Market Innovation Meets Religious Policing: Nigeria’s Sports Betting Sector at a Crossroads
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering industry.
sports betting has actually progressed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, sports betting swimming pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Slowly, with increased internet gain access to came virtual wagering, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
Regardless of financial obstacles such as inflation, Nigeria’s sports betting sector has actually flourished, attracting millions, especially amongst the younger demographic dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates an estimated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulatory measures like import tax responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of difficulties in enforcement. Issues such as inadequate age confirmation and advertising guideline breaches show industry regulatory gaps.
Despite these difficulties, sports betting companies continue to grow through effective company models and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing important roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have significantly added to Nigeria’s $2 billion gambling empire through their substantial audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers numerous roles in the video gaming and sports betting show business, including working at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, sports betting 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 company in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, sports betting and has given that expanded its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated environment that integrates pertinent sports betting content, engaging functions, and a first-rate sportsbook.
Since taking the helm right before the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s worker headcount has actually increased by 29%, and annual income has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and assisted form the market’s direction. 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 selected CEO of Betway in November 2017, sports betting having actually formerly worked as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online gaming market since 2000, holding different successful functions, including General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman’s management, Betway has continued to grow its market presence and enhance its offerings. The company’s app has gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her proficiency spans the video gaming, realty, and credit lending markets, where he has developed himself as a tactical and functional leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has worked as Managing Director and has actually managed the business’s development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s operational 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, finished in 2005.
Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to launch a completely practical website, setting a criteria in the market.
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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies 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 wagering market, offering a wide range of wagering 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 of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and governments to develop developmental policies aimed 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, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually quickly grown its existence in Nigeria, with outlets in significant cities and 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 jobs, the variety of which is increasing each year. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.
Denise Coates – CEO Bet 365
Denise Coates is a British billionaire businesswoman, the founder, sports betting majority investor, sports betting and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually because turned into one of the world’s largest online gambling business.
By 2016, sports betting Bet365 generated $2 billion in revenues and sports betting assisted in $45 billion in annual bets. The business 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 company in Nigeria, sports betting developed alongside business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that produces financial investment returns and offers special financial investment insights and options to both specific 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 leadership, Bet9ja has ended up being a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company’s growth through partnerships, business technique, and brand-new business advancement.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and consumer experience, and Country Manager at 22BET, focusing on marketing strategy and sports betting spending 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 operated in SEO, CRM, and content management. Fikayo likewise served as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and sports betting Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, sports betting Management, and sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that uses sports betting wagering, casino video games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 sports betting providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable 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 investor in fintech and mobile payments and a strong supporter for the growing African web ecosystem. His financial investments reflect his commitment to cultivating innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting market.
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 growth projection 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 accountable gaming to revolutionise 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 largest and most ingenious sports betting platform.
At a press briefing, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, sports betting has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and specialist group will allow it to scale and control the marketplace rapidly.
Islamic police raid betting stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting wagering shops, which they say are operating illegally.
“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, fretted about the growing variety of sports betting addicts, he stated.
On the 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 public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting runs the Islamic legal system – Sharia – along with secular law.
Bookmakers and bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, 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 television screens, and clients see the outcome of global football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookies had been able to run under the radar as they had actually opened under false pretenses.
“They don’t have licences to operate as they were permitted to run computer game centres, which they later converted to wagering shops,” he stated.
The sports betting industry has expanded drastically across West Africa in the last few years. The area is roughly divided between a primarily Muslim north and a primarily Christian south.
Lots of people go to bookies to delight in the sociability of other bettors, though mobile apps are likewise popular for wagering on the outcome of occasions and groups.
Nigeria’s crippling recession has actually also meant individuals are willing to risk a small amount in the hope of winning big.
However this had actually led to extensive dependency, and parents were even complaining that children were leaving of school to bet, sports betting Mr Aminudeen said.
“These financial problems we are dealing with in Nigeria is God informing us to alter our ways 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 encouraging those running those sports betting shops to either closed down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what penalty they would face – frequently, such infringements carry a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and sports betting prostitution, sports betting and the intake of alcohol were banned.