Game Changers: How Religious Raids and Digital Innovation are Reshaping Nigeria’s Betting Scene
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting industry.
Gaming has actually developed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor sports betting parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Slowly, sports betting with increased web gain access to came virtual sports betting, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, specifically among the vibrant demographic dealing with high joblessness rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces a projected annual earnings of N730 billion. The federal government has not gone undetected by this growth, which is considering regulative procedures like excise duties and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of challenges in enforcement. Concerns such as inadequate age verification and advertising rule breaches show industry regulative spaces.
Regardless of these obstacles, sports betting wagering companies continue to grow through effective service designs and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually significantly added to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.
Constable 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 different roles in the video gaming and entertainment industry, consisting of working at one of the United Kingdom’s biggest video gaming centres, sports betting The Palace Bingo Club, sports betting where he acted 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 company in the wagering and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has given that broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated ecosystem that combines pertinent sports betting material, engaging functions, sports betting and a first-rate sportsbook.
Given that taking the helm prior to the pandemic, sports betting Sam has driven considerable growth for LiveScore Group. The business’s worker headcount has increased by 29%, sports betting and yearly profits has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam’s management and tactical vision have actually moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has actually accomplished 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 previously acted as the company’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry given that 2000, holding different effective roles, consisting of General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman’s management, Betway has continued to grow its market existence and boost its offerings. The business’s app has actually amassed significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her knowledge covers the video gaming, property, and credit financing industries, where he has actually established himself as a tactical and operational leader.
Damilare has actually contributed in for over 14 years. Given that June 2019, she has served as Managing Director sports betting and sports betting has actually supervised the company’s growth and sports betting operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting pivotal in the company’s operational techniques and sports betting market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, sports betting developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to launch a completely practical site, setting a standard 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 actually developed itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is completely certified.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of sports betting options and 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 endeavors, Ukanwoke has collaborated 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, established and 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 entertainment company has actually rapidly grown its existence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing yearly. 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and sports betting has since turned into one of the world’s largest online gaming business.
By 2016, sports betting Bet365 created $2 billion in revenues and assisted in $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has 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 sports betting co-founder of Bet9ja, a leading sports betting company in Nigeria, sports betting established along with entrepreneur 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 possession management company that produces investment returns and sports betting offers distinct investment insights and services to both specific 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, sports betting Bet9ja has actually become a considerable player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the company’s development through collaborations, business strategy, and brand-new company advancement.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and customer experience, and Country Manager at 22BET, concentrating on marketing method 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 started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned as a Human Resource Officer at SIFAX Group.
He holds a Bachelor sports betting 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 gambling platform that uses sports betting, gambling establishment video games, and live dealership video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of gambling establishments worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed in 2013.
SportyBet is a global sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a significant 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 advocate for the growing African internet environment. His financial investments reflect his commitment to promoting innovation and development within the area.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering industry.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company aims to leverage advanced innovation and a dedication to responsible sports betting to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s largest and most ingenious sports betting platform.
At a press rundown, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and specialist group will allow it to scale and dominate the marketplace quickly.
Islamic police raid betting stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have begun closing down sports betting wagering stores, which they state are running illegally.
«As you know, sports betting is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Complaints from community leaders and parents triggered the crackdown, sports betting stressed over the growing variety of gambling addicts, he said.
On the very first day of raids, 30 shops were closed in one residential area alone, and sports betting their owners were sent home with a warning, the Sharia officer said.
However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.
Bookmakers and bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.
sports betting wagering shops can be found all over the city. The majority of have tv screens, and customers enjoy the outcome of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had been able to operate under the radar as they had opened under false pretences.
«They do not have licences to run as they were allowed to run video games centres, which they later transformed to wagering shops,» he stated.
The sports betting market has actually expanded dramatically across West Africa recently. The area is roughly divided between a generally Muslim north and a predominantly Christian south.
Lots of people go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the result of occasions and teams.
Nigeria’s debilitating economic crisis has likewise meant people are willing to risk a percentage in the hope of winning big.
But this had actually resulted in extensive dependency, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.
«These economic issues we are facing in Nigeria is God telling us to alter our methods by stopping sins,» he stated.
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 wagering shops to either shut down or we’ll detain them and take them to [a Sharia] court,» Mr Aminudeen said.
It is unclear what penalty they would face – typically, such violations carry a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gambling and the intake of alcohol were prohibited.
