Power Players and Religious Police: The Fate of Sports Betting in Nigeria

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

sports betting has evolved considerably in Nigeria from conventional types like pool staking and sports betting Baba Ijebu to a thriving sports betting wagering market. Historically connected to European football leagues, sports betting pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

Slowly, sports betting with increased web gain access to came virtual sports betting, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted 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 prospered, bring in millions, specifically amongst the younger group facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting, sports betting driving an industry that produces an approximated annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative procedures like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of obstacles in enforcement. Problems such as confirmation and marketing guideline breaches show industry regulatory gaps.

Regardless of these challenges, sports betting business continue to thrive through effective organization designs and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing important roles in expanding audience reach and sports betting driving market growth. Here are the CEOs of leading sports betting wagering business who have actually considerably 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 company he co-founded with Badmos Olasupo in 2011. His varied career covers various functions in the video gaming and show business, consisting of working at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he acted 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, sports betting Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce company in the wagering and video gaming sector, running through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually considering that expanded its existence, 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 ended up being the CEO of LiveScore Group, a completely integrated community that integrates appropriate sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s leadership and sports betting tactical vision have actually propelled LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has attained major sports betting 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 previously functioned as the business’s Marketing and Operations Director sports betting since 2015. He joined Betway in 2013 and has remained in the online video gaming industry considering that 2000, holding various successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has garnered 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 transforming start-ups into institutionalized services. Her competence covers the video gaming, real estate, and credit lending markets, where he has developed himself as a tactical and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has served as Managing Director sports betting and has supervised the business’s development and operations in Lagos, 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 established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. 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, sports betting the founder of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a completely functional 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 company 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 runs in more than 50 nations, consisting of Nigeria, where it is fully accredited.

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

BetKing, founded and launched in Nigeria on February 22, sports betting 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually rapidly grown its existence in Nigeria, 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 yearly. In the exact same year, MultiChoice broadcaster purchased 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually considering that turned into one of the world’s biggest online sports betting business.

By 2016, Bet365 created $2 billion in profits and assisted in $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 wagering business in Nigeria, 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 business that creates financial investment returns and provides unique financial investment insights and services to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the business’s development through partnerships, organization method, and new business advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, concentrating on marketing technique and budget 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 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting wagering, gambling establishment games, and sports betting live dealer video games. It was launched in 2017 and is owned and sports betting run by Marikit Holdings Ltd, sports betting 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 a global sports betting wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a significant gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web environment. His investments show his dedication to fostering innovation and development within the region.

On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, sports betting participating 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 stated it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize innovative innovation and a dedication to responsible gambling to change the sector.

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

At a press briefing, the business’s spokesperson, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, sports betting has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and professional group will enable it to scale and control the market quickly.

Islamic cops raid betting shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started closing down sports betting stores, which they state are operating illegally.

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

Complaints from community leaders and parents prompted the crackdown, stressed over the growing variety of gambling addicts, sports betting he said.

On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a caution, the Sharia officer said.

But Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

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

Bookmakers and bars tend to be permitted 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 hub of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Most have television screens, and consumers watch the outcome of global football matches or horse races on which they have staked cash.

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

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

The sports betting market has expanded considerably across West Africa over the last few years. The area is approximately divided in between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the result of occasions and teams.

Nigeria’s debilitating recession has also implied people are willing to risk a small amount in the hope of winning big.

But this had actually led to extensive dependency, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.

“These financial problems we are dealing with in Nigeria is God informing us to alter 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 encouraging 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 uncertain what punishment they would face – frequently, such infringements carry a fine.

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