North Raids, South Disruption: Nigeria’s Sports Betting Industry in Transformation

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting market.

sports betting has developed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Gradually, sports betting with increased web access came virtual sports betting, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.

Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has flourished, attracting millions, specifically amongst the vibrant demographic dealing with high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces an estimated annual revenue of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory procedures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite obstacles in enforcement. Issues such as insufficient age confirmation and marketing rule industry regulative spaces.

In spite of these difficulties, sports betting wagering business continue to thrive through effective service designs and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in broadening audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually considerably 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 business he co-founded with Badmos Olasupo in 2011. His diverse career covers numerous roles in the video gaming and show business, sports betting including working at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, 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 actually grown into a leading e-commerce organization in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has considering 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 wagering brand sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated community that combines appropriate sports betting material, engaging functions, and a first-rate sportsbook.

Given that taking the helm just before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and annual earnings has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and sports betting assisted form the industry’s instructions. LiveScoreBet has achieved significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having previously worked as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has been in the online video gaming market given that 2000, holding various successful functions, including General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and sports betting boost its offerings. The business’s app has actually amassed considerable 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 changing start-ups into institutionalized companies. Her know-how spans the gaming, realty, and credit loaning industries, where he has actually established himself as a tactical and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Considering 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, critical in the business’s functional techniques and sports betting market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a fully functional site, 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 global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and sports betting the world. The company operates in more than 50 nations, including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of sports betting choices 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 sports betting Chairman of Vend Capital. In addition to leading these ventures, sports betting Ukanwoke has worked together 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 launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing each year. 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has because grown into among the world’s largest online gaming business.

By 2016, sports betting Bet365 created $2 billion in earnings and helped with $45 billion in annual bets. The company also holds a majority 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 sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, established alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that produces financial investment returns and provides special 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 gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the company’s growth through partnerships, organization method, and new organization advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and sports betting consumer 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 different digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting, sports betting casino video games, and live dealership games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 company he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, sports betting SportyBet has actually become a significant player in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting 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 dedication to fostering innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.

The company is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the firm intends to utilize cutting-edge technology and sports betting a dedication to responsible gambling to change the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, sports betting 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 rundown, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for sports betting Sunbet’s ambitious entry. He included that the company’s robust financial backing and specialist group will enable it to scale and dominate the marketplace rapidly.

Islamic cops raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting wagering shops, which they say are operating 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.

Problems from neighborhood leaders and parents prompted the crackdown, fretted about the growing variety of sports betting addicts, he said.

On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer stated.

But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.

Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – together with nonreligious law.

Bookmakers and bars tend to be allowed to operate in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

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

Sports betting shops can be found all over the city. Many have tv screens, and clients view the result of international football matches or sports betting horse races on which they have staked money.

Mr Aminudeen stated such bookmakers had actually been able to run under the radar as they had opened under false pretenses.

“They don’t have licences to run as they were permitted to run video games centres, which they later transformed to sports betting stores,” he said.

The sports betting market has actually expanded dramatically throughout West Africa recently. The region is roughly divided between a generally Muslim north and a predominantly Christian south.

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

Nigeria’s debilitating economic crisis has likewise indicated people are willing to run the risk of a small amount in the hope of winning huge.

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

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

The raids on Tuesday focused on Munjibir, sports betting thought about 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 said.

It is unclear what penalty they would face – frequently, such violations carry a fine.

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