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Industry Players and Prayer Police: The Fate of Sports Betting in Nigeria

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

sports betting has actually progressed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

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Gradually, with increased internet gain access to came virtual sports betting, which parallels global trends. The sports betting wagering 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 financial challenges such as inflation, Nigeria’s sports betting wagering sector has grown, drawing in millions, specifically amongst the younger market dealing with high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an estimated yearly revenue of N730 billion. The federal government has not gone unnoticed by this development, sports betting which is considering regulatory procedures like excise responsibilities and VAT boosts 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 difficulties in enforcement. Concerns such as inadequate age verification and marketing guideline breaches reveal industry regulative spaces.

Despite these obstacles, sports betting business continue to grow through efficient organization designs and aggressive marketing strategies, sports betting leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have substantially contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the video gaming and show business, including operating at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he served 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, founded in August 2011, has actually become a leading e-commerce organization in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually given that expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brand sports betting names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated environment that combines appropriate sports betting content, engaging functions, and a world-class sportsbook.

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

Sam’s management and strategic vision have propelled LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has achieved major user engagement, sports betting 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 formerly functioned as the company’s Marketing and sports betting Operations Director since 2015. He joined Betway in 2013 and has remained in the online video gaming market because 2000, holding various effective roles, including General Manager of an information analytics team and sports betting Director of a digital marketing firm.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her know-how spans the gaming, realty, and credit lending markets, where he has developed himself as a tactical and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, she has served as Managing Director and has 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 functional methods and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer educational 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 business, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a totally practical 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 international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually 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 fully certified.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting alternatives and an easy to use 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to create developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting established and introduced 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 and home entertainment business has actually rapidly grown its presence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing every 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, the creator, sports betting majority investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has given that grown into one of the world’s largest online gaming business.

By 2016, sports betting Bet365 produced $2 billion in profits and facilitated $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has garnered significant user engagement, sports betting 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 along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates investment returns and uses distinct investment insights and solutions to both individual and institutional customers.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being 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 market. He has been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the business’s development through partnerships, organization technique, sports betting and sports betting new company development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and sports betting Country Manager at 22BET, sports betting concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, CRM, sports betting 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 sports betting 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 sports betting platform that uses sports betting, casino video games, and sports betting live dealership video games. It was introduced in 2017 and is owned and sports betting 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 company he established in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial gamer in the industry, with over 1 million downloads on the Store.

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web community. His financial investments reflect his dedication to promoting development and development within the area.

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

The company is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage advanced innovation and a dedication to responsible gaming to change the sector.

Backed by the financial power of 4 prominent African billionaires, sports betting Sunbet, which will launch in the very first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting wagering platform.

At a press instruction, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, sports betting mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, sports betting has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and specialist group will enable it to scale and dominate the marketplace quickly.

Islamic cops raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun shutting down sports betting wagering shops, sports betting which they say are operating illegally.

«As you understand, sports betting is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police, sports betting known as the Hisbah, told the BBC.

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

On the first day of raids, 30 stores were closed in one residential area alone, sports betting and their owners were sent out home with a warning, the Sharia officer stated.

But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be arrested.

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

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

Nevertheless, sports betting the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Most have tv screens, and clients watch the outcome of international football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretences.

«They do not have licences to operate as they were permitted to run computer game centres, which they later transformed to wagering stores,» he said.

The sports betting industry has broadened drastically throughout West Africa in the last few years. The region is roughly divided in between a generally Muslim north and a mainly Christian south.

Lots of people go to bookies to enjoy the friendship of other bettors, though mobile apps are also popular for sports betting on the result of occasions and teams.

Nigeria’s crippling recession has actually also suggested people want to risk a percentage in the hope of winning big.

But this had actually led to extensive addiction, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.

«These financial issues we are facing in Nigeria is God telling 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 shut down or we’ll apprehend them and take them to [a Sharia] court,» Mr Aminudeen stated.

It is unclear what punishment they would deal with – typically, such infringements carry a fine.

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

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