale and control the marketplace rapidly.

Islamic cops raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting wagering shops, which they say are operating illegally.

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

Complaints from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing number of gambling addicts, he said.

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

But Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.

Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – along with secular law.

Bookmakers and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

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

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

Mr Aminudeen stated such bookmakers had actually been able to operate under the radar as they had opened under false pretenses.

“They do not have licences to operate as they were allowed to run video games centres, which they later converted to wagering stores,” he stated.

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

Many people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the result of events and sports betting groups.

Nigeria’s crippling recession has actually also suggested individuals are willing to run the risk of a small amount in the hope of winning big.

However this had caused widespread addiction, and parents were even grumbling that children were leaving of school to bet, sports betting Mr Aminudeen stated.

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

The raids on Tuesday concentrated on Munjibir, sports betting considered 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 arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would deal with – often, 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, sports betting and the consumption of alcohol were banned.