Innovation Amid Raids: Exploring Nigeria’s Turbulent Sports Betting Industry

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

Gaming has developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, sports betting swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

Slowly, with increased internet gain access to came virtual wagering, which parallels worldwide 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.

In spite of economic challenges such as inflation, Nigeria’s sports betting wagering sector has thrived, bring in millions, specifically amongst the vibrant market facing high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an estimated yearly revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory measures like excise responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations despite obstacles in enforcement. Issues such as inadequate age verification and marketing rule breaches reveal market regulative spaces.

In spite of these challenges, sports betting companies continue to grow through efficient business designs and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have substantially added to Nigeria’s $2 billion gaming empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans numerous functions in the video gaming and entertainment industry, including operating at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and sports betting 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 become a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually because broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that integrates relevant sports betting content, engaging features, and a world-class sportsbook.

Given that taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The business’s worker headcount has increased by 29%, and annual revenue has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has actually achieved significant 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 formerly functioned as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market since 2000, holding numerous effective roles, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market presence and enhance 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 distinguished herself as a senior executive with a track record of changing start-ups into institutionalized services. Her competence covers the video gaming, sports betting real estate, and credit financing 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 actually served as Managing Director and has supervised 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 company’s functional methods and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer academic 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 business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, sports betting it was the first to release a completely practical site, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a large range of wagering options 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 endeavors, Ukanwoke has teamed up with African socio-economic organizations and governments to design developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and introduced 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 and entertainment company has rapidly 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, sports betting the variety of which is increasing annually. In the very 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, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually given that turned into among the world’s largest online sports betting companies.

By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has amassed considerable user engagement, with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting company in Nigeria, sports betting established alongside businessman 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 asset management company that creates investment returns and offers unique investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business’s growth through partnerships, service method, and brand-new company development.

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

His career began at Jumia Group, where he operated in SEO, sports betting 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 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 sports betting platform that offers sports betting wagering, casino games, sports betting and live dealer video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting 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 global sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, sports betting SportyBet has become a significant 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 financier in fintech and mobile payments and sports betting a strong advocate for the growing African web environment. His financial investments show his commitment to fostering innovation and development within the region.

On April 30, 2024, Sudeep Ramnani purchased 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 said it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of innovative innovation and a commitment to responsible sports betting to revolutionise the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and sports betting the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust backing and specialist team will allow it to scale and dominate the market quickly.

Islamic authorities raid wagering stores in northern Nigeria

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

«As you know, sports betting is prohibited in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.

Complaints from community leaders and moms and dads prompted the crackdown, stressed over the growing variety of sports betting addicts, sports betting he said.

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

But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gambling, sports betting those flouting the guidelines would be apprehended.

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

Bookies and sports betting bars tend to be permitted to run in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

However, the current crackdown is focused on Muslim areas of Kano, sports betting a sprawling city and the economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. The majority of have television screens, and customers watch the result of international football matches or sports betting horse races on which they have staked money.

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

«They do not have licences to run as they were allowed to run video games centres, which they later transformed to sports betting stores,» he said.

The sports betting market has expanded considerably throughout West Africa in recent years. The area is roughly divided between a primarily Muslim north and a predominantly Christian south.

Lots of people go to bookies to enjoy the friendship of other bettors, though mobile apps are also popular for sports betting on the result of events and teams.

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

But this had actually led to widespread addiction, and moms and dads were even grumbling that kids were leaving of school to bet, sports betting 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 encouraging those running those wagering shops to either shut down or we’ll arrest them and take them to [a Sharia] court,» Mr Aminudeen said.

It is unclear what punishment they would deal with – frequently, such infringements bring a fine.

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