North Crackdowns, Southern Innovation: Nigeria’s Sports Betting Industry in Transformation

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

Gaming has actually evolved considerably in Nigeria from standard types like pool staking and Baba Ijebu to a flourishing 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 low as N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

Regardless of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has grown, attracting millions, especially amongst the younger group dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces a projected annual income of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory procedures like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of obstacles in enforcement. Problems such as inadequate age confirmation and advertising rule breaches show market regulatory gaps.

In spite of these difficulties, sports betting business continue to thrive through effective business designs and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually considerably contributed to Nigeria’s $2 billion gaming empire through their substantial 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 varied career spans various roles in the video gaming and entertainment industry, consisting of operating at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, sports betting where he acted 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, sports betting Wales. Surebet247, sports betting founded in August 2011, has actually turned into a leading e-commerce business in the sports betting and video 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 more than 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 environment that combines pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has driven significant growth for sports betting LiveScore Group. The company’s staff member headcount has actually increased by 29%, and annual profits has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and assisted shape 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 selected CEO of Betway in November 2017, sports betting having formerly worked as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market since 2000, sports betting holding various effective roles, sports betting consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has actually amassed significant 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 businesses. Her knowledge spans the gaming, real estate, and credit lending industries, where he has established himself as a tactical and operational leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN provides frHer educational 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, sports betting Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a fully functional website, setting a benchmark 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually established itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a large range of sports betting choices 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic institutions and sports betting federal governments to create developmental policies aimed at empowering youths. 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 and entertainment company has actually quickly grown its presence in Nigeria, with outlets in significant 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 jobs, the variety of which is increasing annually. In the 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, bulk investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually given that grown into among the world’s biggest online gaming companies.

By 2016, Bet365 generated $2 billion in incomes and assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has garnered 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, sports betting a leading sports betting wagering business in Nigeria, developed together with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that creates investment returns and offers distinct investment insights and services to both private and .

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

Fikayo Ogunfuye – Country Director 22bet

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

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

His profession began at Jumia Group, where he operated 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 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 uses sports betting wagering, casino games, and live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are also 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 business he developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator sports betting understood for sports betting delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a significant gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His investments show his commitment to promoting innovation and development 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 disrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced innovation and a commitment to responsible gambling to change the sector.

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

At a press rundown, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, sports betting and the continent’s deep passion for sports betting, sports betting specifically football, has actually set the stage for sports betting Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and sports betting expert team will allow it to scale and control the market quickly.

Islamic authorities raid betting stores in northern Nigeria

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

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

Grievances from community leaders and moms and dads triggered the crackdown, stressed over the growing variety of gambling addicts, sports betting he stated.

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, the Sharia officer said.

But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gaming, sports betting those flouting the rules would be apprehended.

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

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

However, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting stores can be found all over the city. Most have television screens, and clients see the outcome of worldwide football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookmakers had been able to run 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 on converted to sports betting shops,” he stated.

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

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

Nigeria’s crippling economic crisis has also meant individuals want to run the risk of a percentage in the hope of winning big.

However this had actually led to extensive dependency, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen stated.

“These financial concerns we are facing in Nigeria is God informing us to alter our ways by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those wagering stores to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would face – often, such infringements carry a fine.

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