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

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

Gaming has progressed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

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

In spite of economic obstacles such as inflation, Nigeria’s sports betting sector has actually flourished, drawing in millions, especially among the youthful demographic dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, sports betting driving an industry that produces an estimated annual profits of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory measures like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of obstacles in enforcement. Problems such as insufficient age verification and marketing rule breaches reveal industry regulative gaps.

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

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing important roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting business who have substantially contributed to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Constable 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 gaming and entertainment industry, sports betting consisting of working at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting where he worked as the Lead Engineer in a Bingo and sports betting 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 turned into a leading e-commerce service in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has because broadened its existence, achieving 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 incorporated ecosystem that combines pertinent sports betting content, engaging features, and sports betting a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven significant development for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and yearly profits has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has achieved major 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 previously functioned as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry considering that 2000, holding numerous effective roles, sports betting including 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 actually garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior sports betting executive with a performance history of transforming start-ups into institutionalized services. Her competence spans the gaming, property, and credit financing markets, where he has developed himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has actually worked as Managing Director and has actually supervised 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 methods and market expansion.

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

Akin Alabi, the founder 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 very first to introduce a totally practical site, setting a benchmark in the market.

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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of wagering alternatives and an easy to use platform. The 1XBET app has more than 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 endeavors, Ukanwoke has actually teamed up 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, founded and sports betting launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing yearly. In the very 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 creator, majority shareholder, sports betting and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has since grown into among the world’s largest online sports betting companies.

By 2016, Bet365 generated $2 billion in incomes and facilitated $45 billion in annual bets. The business likewise holds a bulk 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 wagering business in Nigeria, established along with business owner Kunle Soname, who also 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 produces financial investment returns and sports betting uses distinct financial investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the business’s growth through collaborations, sports betting company technique, and new service development.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, and Country Manager at 22BET, concentrating on marketing technique 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 career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting 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, sports betting 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 signed up in Cyprus and sports betting 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, sports betting a business he established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant player 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 sports betting the growing African internet community. His financial investments reflect his dedication to promoting innovation and advancement within the region.

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

The firm is set to disrupt the sports wagering market.

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 projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative innovation and a dedication to responsible sports betting to change the sector.

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

At a press briefing, the company’s representative, sports betting Akin Babatunde, said that the rise in Internet penetration, mobile use, sports betting and sports betting the continent’s deep enthusiasm for sports betting, sports betting particularly football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust sponsorship and specialist group will allow it to scale and sports betting dominate the market rapidly.

Islamic cops raid wagering stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started closing down sports betting wagering shops, which they say are running unlawfully.

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

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

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

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

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – along with nonreligious law.

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

Nevertheless, the existing crackdown is concentrated on Muslim areas of Kano, sports betting a vast city and sports betting the financial hub of northern Nigeria.

Sports betting stores can be discovered all over the city. A lot of have tv screens, and customers watch the outcome of international football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookies had had the ability to under the radar as they had opened under false pretences.

“They do not have licences to run as they were permitted to run video games centres, which they later on converted to sports betting stores,” he said.

The sports betting industry has expanded dramatically across West Africa in recent years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.

Lots of people go to bookmakers to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and groups.

Nigeria’s debilitating economic crisis has likewise meant individuals are willing to run the risk of a percentage in the hope of winning huge.

But this had actually resulted in prevalent dependency, and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“These economic problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

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 wagering shops to either closed down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would deal with – typically, such violations bring a fine.

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