Disruption Amid Crackdown: Exploring Nigeria’s Turbulent Sports Betting Industry

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

Gaming has actually progressed considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, sports betting where enthusiasts would bet just N50-N200 on matches.

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

In spite of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has actually grown, bring in millions, particularly amongst the younger group facing high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an approximated annual revenue of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite challenges in enforcement. Concerns such as insufficient age confirmation and advertising rule breaches reveal industry regulatory gaps.

Despite these difficulties, sports betting business continue to prosper through efficient organization designs and aggressive marketing techniques, sports betting leveraging the developer influencer industry.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have substantially contributed to Nigeria’s $2 billion sports betting empire through their extensive 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 varied profession spans numerous functions in the video gaming and entertainment industry, including working at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he functioned 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 grown into a leading e-commerce organization in the wagering and sports betting video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has given that broadened 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that integrates pertinent sports betting content, sports betting engaging functions, and sports betting a world-class sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven significant development for LiveScore Group. The business’s employee headcount has increased by 29%, and yearly revenue has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has actually accomplished major user engagement, 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 functioned as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online gaming industry given that 2000, sports betting holding various effective roles, including General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market presence and sports betting enhance 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 distinguished herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her proficiency spans the gaming, realty, 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. Considering that June 2019, she has actually acted as Managing Director and has managed the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer academic 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, sports betting developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a fully functional website, setting a benchmark in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, including Nigeria, sports betting where it is totally accredited.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting offering a wide range 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic institutions and 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, sports betting founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly 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, producing over 100,000 jobs, the variety of which is increasing yearly. 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, bulk investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has since grown into one of the world’s biggest online gambling business.

By 2016, Bet365 created $2 billion in earnings and assisted in $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has garnered substantial 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 company in Nigeria, developed along with business owner 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 company that creates investment returns and offers unique financial investment insights and sports betting solutions to both individual 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 wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the company’s growth through partnerships, service method, and new company advancement.

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

His profession began 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 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 video games, and live dealer games. It was released in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a business 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 company he established in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a considerable player in the market, with over 1 million downloads on the Google Play Store.

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

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

The firm is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, sports betting with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of cutting-edge technology and a dedication to responsible gambling to change the sector.

Backed by the monetary power of 4 popular 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 company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, 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 specialist group will enable it to scale and control the market rapidly.

Islamic authorities raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting wagering stores, which they say are running unlawfully.

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.

Problems from community leaders and parents triggered the crackdown, worried about the growing number of sports betting addicts, he stated.

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

However Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the rules would be apprehended.

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

Bookmakers and bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting stores can be found all over the city. The majority of have tv screens, sports betting and customers see the result of worldwide football matches or horse races on which they have staked money.

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

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

The sports betting industry has actually expanded dramatically throughout West Africa recently. The area is roughly divided between a mainly Muslim north and a mainly Christian south.

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

Nigeria’s crippling economic crisis has actually also suggested people want to risk a small amount in the hope of winning huge.

But this had actually caused extensive dependency, and moms and dads were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.

“These financial problems we are dealing with in Nigeria is God telling us to change 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 recommending those running those wagering stores to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what they would deal with – frequently, such violations carry a fine.

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