Industry Players and Religious Police: The Future of Sports Betting in Nigeria
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
Gaming has developed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, 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 difficulties such as inflation, Nigeria’s sports betting sector has flourished, attracting millions, specifically amongst the youthful group dealing with high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates a projected annual income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory procedures like import tax tasks and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of obstacles in enforcement. Issues such as inadequate age confirmation and advertising rule breaches show market regulatory gaps.
Regardless of these challenges, sports betting companies continue to thrive through reliable organization designs and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have 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 profession covers different roles in the gaming and entertainment industry, consisting of operating at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he worked 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 become a leading e-commerce service in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, sports betting 2006, sports betting and has actually because broadened its presence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated ecosystem that combines appropriate sports betting content, engaging functions, sports betting and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has actually driven significant growth for LiveScore Group. The business’s employee headcount has increased by 29%, and annual income has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have moved LiveScore Group’s success and assisted form the market’s direction. 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 designated CEO of Betway in November 2017, having formerly functioned as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually been in the online gaming market since 2000, sports betting holding various effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman’s management, Betway has actually continued to grow its market presence and boost its offerings. The company’s app has actually 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 track record of transforming start-ups into institutionalized services. Her competence spans the video gaming, real estate, and credit lending industries, where he has actually established himself as a strategic and functional 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 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 operational strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN supplies frHer instructional background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator sports betting 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 introduce a completely practical website, setting a standard 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 business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and sports betting the world. The company operates in more than 50 nations, including Nigeria, where it is completely licensed.
Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting options 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, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic institutions and federal governments to create developmental policies targeted 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 launched 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 wagering and home entertainment company has rapidly grown its presence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing yearly. In the 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, bulk investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually because become one of the world’s largest online sports betting business.
By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered significant 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, sports betting developed alongside entrepreneur 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 generates financial investment returns and offers special financial investment insights and sports betting options to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the company’s development through collaborations, service strategy, and sports betting new service development.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and consumer experience, and Country Manager at 22BET, sports betting focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and sports betting Betty Bingo.
His career 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that uses sports betting wagering, casino games, and live dealer video games. It was released in 2017 and sports betting is owned and 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 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 global sports betting wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a substantial player 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 in fintech and mobile payments and a strong supporter for the growing African web community. His financial investments show his dedication to cultivating innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an over $1.5 billion annual, sports betting with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage cutting-edge innovation and a dedication to accountable gambling to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting wagering platform.
At a press briefing, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, sports betting mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and expert group will enable it to scale and control the marketplace quickly.
Islamic authorities raid betting shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have actually begun shutting 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, called the Hisbah, informed the BBC.
Grievances from neighborhood leaders and moms and sports betting dads prompted the crackdown, worried about the growing variety of gambling addicts, he stated.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer stated.
But Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – along with secular law.
Bookies and sports betting bars tend to be permitted to run in Kano’s Christian areas, sports betting though they too can face action if the Hisbah believes Muslims are frequenting them.
However, the existing crackdown is concentrated 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 tv screens, and consumers enjoy the outcome of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had had the ability to operate under the radar as they had actually opened under false pretences.
« They do not 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 industry has broadened significantly throughout West Africa over the last few years. The area is roughly divided in between a mainly Muslim north and a predominantly Christian south.
Many people go to bookies to take pleasure in the friendship of other bettors, though mobile apps are likewise popular for wagering on the result of occasions and groups.
Nigeria’s debilitating recession has also suggested individuals are willing to run the risk of a percentage in the hope of winning big.
But this had actually caused widespread dependency, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.
« These financial problems we are facing in Nigeria is God informing us to alter 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 advising those running those sports betting stores to either shut down or we’ll jail them and take them to [a Sharia] court, » Mr Aminudeen stated.
It is unclear what penalty they would face – often, such violations carry a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, sports betting and the consumption of alcohol were prohibited.
