Market Disruption Meets Moral Policing: Nigeria’s Sports Betting Industry at a Turning Point

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

sports betting has actually progressed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, Nigeria’s sports betting sector has actually thrived, sports betting bring in millions, especially among the youthful demographic facing high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an estimated yearly income of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory procedures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of challenges in enforcement. Issues such as inadequate age verification and sports betting advertising rule breaches reveal market regulative spaces.

Regardless of these challenges, sports betting wagering business continue to grow through efficient company designs and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.

Constable 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 video gaming and show business, sports betting consisting of operating at one of the United Kingdom’s largest 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, founded in August 2011, has actually become a leading e-commerce service in the sports betting and video gaming sector, running through online, sports betting mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has since broadened its presence, 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated environment that combines pertinent sports betting material, engaging functions, and a world-class sportsbook.

Since taking the helm prior to the pandemic, Sam has driven substantial development for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly revenue has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has actually achieved major user engagement, sports betting 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 actually previously worked as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online video gaming market since 2000, holding numerous effective functions, consisting of General Manager of a data analytics team 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 business’s app has amassed considerable 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 expertise covers the gaming, real estate, and credit financing markets, where he has established himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has functioned 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, pivotal in the business’s functional strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting finished 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, sports betting it was the very first to introduce a fully practical 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 biggest bookies in Europe and the world. The business operates in more than 50 nations, sports betting including Nigeria, where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering choices and an . 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 endeavors, Ukanwoke has actually worked together with African socio-economic institutions and federal governments to develop 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand 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 cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing every year. In the 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has considering that turned into one of the world’s largest online gaming companies.

By 2016, Bet365 produced $2 billion in earnings and helped with $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 wagering business in Nigeria, established together with businessman 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 produces investment returns and uses special financial investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting market. He has actually been working as the Country Director for 22BET in Nigeria given that June 2021. In this function, sports betting he has contributed to the company’s development through partnerships, business strategy, and brand-new business development.

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

His career started at Jumia Group, where he worked in SEO, CRM, sports betting and content management. Fikayo likewise 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting, gambling establishment games, and live dealership games. It was released in 2017 and 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 developed in 2013.

SportyBet is a global sports betting wagering and real-money gaming operator understood for sports betting delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually ended up being 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 supporter for the growing African web ecosystem. His investments reflect his dedication to promoting development and advancement within the area.

On April 30, 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 industry.

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 growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the firm aims to utilize cutting-edge technology and a dedication to accountable sports betting to revolutionise the sector.

Backed by the monetary power of four popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, sports betting intends to be the continent’s biggest and most innovative sports betting platform.

At a press instruction, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, sports betting mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert team will enable it to scale and control the marketplace rapidly.

Islamic authorities raid betting stores in northern Nigeria

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

«As you know, sports betting is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, sports betting told the BBC.

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

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

However Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be detained.

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

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

However, the present crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering shops can be found all over the city. Many have television screens, and consumers watch the outcome of international football matches or horse races on which they have actually staked money.

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

«They don’t have licences to run as they were permitted to run video games centres, which they later transformed to wagering shops,» he said.

The sports betting wagering industry has broadened drastically across West Africa recently. The region is approximately divided between a generally Muslim north and a primarily Christian south.

Lots of people go to bookmakers to delight in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the result of occasions and groups.

Nigeria’s debilitating economic crisis has actually likewise indicated individuals want to run the risk of a small amount in the hope of winning huge.

However this had actually caused extensive addiction, and parents were even grumbling that children were leaving of school to bet, Mr Aminudeen said.

«These economic concerns we are dealing with in Nigeria is God informing us to alter our methods 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 recommending those running those sports betting shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,» Mr Aminudeen stated.

It is unclear what penalty they would face – frequently, sports betting such infringements bring a fine.

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