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

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

Gambling has progressed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

Gradually, with increased internet gain access to came virtual sports betting, which parallels worldwide trends. 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 prospered, sports betting attracting millions, especially amongst the vibrant 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 produces a projected yearly income of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative steps like import tax duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite difficulties in enforcement. Concerns such as inadequate age verification and advertising guideline breaches reveal market regulatory spaces.

Despite these challenges, sports betting companies continue to prosper through effective organization designs and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have actually considerably added to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans numerous roles in the gaming and show business, 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, has actually turned into a leading e-commerce business in the sports betting and video gaming sector, running through online, mobile, and . The business was included in Nigeria on November 7, 2006, and has because broadened its presence, achieving 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 ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that integrates pertinent sports betting content, engaging features, and a world-class sportsbook.

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

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has actually attained 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 given that 2015. He joined Betway in 2013 and has actually been in the online video gaming industry because 2000, holding numerous effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The company’s app has amassed 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 executive with a performance history of transforming start-ups into institutionalized services. Her expertise spans the gaming, property, and credit loaning industries, sports betting where he has actually established himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has served as Managing Director and has actually managed the business’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational 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, finished in 2005.

Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the very first to release a totally practical site, sports betting 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 global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a wide range of sports betting alternatives 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to design developmental policies targeted at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and launched 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 wagering and home entertainment business has actually quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing annually. In the exact 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has given that become among the world’s biggest online sports betting companies.

By 2016, Bet365 created $2 billion in revenues and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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 business in Nigeria, established alongside businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that generates investment returns and provides distinct financial investment insights and services to both specific and institutional clients.

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 become a substantial gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the company’s growth through collaborations, organization technique, and brand-new business 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, sports betting focusing on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held various digital marketing roles at Laclic Services and sports betting Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also acted as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and sports betting Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that offers sports betting, casino video games, and live dealership games. It was released in 2017 and sports betting is owned and run 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 a worldwide sports betting wagering and real-money video gaming operator known for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial 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 in fintech and mobile payments and a strong supporter for the growing African web environment. His financial investments show his dedication to promoting innovation and development within the region.

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

The company is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, 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 cutting-edge innovation and a dedication to accountable gambling to change the sector.

Backed by the financial power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent’s largest and sports betting most ingenious sports betting wagering platform.

At a press instruction, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and expert group will enable it to scale and dominate the marketplace rapidly.

Islamic authorities raid wagering stores in northern Nigeria

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

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

Problems from neighborhood leaders and parents triggered the crackdown, fretted about the growing number of sports betting addicts, he said.

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

However Mr Aminudeen cautioned that now that the 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 majority Muslim population and runs the Islamic legal system – Sharia – along with secular law.

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

Nevertheless, sports betting the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering shops can be found all over the city. The majority of have television screens, and sports betting consumers view the result of international football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies had been able to operate under the radar as they had actually opened under false pretenses.

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

The sports betting market has broadened dramatically across West Africa in the last few years. The area is roughly divided in between a mainly Muslim north and a mainly Christian south.

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

Nigeria’s debilitating recession has actually also meant individuals want to run the risk of a percentage in the hope of winning big.

However this had led to extensive addiction, and sports betting parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.

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

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 sports betting shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would face – typically, such violations carry a fine.

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