Market Disruption Meets Moral Policing: Nigeria’s Sports Betting Industry at a Crossroads

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

sports betting has actually progressed substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, where enthusiasts would wager just N50-N200 on matches.

Slowly, with increased internet access came virtual wagering, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.

In spite of financial difficulties such as inflation, Nigeria’s sports betting sector has grown, attracting millions, specifically among the younger demographic facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an estimated annual profits of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulative procedures like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Problems such as insufficient age verification and marketing guideline breaches show market regulatory gaps.

In spite of these challenges, sports betting business continue to prosper through effective service designs and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have substantially added to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Sheriff 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 career covers various roles in the gaming and sports betting entertainment industry, consisting of operating at one of the United Kingdom’s biggest 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 grown into a leading e-commerce organization in the wagering and gaming sector, running through online, mobile, sports betting and retail channels. The company was integrated in Nigeria on November 7, 2006, and sports betting has because broadened 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 ended up being the CEO of LiveScore Group, a totally incorporated environment that combines pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm right before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual profits has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has actually achieved 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 business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market considering that 2000, holding numerous effective roles, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market existence and boost its offerings. The company’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 identified herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her know-how covers the gaming, real estate, and credit loaning markets, where he has actually established himself as a tactical and operational leader.

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

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

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

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

Under Babalola’s management, sports betting 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a wide range of wagering alternatives and an easy to use platform. The 1XBET app has over 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 endeavors, Ukanwoke has worked together with African socio-economic institutions and federal governments to design developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and sports betting introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has rapidly grown its existence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing every year. 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 investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually considering that turned into among the world’s biggest online gambling companies.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has gathered 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 wagering business in Nigeria, developed alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates investment returns and uses distinct financial investment insights and options to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, sports betting Bet9ja has become a considerable gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience consists of 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, sports betting focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he worked 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that offers sports betting, gambling establishment 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 sports betting a subsidiary of Orakum N.V.. They are also 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 gaming operator sports betting known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, sports betting SportyBet has actually become a substantial 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 financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments reflect his commitment to fostering development and advancement within the area.

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

The company is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is concentrated on how countless Africans engage with sports betting. In a market 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, sports betting the company aims to take advantage of innovative technology and a commitment to accountable gaming to revolutionise the sector.

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

At a press briefing, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, sports betting and the continent’s deep passion for sports betting, sports betting especially football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and sports betting expert team will allow it to scale and dominate the market rapidly.

Islamic police raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started shutting down sports betting wagering stores, which they state are operating unlawfully.

“As you know, sports betting is forbidden 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 triggered the crackdown, worried about the growing variety of gambling addicts, he said.

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

But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be jailed.

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

Bookies and bars tend to be enabled to operate in Kano’s Christian neighbourhoods, 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 sports betting the financial hub of northern Nigeria.

Sports betting shops can be discovered all over the city. Many have television screens, sports betting and customers view the outcome of global football matches or horse races on which they have staked cash.

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

“They don’t have licences to run as they were permitted to run computer game centres, which they later transformed to sports betting shops,” he said.

The sports betting wagering industry has actually expanded significantly across West Africa in recent years. The area is approximately divided in between a primarily Muslim north and a predominantly Christian south.

Many people go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the result of events and teams.

Nigeria’s crippling recession has likewise indicated people are willing to risk a percentage in the hope of winning huge.

But this had caused prevalent dependency, and moms and dads were even complaining that children were leaving of school to gamble, Mr Aminudeen said.

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

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

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

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