North Raids, South Disruption: Nigeria’s Sports Betting Industry in Transformation
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.
Gambling has evolved substantially in Nigeria from traditional types like pool staking and sports betting Baba Ijebu to a successful sports betting industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor sports betting parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Gradually, with increased internet gain access to came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria’s sports betting sector has grown, attracting millions, specifically among the youthful demographic dealing with high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative procedures like excise duties and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite challenges in enforcement. Problems such as insufficient age verification and advertising guideline breaches reveal market regulatory gaps.
Regardless of these obstacles, sports betting wagering business continue to flourish through efficient organization models and aggressive marketing methods, leveraging the creator influencer industry.
These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in broadening audience reach and sports betting driving market growth. Here are the CEOs of leading sports betting wagering companies who have substantially contributed to Nigeria’s $2 billion gambling empire through their extensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers numerous roles in the video gaming and entertainment industry, including operating at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, 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, sports betting has actually grown into a leading e-commerce company in the wagering and sports betting gaming sector, running through online, mobile, sports betting and sports betting retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has given that expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that combines appropriate sports betting material, engaging features, and a world-class sportsbook.
Considering that taking the helm prior to the pandemic, Sam has driven considerable growth for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly income has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have actually propelled LiveScore Group’s success and assisted shape the market’s direction. 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 selected CEO of Betway in November 2017, having actually formerly acted as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market given that 2000, holding different successful functions, consisting of General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman’s management, Betway has actually continued to grow its market existence and improve 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 actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her expertise covers the video gaming, real estate, sports betting and credit financing markets, where he has actually developed himself as a tactical and sports betting functional leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Since June 2019, sports betting she has actually functioned as Managing Director and sports betting has managed 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 business’s operational methods and sports betting market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer instructional 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 business, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the first to launch a fully functional website, setting a benchmark in the industry.
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 developed itself as one of the biggest bookies in Europe and sports betting the world. The business operates in more than 50 nations, consisting of Nigeria, where it is totally licensed.
Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide range of sports betting alternatives 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic organizations and federal governments to develop developmental policies targeted at empowering youths. 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 Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, sports betting developing over 100,000 tasks, the variety of which is increasing yearly. In the 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, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has since become among the world’s biggest online sports betting business.
By 2016, Bet365 produced $2 billion in revenues and helped with $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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 business in Nigeria, sports betting developed together with business person Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces financial investment and uses unique financial investment insights and services to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a considerable player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the business’s growth through collaborations, service method, and new business development.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, and Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, CRM, 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, Management, and sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that offers sports betting, gambling establishment games, and live dealer games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a company signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise 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, sports betting a business he developed in 2013.
SportyBet is a worldwide 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 become a considerable player in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet community. His investments reflect his dedication to cultivating innovation and advancement within the region.
On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports wagering industry.
Sunbet Sporting International Limited has stated it is focused 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 aims to leverage cutting-edge technology and a commitment to accountable gambling to change the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting wagering platform.
At a press instruction, the company’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 sports betting Sunbet’s ambitious entry. He added that the company’s robust sponsorship and specialist team will enable it to scale and control the marketplace rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting shops, which they say are running illegally.
“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Complaints from neighborhood leaders and parents prompted the crackdown, fretted about the growing number of gambling addicts, he stated.
On the first day of raids, 30 stores were closed in one suburb alone, and sports betting their owners were sent out home with a warning, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the general public knew 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 – 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 current crackdown is focused on Muslim locations of Kano, a vast city and the economic center of northern Nigeria.
Sports betting shops can be discovered all over the city. A lot of have television screens, and customers see the outcome of international football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookies had actually been able to operate under the radar as they had opened under false pretences.
“They don’t have licences to run as they were permitted to run computer game centres, which they later converted to sports betting stores,” he said.
The sports betting industry has actually broadened drastically across West Africa in recent years. The region is approximately divided between a mainly Muslim north and sports betting a predominantly Christian south.
Many individuals go to bookmakers to enjoy the friendship of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and groups.
Nigeria’s debilitating recession has actually likewise implied individuals want to risk a small amount in the hope of winning huge.
However this had actually led to extensive addiction, and moms and sports betting dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen stated.
“These financial issues we are facing in Nigeria is God informing us to change our methods 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 recommending those running those wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what penalty they would face – typically, such violations bring a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and sports betting prostitution, sports betting and the consumption of alcohol were banned.
