High Stakes and Holy Laws: Nigeria’s Sports Betting Industry at a Turning Point
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
Gaming has progressed significantly in Nigeria from traditional forms like pool staking and sports betting Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and sports betting kiosks, sports betting where lovers would wager just N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, sports betting which parallels international trends. 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.
Regardless of financial obstacles such as inflation, Nigeria’s sports betting sector has thrived, bring in millions, sports betting specifically amongst the youthful group facing high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates a projected annual profits of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative steps like import tax duties and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of challenges in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches reveal market regulatory spaces.
Regardless of these difficulties, sports betting business continue to thrive through reliable company models and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting business who have substantially added to Nigeria’s $2 billion gambling empire through their extensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession covers numerous functions in the video gaming and entertainment industry, consisting of working at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he served 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, Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce service in the wagering and video gaming sector, operating through online, mobile, and sports betting retail channels. The business was incorporated in Nigeria on November 7, sports betting 2006, and has actually since broadened its presence, 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 totally incorporated ecosystem that combines relevant sports betting material, engaging functions, and a world-class sportsbook.
Considering that taking the helm right before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly earnings has actually risen from roughly ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and helped form the market’s direction. 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, having formerly served as the company’s Marketing and sports betting Operations Director because 2015. He signed up with Betway in 2013 and has actually been in the online gaming market since 2000, holding different effective roles, including General Manager of an information analytics team and Director sports betting of a digital marketing agency.
Under Werkman’s leadership, Betway has continued to grow its market presence and enhance its offerings. The company’s app has actually garnered significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her know-how covers the video gaming, realty, and credit loaning markets, where he has developed himself as a strategic and sports betting operational leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has worked as Managing Director and has actually overseen 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 business’s functional strategies and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN supplies frHer educational background consists of 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 company, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a completely practical site, setting a criteria 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 global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully accredited.
Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering alternatives and sports betting 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 actually teamed up with African socio-economic organizations and federal governments to create 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, founded and sports betting 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 wagering and home entertainment business has rapidly grown its presence 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, sports betting creating over 100,000 jobs, sports betting the number of which is increasing each year. In the very 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, bulk investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually because turned into among the world’s largest online sports betting business.
By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered significant user engagement, sports betting 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 established together with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club .
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management company that produces financial investment returns and sports betting provides unique investment insights and options 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 management, Bet9ja has ended up being a substantial player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually added to the company’s development through partnerships, sports betting company technique, and new organization advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that uses sports betting, casino video games, and live dealership games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting a chain of casinos worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.
SportyBet is an international 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, SportyBet has actually ended up being a considerable gamer in the market, sports betting 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 sports betting mobile payments and a strong advocate for the growing African web environment. His financial investments show his commitment to promoting development and advancement within the area.
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 betting market.
Sunbet Sporting International Limited has said 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 forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of cutting-edge innovation and a dedication to responsible gaming to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent’s largest and sports betting most innovative sports betting wagering platform.
At a press instruction, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, sports betting 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 firm’s robust financial backing and expert team will enable it to scale and control the marketplace rapidly.
Islamic police raid wagering shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have started 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, called the Hisbah, informed the BBC.
Complaints from community leaders and parents triggered the crackdown, worried about the growing variety of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburb alone, sports betting and their owners were sent out home with a caution, sports betting the Sharia officer stated.
But Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – along with nonreligious law.
Bookmakers and bars tend to be enabled to operate in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.
However, the current crackdown is focused on Muslim areas of Kano, sports betting a sprawling city and the financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. Many have television screens, and clients see the outcome of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookies had actually had the ability to operate under the radar as they had actually opened under false pretenses.
“They do not have licences to operate as they were allowed to run computer game centres, which they later on converted to wagering shops,” he said.
The sports betting industry has actually broadened drastically across West Africa in recent years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.
Lots of people go to bookies to enjoy the friendship of other bettors, though mobile apps are likewise popular for wagering on the result of events and teams.
Nigeria’s debilitating recession has likewise indicated individuals want to run the risk of a percentage in the hope of winning huge.
But this had actually resulted in widespread addiction, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.
“These financial problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,” he said.
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 recommending those running those sports betting stores to either closed 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 was in 11 other Muslim-majority northern states – and prostitution, sports betting and sports betting the usage of alcohol were prohibited.