Industry Changers: How Religious Crackdowns and Digital Innovation are Transforming Nigeria’s Betting Landscape

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

Gaming has progressed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

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

In spite of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has prospered, bring in millions, specifically amongst the youthful group facing high unemployment rates.

Reports suggest that approximately 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 unnoticed by this growth, which is considering regulative steps like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of difficulties in enforcement. Problems such as inadequate age verification and advertising guideline breaches reveal market regulative gaps.

Regardless of these difficulties, sports betting business continue to flourish through effective company designs and aggressive marketing strategies, sports betting leveraging the creator influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans numerous roles in the gaming and entertainment industry, consisting of working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, sports betting where he served 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 become a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has since expanded its presence, 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 totally integrated environment that combines relevant sports betting content, engaging functions, and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven substantial growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly income has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has actually attained major user engagement, sports betting 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 served as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding numerous successful roles, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market existence and boost its offerings. The business’s app has actually amassed substantial 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 competence covers the video gaming, real estate, and credit loaning industries, where he has established himself as a tactical and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational techniques and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting developed 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 fully functional website, 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, sports betting 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, offering a large range of sports betting alternatives 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 sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic organizations and governments to design developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually quickly grown its existence in Nigeria, sports betting 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, developing over 100,000 tasks, the number of which is increasing annually. In the exact 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 founder, majority investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has given that grown into one of the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in profits and sports betting assisted in $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed considerable user engagement, sports betting 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 together with business person 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 property management business that creates investment returns and provides unique financial investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering industry. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business’s development through partnerships, company strategy, and new service advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, focusing on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and 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 likewise worked 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 uses sports betting, gambling establishment video games, and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 developed in 2013.

SportyBet is an international sports betting and real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable gamer in the industry, 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 web ecosystem. His financial investments reflect his dedication to fostering development and advancement within the region.

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

The firm is set to disrupt the sports betting market.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize advanced and a dedication to accountable gambling to change the sector.

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

At a press briefing, the company’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile use, and sports betting the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and specialist team will allow it to scale and control the marketplace quickly.

Islamic cops raid betting stores in northern Nigeria

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

“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.

Problems from community leaders and parents prompted the crackdown, worried about the growing variety of sports betting addicts, he said.

On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer stated.

However Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on gaming, those flouting the rules would be arrested.

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

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

However, the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.

Sports betting stores can be discovered all over the city. The majority of have tv screens, and clients view the outcome of international football matches or horse races on which they have staked money.

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

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

The sports betting wagering market has broadened considerably throughout West Africa recently. The region is roughly divided in between a mainly Muslim north and sports betting a predominantly Christian south.

Many individuals go to bookies to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the result of occasions and groups.

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

But this had resulted in widespread addiction, and moms and dads were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.

“These economic problems we are dealing with in Nigeria is God telling 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 advising those running those wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would deal with – frequently, such infringements bring a fine.

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