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

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

Gambling has developed significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Gradually, with increased internet gain access to came virtual sports betting, which parallels international 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.

Despite financial challenges such as inflation, Nigeria’s sports betting sector has grown, bring in millions, especially amongst the younger market facing high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an estimated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is considering regulative steps like import tax duties and sports betting VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of difficulties in enforcement. Issues such as insufficient age verification and advertising rule breaches reveal market regulatory gaps.

Despite these challenges, sports betting companies continue to prosper through effective organization models and sports betting aggressive marketing strategies, leveraging the creator sports betting influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually considerably added to Nigeria’s $2 billion sports betting 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 entertainment industry, consisting of working at one of the United Kingdom’s largest video 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, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce company in the wagering and sports betting video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has considering that 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 wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that combines appropriate sports betting content, engaging features, and a world-class sportsbook.

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

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has actually accomplished significant 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 served as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online gaming market because 2000, holding various successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market existence and improve its offerings. The business’s app has garnered 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 performance history of transforming start-ups into institutionalized businesses. Her knowledge spans the gaming, realty, and credit loaning industries, where he has developed himself as a tactical and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting critical in the business’s operational techniques and market growth.

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the first to release a fully functional 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is fully certified.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering alternatives and sports betting 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 ventures, Ukanwoke has worked together with African socio-economic organizations and sports betting federal governments to develop developmental policies focused on 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, 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 rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing 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 founder, majority investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has considering that grown into one of the world’s biggest online gambling business.

By 2016, Bet365 produced $2 billion in revenues and helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, developed alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates financial investment returns and provides distinct financial investment insights and options to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has been functioning as the Country Director for 22BET in Nigeria because June 2021. In this function, sports betting he has contributed to the company’s growth through collaborations, company method, and brand-new company advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and consumer experience, and sports betting Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and sports betting Betty Bingo.

His career began at Jumia Group, where he worked in SEO, sports betting 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 sports betting Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online gaming platform that offers sports betting wagering, casino video games, and live dealer video 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 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 an international sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually ended up being a considerable gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments show his commitment to promoting innovation and sports betting advancement within the area.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry 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, the firm intends to leverage cutting-edge innovation and a commitment to accountable gaming to revolutionise 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 platform.

At a press briefing, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and professional team will enable it to scale and dominate the market quickly.

Islamic police raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting stores, which they say are operating 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 moms and dads prompted the crackdown, worried about the growing number of sports betting addicts, he said.

On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a warning, the Sharia officer stated.

However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gambling, 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 secular law.

Bookies and sports betting 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.

However, the present crackdown is concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.

Sports betting stores can be discovered all over the city. Many have television screens, and clients enjoy the outcome of international football matches or horse races on which they have staked money.

Mr Aminudeen said such bookies had 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 computer game centres, which they later on converted to wagering stores,” he said.

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

Lots of people go to bookmakers to take pleasure in the sociability of other gamblers, though mobile apps are also popular for wagering on the outcome of events and teams.

Nigeria’s debilitating economic crisis has also suggested people want to risk a percentage in the hope of winning huge.

But this had actually led to widespread addiction, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.

“These economic problems we are dealing with in Nigeria is God informing us to alter our ways by stopping sins,” he said.

The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those sports betting shops to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would face – often, such violations carry a fine.

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