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

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

Gambling has developed considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, 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 web access came virtual sports betting, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

In spite of financial challenges such as inflation, Nigeria’s sports betting wagering sector sports betting has grown, bring in millions, sports betting particularly among the vibrant demographic dealing with high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, sports betting driving a market that produces a projected yearly income of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative procedures like import tax responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Issues such as inadequate age verification and advertising rule breaches show market regulatory gaps.

Regardless of these obstacles, sports betting companies continue to grow through effective company models and aggressive marketing techniques, leveraging the creator sports betting influencer industry.

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

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans various roles in the video gaming and show business, consisting of working at one of the United Kingdom’s biggest video gaming centres, sports betting 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 become a leading e-commerce organization in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has since broadened its existence, accomplishing 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 integrated ecosystem that combines appropriate sports betting material, 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%, and yearly income has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has accomplished significant 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, sports betting having actually formerly acted as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market considering that 2000, holding different effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a track record of changing start-ups into institutionalized organizations. Her competence covers the video gaming, realty, and credit financing markets, sports betting where he has actually established himself as a tactical and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has managed the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s functional techniques and market growth.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a completely practical site, setting a standard 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 international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is totally certified.

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

BetKing, 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 and entertainment business has quickly grown its presence in Nigeria, sports betting with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing 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 creator, majority investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was in 2001 as an online sports betting website and has actually since become among the world’s largest online gambling companies.

By 2016, Bet365 created $2 billion in revenues and sports betting helped with $45 billion in yearly bets. The business 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 co-founder of Bet9ja, sports betting a leading sports betting company in Nigeria, developed together with businessman Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that generates financial investment returns and uses unique investment insights and services to both specific and institutional clients.

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 actually become a substantial player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

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

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

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

22Bet is an online sports betting platform that provides sports betting wagering, casino video games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 a worldwide sports betting and real-money video gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has become a substantial gamer 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 community. His investments show his commitment to fostering 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 betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize advanced technology and a dedication to responsible gaming to change the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent’s biggest and sports betting most ingenious sports betting platform.

At a press instruction, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and sports betting the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and expert team will allow it to scale and dominate the market rapidly.

Islamic police raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have 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, known as the Hisbah, sports betting told the BBC.

Grievances from community leaders and parents prompted the crackdown, sports betting stressed over the growing variety of gambling addicts, he said.

On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent home with a caution, the Sharia officer stated.

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

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

Bookmakers and sports betting bars tend to be enabled 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 vast city and the financial hub of northern Nigeria.

sports betting wagering stores can be found all over the city. A lot of have tv screens, and consumers enjoy the result of global football matches or sports betting horse races on which they have staked cash.

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

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

The sports betting wagering market has actually broadened considerably throughout West Africa over the last few years. The region is approximately divided between a generally Muslim north and a mainly Christian south.

Many people go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the outcome of occasions and teams.

Nigeria’s debilitating recession has also implied individuals are willing to risk a percentage in the hope of winning huge.

But this had caused extensive addiction, and parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

“These financial problems we are dealing with in Nigeria is God informing us to change our methods by stopping sins,” he stated.

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 – often, such violations bring a fine.

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