Market Disruption Meets Religious Policing: Nigeria’s Sports Betting Sector at a Crossroads
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
Gaming has developed considerably in Nigeria from standard forms like pool staking and sports betting Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and sports betting kiosks, sports betting where lovers would wager just 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 sports betting is predicted to almost double to $182.02 billion by 2030.
In spite of economic challenges such as inflation, Nigeria’s sports betting wagering sector has actually flourished, bring in millions, particularly among the younger group facing high unemployment rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces a projected yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative measures like excise responsibilities and sports betting VAT increases to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Issues such as insufficient age verification and advertising rule breaches reveal industry regulatory gaps.
Regardless of these obstacles, sports betting wagering companies continue to grow through efficient service models and aggressive marketing methods, leveraging the creator influencer market.
These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting wagering companies who have significantly added to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans various roles in the gaming and entertainment industry, including working at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he worked as the Lead Engineer in a Bingo and sports betting 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, sports betting founded in August 2011, sports betting has become a leading e-commerce company in the sports betting and sports betting video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has given that expanded its presence, sports betting accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that combines appropriate sports betting material, engaging functions, and a world-class sportsbook.
Considering that taking the helm right before the pandemic, Sam has driven considerable growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly profits has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have propelled LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has actually 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 actually previously served as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry considering that 2000, holding different effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman’s management, Betway has actually continued to grow its market presence and improve its offerings. The company’s app has gathered substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her know-how covers the video gaming, sports betting property, and credit lending industries, where he has actually established himself as a strategic and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, sports betting she has acted 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, critical in the company’s functional strategies and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN supplies frHer instructional background consists of 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 very first sports betting platform in Nigeria, it was the very first to release a fully practical site, setting a benchmark in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has developed itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is completely licensed.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a wide range of wagering 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 collaborated with African socio-economic institutions and 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, sports betting founded and sports betting released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting entertainment company has rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing every year. In the 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has given that turned into one of the world’s largest online gambling business.
By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, established alongside business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces investment returns and uses unique investment insights and solutions to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually added to the business’s growth through partnerships, organization strategy, and brand-new service development.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and sports betting client 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 numerous digital marketing functions at Laclic Services and Betty Bingo.
His career began at Jumia Group, sports betting where he worked in SEO, CRM, and content management. Fikayo likewise functioned 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, sports betting Benin Republic.
22Bet is an online gaming platform that uses sports betting, gambling establishment games, and live dealer 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 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, a company he established in 2013.
SportyBet is an international sports betting and real-money video gaming operator known for providing an omni-channel entertainment experience in managed 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 community. His investments reflect his commitment to cultivating innovation and development within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting market.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company intends to leverage innovative innovation and a dedication to responsible sports betting to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, sports betting which will release in the first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting platform.
At a press instruction, sports betting the company’s representative, sports betting Akin Babatunde, said that the increase in Internet penetration, mobile usage, sports betting and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and sports betting professional group will allow it to scale and control the marketplace rapidly.
Islamic cops raid wagering stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have started shutting down sports betting wagering stores, which they state are operating illegally.
“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Problems from community leaders and moms and dads prompted the crackdown, stressed over the growing variety of sports betting addicts, he stated.
On the first day of raids, sports betting 30 stores were closed in one residential area alone, and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on gaming, those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – along with nonreligious law.
Bookmakers and bars tend to be allowed to run in Kano’s Christian neighbourhoods, 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 vast city and the financial hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have television screens, and customers see the result of international football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had been able to operate 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 transformed to sports betting shops,” he said.
The sports betting market has expanded significantly across West Africa over the last few years. The region is approximately divided in between a generally Muslim north and a mainly Christian south.
Many individuals go to bookmakers to take pleasure in the camaraderie of other gamblers, though are also popular for wagering on the result of events and teams.
Nigeria’s debilitating recession has actually likewise implied people want to risk a percentage in the hope of winning big.
But this had actually resulted in widespread addiction, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen stated.
“These economic issues we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he said.
The raids on Tuesday concentrated 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 face – frequently, such violations bring a fine.
Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gambling and the consumption of alcohol were banned.
