Northern Raids, South Innovation: Nigeria’s Sports Betting Industry in Transformation

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

Gaming has actually progressed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically tied to European football leagues, pool staking was a common sight at motor parks and sports betting kiosks, where enthusiasts would bet as little as N50-N200 on matches.

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

Regardless of financial challenges such as inflation, sports betting Nigeria’s sports betting wagering sector has prospered, attracting millions, especially among the younger market facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates an estimated annual profits of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative procedures like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of obstacles in enforcement. Concerns such as insufficient age verification and advertising rule breaches show market regulative gaps.

Despite these difficulties, sports betting companies continue to flourish through reliable company designs and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting business who have actually substantially contributed to Nigeria’s $2 billion gaming 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 diverse profession spans different roles in the gaming and show business, including working at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting 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, sports betting has actually grown into a leading e-commerce company in the sports betting and sports betting gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually because expanded 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 became the CEO of LiveScore Group, a completely incorporated environment that combines appropriate sports betting content, engaging features, and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The company’s staff member headcount has increased by 29%, sports betting and yearly profits has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and sports betting strategic vision have propelled LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually accomplished major user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, sports betting having formerly functioned as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online video gaming industry because 2000, sports betting holding different successful functions, including General Manager of a data analytics team and sports betting Director of a digital marketing agency.

Under Werkman’s leadership, sports betting Betway has continued to grow its market existence and improve its offerings. The company’s app has gathered 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 changing start-ups into institutionalized organizations. Her proficiency covers the gaming, real estate, sports betting and credit financing markets, where he has actually developed himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has worked as Managing Director and has managed the business’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 techniques and market expansion.

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

Akin Alabi, sports betting 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 wagering platform in Nigeria, sports betting it was the first to launch a fully practical site, setting a benchmark 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide range of wagering choices and an user-friendly 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic institutions and 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, founded and launched 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 entertainment business has actually rapidly grown its presence in Nigeria, sports betting 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, sports betting the number of which is increasing yearly. 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 creator, sports betting bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has since become one of the world’s biggest online gambling companies.

By 2016, Bet365 produced $2 billion in incomes and assisted in $45 billion in . The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered considerable 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 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 property management business that creates investment returns and uses unique financial investment insights and services to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, sports betting he has contributed to the company’s growth through collaborations, business technique, and new organization development.

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

His career began at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that offers sports betting, gambling establishment video games, and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered 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 company he developed in 2013.

SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a considerable player in the market, 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 supporter for the growing African web environment. His financial investments reflect his commitment to fostering development and advancement within the region.

On April 30, 2024, sports betting Sudeep Ramnani invested in 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 said it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, sports betting with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm intends to utilize advanced innovation and a commitment to accountable gaming to change the sector.

Backed by the financial power of four popular 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, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and sports betting the continent’s deep enthusiasm for sports betting, particularly football, sports betting has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and professional team will allow it to scale and control the marketplace rapidly.

Islamic police raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting wagering shops, which they state are operating unlawfully.

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

Complaints from community leaders and parents triggered the crackdown, stressed over the growing variety of gambling addicts, he said.

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

But 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 apprehended.

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

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

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

sports betting wagering stores can be discovered all over the city. Many have tv screens, and customers watch the outcome of global football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had opened under false pretences.

“They do not have licences to operate as they were allowed to run video games centres, which they later on converted to sports betting stores,” he said.

The sports betting wagering industry has expanded drastically across West Africa recently. The region is roughly divided in between a primarily Muslim north and a mainly Christian south.

Many individuals go to bookies to delight in the friendship of other bettors, though mobile apps are also popular for sports betting on the outcome of events and teams.

Nigeria’s debilitating recession has likewise meant people are willing to risk a small amount in the hope of winning huge.

However this had led to prevalent addiction, and sports betting parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

“These economic concerns we are dealing with in Nigeria is God telling us to change our methods by stopping sins,” he stated.

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 stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – often, such infringements bring a fine.

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