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

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

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

Slowly, with increased web gain access to came virtual wagering, which parallels worldwide 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.

In spite of financial obstacles such as inflation, sports betting Nigeria’s sports betting wagering sector has actually flourished, attracting millions, particularly amongst the youthful group dealing with high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that creates an approximated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative procedures like import tax responsibilities and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of obstacles in enforcement. Issues such as insufficient age verification and marketing guideline breaches show market regulative spaces.

In spite of these difficulties, sports betting companies continue to thrive through efficient organization models and aggressive marketing methods, leveraging the creator influencer industry.

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

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous 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 served as the Lead Engineer in a Bingo and Bowling Club.

Olaniyan holds a BSc in Geography from the University of Ilorin and sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, sports betting has turned into a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and has actually considering that expanded 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated ecosystem that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.

Since 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 revenue has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and sports betting strategic vision have actually moved LiveScore Group’s success and assisted shape the industry’s direction. LiveScoreBet has actually attained 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 acted as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has been in the online video gaming industry since 2000, holding various successful roles, consisting of General Manager of an information analytics group and Director sports betting of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market presence and improve its offerings. The business’s app has amassed significant 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 companies. Her competence covers the video gaming, property, and credit loaning markets, where he has established himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually worked as Managing Director and sports betting has supervised the business’s development and operations in Lagos, Nigeria.

Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s functional methods and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, 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 wagering platform in Nigeria, it was the first to launch a totally practical site, setting a criteria 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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The business runs in more than 50 nations, including Nigeria, sports betting where it is totally accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering choices and an user-friendly 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 sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic organizations and sports betting governments to create 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 introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and sports betting 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 collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing annually. 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, sports betting the creator, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and sports betting has actually because become among the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The company likewise holds a bulk 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 business in Nigeria, developed along with business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the of Mango Asset Management, an independent Nigerian property management company that produces financial investment returns and offers special investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has been working as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the business’s growth through partnerships, company technique, and new company development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and client experience, and Country Manager at 22BET, focusing on marketing method and budget management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, CRM, sports betting 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 Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides sports betting wagering, sports betting casino video games, sports betting and live dealer games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 a worldwide sports betting and real-money gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong advocate for the growing African internet community. His investments reflect his dedication to cultivating development and development within the area.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.

The company is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry 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 firm intends to take advantage of advanced innovation and sports betting a dedication to responsible gambling to revolutionise the sector.

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

At a press rundown, the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and professional team will allow it to scale and control the market quickly.

Islamic cops raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually begun closing down sports betting stores, sports betting which they say are operating illegally.

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

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

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

However Mr Aminudeen alerted 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 nonreligious law.

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

However, the current crackdown is focused on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting shops can be found all over the city. Most have tv screens, and customers watch the result of global football matches or horse races on which they have staked money.

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

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

The sports betting market has broadened dramatically throughout West Africa recently. The region is roughly divided in between a generally Muslim north and a mainly Christian south.

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

Nigeria’s crippling economic crisis has also meant people are willing to risk a percentage in the hope of winning big.

However this had actually led to extensive addiction, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.

“These economic concerns we are facing in Nigeria is God informing us to alter our ways by stopping sins,” he stated.

The raids on Tuesday focused 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 deal with – often, sports betting such infringements carry a fine.

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