Innovation Amid Raids: Inside Nigeria’s Turbulent Sports Betting Industry
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.
Gaming has progressed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and sports betting is projected to almost double to $182.02 billion by 2030.
Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has prospered, bring in millions, especially amongst the youthful group dealing with high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces an estimated yearly profits of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about 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 ensure fair operations despite difficulties in enforcement. Concerns such as inadequate age verification and sports betting advertising guideline breaches show industry regulative gaps.
Regardless of these challenges, sports betting wagering companies continue to thrive through efficient company models and sports betting aggressive marketing techniques, leveraging the creator sports betting influencer industry.
These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting companies who have actually substantially contributed to Nigeria’s $2 billion gambling empire through their comprehensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers numerous roles in the video gaming and sports betting show business, consisting of working at among the United Kingdom’s largest gaming centres, sports betting The Palace Bingo Club, where he functioned 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 grown into a leading e-commerce business in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that 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 integrates pertinent sports betting material, engaging functions, and a world-class sportsbook.
Given that taking the helm prior to the pandemic, Sam has actually driven substantial development for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly income has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s management and sports betting tactical vision have moved LiveScore Group’s success and sports betting helped shape the industry’s instructions. LiveScoreBet has attained significant 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, having formerly acted as the company’s Marketing and Operations Director sports betting because 2015. He joined Betway in 2013 and sports betting has been in the online gaming industry since 2000, sports betting holding various successful roles, including General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The company’s app has gathered 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 performance history of changing start-ups into institutionalized organizations. Her knowledge spans the video gaming, realty, 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. Because June 2019, sports betting she has served as Managing Director and has actually supervised the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s operational methods and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies frHer instructional 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, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, sports betting it was the very first to launch a completely practical site, 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 wagering company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, sports betting including Nigeria, where it is totally certified.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a large range of wagering choices and an easy to use 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to design developmental policies targeted at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, established and sports betting released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing every year. In the very same year, MultiChoice broadcaster purchased 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 creator, majority investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has since become one of the world’s largest online sports betting companies.
By 2016, Bet365 generated $2 billion in incomes and assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually 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, a leading sports betting company in Nigeria, developed along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates investment returns and offers unique investment insights and solutions to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a substantial gamer in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has been functioning as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this function, he has contributed to the business’s development through partnerships, business method, sports betting and new company advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, and Country Manager at 22BET, concentrating on marketing method and spending plan . Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and sports betting Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also served 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 gaming platform that offers sports betting wagering, sports betting casino games, and live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a business 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 established in 2013.
SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant gamer in the market, 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 sports betting a strong supporter for the growing African web ecosystem. His investments reflect his commitment to cultivating development and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting 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 annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize cutting-edge innovation and sports betting a dedication to accountable gaming to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, sports betting which will launch in the first quarter of 2025, aims to be the continent’s largest and most innovative sports betting platform.
At a press rundown, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and sports betting professional team will allow it to scale and control the marketplace quickly.
Islamic police raid betting shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have actually started closing down sports betting wagering stores, which they say are running illegally.
“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Complaints from community leaders and moms and dads triggered the crackdown, fretted about the growing number of gambling addicts, sports betting he stated.
On the very first day of raids, sports betting 30 shops were closed in one residential area alone, and sports betting their owners were sent out home with a warning, the Sharia officer said.
However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – alongside secular law.
Bookies and bars tend to be allowed to operate in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, sports betting the present crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.
Sports betting stores can be found all over the city. Many have television screens, and customers view the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had had the ability to run under the radar as they had actually opened under false pretenses.
“They do not have licences to run as they were permitted to run video games centres, which they later transformed to wagering shops,” he stated.
The sports betting market has actually broadened considerably throughout West Africa recently. The region is roughly divided between a mainly Muslim north and a primarily Christian south.
Many people go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and teams.
Nigeria’s crippling economic crisis has actually likewise suggested individuals are willing to run the risk of a percentage in the hope of winning big.
But this had resulted in prevalent addiction, and parents were even complaining that kids were dropping out of school to bet, Mr Aminudeen stated.
“These financial issues we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he said.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.
“I am recommending those running those sports betting shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what penalty they would face – frequently, such violations carry a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gaming and the intake of alcohol were prohibited.