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

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

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

Gradually, sports betting with increased internet access came virtual wagering, 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 wagering sector has grown, drawing in millions, specifically among the younger group dealing with high joblessness rates.

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

The National Lottery Act of 2005 established regulatory bodies like the Regulatory Commission to guarantee fair operations in spite of challenges in enforcement. Problems such as insufficient age confirmation and advertising guideline breaches reveal market regulative spaces.

In spite of these obstacles, sports betting companies continue to thrive through reliable organization models and sports betting aggressive marketing techniques, leveraging the developer influencer market.

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

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various functions in the video gaming and sports betting show business, consisting of operating at among the United Kingdom’s biggest video 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 turned into a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually since expanded its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a completely integrated ecosystem that integrates pertinent sports betting material, engaging features, sports betting and a world-class sportsbook.

Considering that taking the helm just before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and sports betting yearly earnings has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has accomplished 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 worked as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and sports betting has been in the online gaming industry because 2000, holding various effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has actually gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior sports betting executive with a performance history of changing start-ups into institutionalized businesses. Her competence covers the gaming, property, and credit financing markets, where he has actually developed himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, she has actually acted as Managing Director and sports betting has actually overseen the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s functional methods and market expansion.

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a fully practical site, sports betting setting a standard in the industry.

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, sports betting has actually developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, sports betting including Nigeria, where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a vast array of wagering options 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic institutions and governments to create 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has rapidly grown its existence in Nigeria, sports betting with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, sports betting the variety of which is increasing each year. In the exact same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the founder, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has since become among the world’s largest online gambling business.

By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has amassed substantial 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 along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian asset management company that generates financial investment returns and uses distinct financial investment insights and services to both specific and institutional customers.

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 leadership, Bet9ja has ended up being a significant player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting wagering market. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the business’s growth through partnerships, organization technique, and new service development.

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

His profession began at Jumia Group, sports betting where he operated in SEO, CRM, and content management. Fikayo likewise functioned 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, Benin Republic.

22Bet is an online gaming platform that uses sports betting wagering, casino video games, and live dealer games. It was introduced in 2017 and 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for sports betting providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a substantial player in the industry, 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 internet community. His investments show his dedication to fostering innovation and development within the area.

On April 30, sports betting 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 wagering market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage innovative innovation and sports betting a commitment to accountable sports betting to change the sector.

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

At a press rundown, sports betting the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, sports betting has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and specialist group will enable it to scale and dominate the marketplace rapidly.

Islamic cops raid betting shops in northern Nigeria

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

« As you understand, sports betting is prohibited in Islam, » Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting called the Hisbah, told the BBC.

Problems from neighborhood leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he said.

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 cautioned that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be detained.

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

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

Nevertheless, the current crackdown is focused on Muslim locations of Kano, a sprawling city and sports betting the financial hub of northern Nigeria.

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

Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had opened under false pretenses.

« They don’t have licences to run as they were allowed to run computer game centres, which they later on converted to sports betting stores, » he said.

The sports betting wagering industry has actually broadened significantly across West Africa recently. The area is approximately divided in between a mainly Muslim north and a primarily Christian south.

Lots of people go to bookmakers to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.

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

However this had caused prevalent dependency, and parents were even grumbling that children 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 methods by stopping sins, » he said.

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

« I am recommending those running those wagering shops to either closed down or we’ll arrest them and take them to [a Sharia] court, » Mr Aminudeen stated.

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

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