Disruption Amid Raids: Exploring Nigeria’s Turbulent Sports Betting Industry

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

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

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

In spite of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually flourished, bring in millions, particularly amongst the younger demographic dealing with high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates a projected yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulative measures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of difficulties in enforcement. Issues such as insufficient age verification and marketing rule breaches show market regulatory spaces.

Regardless of these difficulties, sports betting business continue to prosper through effective organization designs and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, sports betting with CEOs playing vital roles in broadening audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting companies who have significantly contributed to Nigeria’s $2 billion gaming 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 diverse profession spans various functions in the video gaming and entertainment industry, consisting of operating at among the United Kingdom’s biggest 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 become a leading e-commerce organization in the wagering and gaming sector, running through online, mobile, sports betting and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated ecosystem that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven considerable development for sports betting LiveScore Group. The company’s employee headcount has increased by 29%, and yearly income has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have propelled LiveScore Group’s success and helped shape the industry’s instructions. LiveScoreBet has attained major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having previously served as the business’s Marketing and sports betting Operations Director since 2015. He joined Betway in 2013 and has been in the online gaming market because 2000, holding different successful roles, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s leadership, sports betting Betway has actually continued to grow its market presence and improve its offerings. The company’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 actually identified herself as a senior executive with a track record of changing start-ups into institutionalized services. Her expertise covers the video gaming, sports betting realty, and credit lending industries, where he has actually developed 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 functioned as Managing Director and sports betting has actually overseen the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s functional techniques and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers 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, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to introduce a fully 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 international sports betting based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic institutions and governments to design developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and released 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 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 jobs, the number of which is increasing annually. 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 creator, bulk investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually given that grown into one of the world’s biggest online sports betting business.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 company in Nigeria, established together with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces financial investment returns and uses unique financial investment insights and options to both specific and institutional clients.

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 substantial player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the company’s development through partnerships, service strategy, and new service advancement.

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

His profession started at Jumia Group, sports betting where he worked in SEO, CRM, and content management. Fikayo likewise served as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and sports betting 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 offers sports betting, casino games, and live dealer games. It was launched in 2017 and is owned and run 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 established in 2013.

SportyBet is an international sports betting and real-money gaming operator sports betting known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial 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 advocate for the growing African internet community. His financial investments show his dedication to fostering development and development 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 interfere with the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize advanced technology and a commitment to accountable gambling to revolutionise the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and professional team will allow it to scale and sports betting dominate the market rapidly.

Islamic authorities raid betting shops in northern Nigeria

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

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

Problems from community leaders and moms and dads triggered the crackdown, fretted about the growing number of sports betting addicts, he stated.

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

However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be jailed.

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.

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

However, sports betting the current crackdown is focused on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. A lot of have tv screens, and clients enjoy the outcome of global football matches or sports betting horse races on which they have staked cash.

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

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

The sports betting wagering industry has actually expanded drastically throughout West Africa over the last few years. The region is approximately divided between a generally Muslim north and a primarily Christian south.

Lots of people go to bookmakers to enjoy the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and sports betting teams.

Nigeria’s crippling recession has actually likewise meant people want to run the risk of a percentage in the hope of winning huge.

But this had actually resulted in widespread dependency, sports betting and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.

“These economic concerns we are dealing with in Nigeria is God telling us to change our ways 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 sports betting stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would deal with – frequently, such violations carry a fine.

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