Power Players and Prayer Police: The Future of Sports Betting in Nigeria

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

sports betting has developed considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

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

In spite of financial challenges such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, specifically among the youthful group dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an estimated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative procedures like import tax duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of obstacles in enforcement. Problems such as inadequate age confirmation and sports betting marketing guideline breaches reveal market regulative spaces.

Despite these obstacles, sports betting companies continue to prosper through efficient business models and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting business who have actually significantly added to Nigeria’s $2 billion sports betting empire through their substantial 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 spans different roles in the video gaming and show business, consisting of operating at among the United Kingdom’s biggest video 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce organization in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually considering that expanded its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a fully integrated community that combines pertinent sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s management and tactical vision have actually moved LiveScore Group’s success and sports betting assisted shape the market’s instructions. LiveScoreBet has actually achieved significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having actually formerly functioned as the business’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has remained in the online video gaming industry because 2000, holding numerous effective functions, including General Manager of an information analytics team and Director of a digital marketing firm.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her competence spans the video gaming, real estate, and credit financing markets, sports betting 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. Given that June 2019, she has acted as Managing Director and has actually managed 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 operational methods and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. 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, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a totally functional 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 nations, sports betting consisting of Nigeria, sports betting where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting providing a large range of sports betting options 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic institutions and federal governments to design 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 launched in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, operates under the brand 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, developing 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, sports betting the founder, majority shareholder, sports betting and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has since become among the world’s largest online sports betting business.

By 2016, Bet365 created $2 billion in revenues and assisted in $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 wagering business in Nigeria, developed together with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management company that generates investment returns and offers distinct financial investment insights and services to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the company’s growth through collaborations, service method, and new organization development.

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

His career started at Jumia Group, where he worked in SEO, CRM, sports betting 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting wagering, gambling establishment video games, sports betting and live dealership video games. It was released 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 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 and real-money video gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active financier in fintech and sports betting mobile payments and sports betting a strong advocate for the growing African internet community. His investments reflect his commitment to promoting development and development within the region.

On April 30, 2024, sports betting Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.

The company is set to interfere with the sports wagering 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 forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative innovation and a dedication to accountable gambling 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 instruction, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and expert group will allow it to scale and dominate the marketplace rapidly.

Islamic cops raid wagering stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started shutting down sports betting stores, which they say are operating illegally.

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.

Complaints from neighborhood leaders and parents prompted the crackdown, stressed over the growing variety of gambling addicts, he stated.

On the very 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 said.

But 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, sports betting which has a bulk Muslim population and operates the Islamic legal system – Sharia – along with nonreligious law.

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

Nevertheless, the present crackdown is focused on Muslim locations of Kano, sports betting a vast city and sports betting the financial hub of northern Nigeria.

sports betting wagering stores can be discovered all over the city. The majority of have tv screens, and clients enjoy the outcome of international football matches or horse races on which they have staked money.

Mr Aminudeen said such bookmakers had actually been able to operate under the radar as they had actually opened under false pretences.

“They don’t have licences to run as they were allowed to run computer game centres, which they later on converted to wagering shops,” he stated.

The sports betting industry has broadened dramatically across West Africa in recent years. The region is roughly divided between a mainly Muslim north and a predominantly Christian south.

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

Nigeria’s debilitating recession has actually likewise implied people want to risk a small amount in the hope of winning huge.

However this had actually resulted in extensive dependency, and parents were even complaining that kids were leaving of school to bet, Mr Aminudeen said.

“These financial concerns we are dealing with in Nigeria is God informing us to alter our methods by stopping sins,” he said.

The raids on Tuesday concentrated on Munjibir, sports betting 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 unclear what punishment they would deal with – frequently, such infringements bring a fine.

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