North Crackdowns, South Innovation: Nigeria’s Sports Betting Industry in Transformation

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

Gaming has actually evolved significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually thrived, bring in millions, sports betting specifically amongst the youthful demographic facing high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates a projected yearly income of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative steps like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Concerns such as insufficient age confirmation and marketing guideline breaches show market regulative spaces.

Regardless of these obstacles, sports betting business continue to grow through efficient service models 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 important functions in broadening audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting companies who have actually substantially contributed to Nigeria’s $2 billion gaming empire through their extensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans numerous functions in the gaming and show business, including working at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he served 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 turned into a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that broadened its existence, 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 names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated community that integrates appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business’s employee headcount has increased by 29%, and sports betting yearly earnings has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually propelled LiveScore Group’s success and helped form the market’s instructions. LiveScoreBet has accomplished major 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 functioned as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually remained in the online gaming industry since 2000, sports betting holding numerous effective functions, including 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 enhance its offerings. The company’s app has actually gathered 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 businesses. Her competence spans the gaming, sports betting realty, and credit lending industries, where he has actually established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for sports betting over 14 years. Since June 2019, she has worked as Managing Director sports betting and has actually overseen the business’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 techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN supplies frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a completely practical website, setting a benchmark in the market.

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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of sports betting alternatives 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 ventures, Ukanwoke has collaborated with African socio-economic organizations and governments to design 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, founded and released in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has actually rapidly grown its existence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing yearly. 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 creator, majority investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually given that become among the world’s largest online sports betting companies.

By 2016, sports betting Bet365 generated $2 billion in earnings and facilitated $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered substantial 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 wagering business in Nigeria, established along with businessman Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that produces financial investment returns and uses distinct financial investment insights and solutions to both private 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 management, sports betting Bet9ja has become a substantial gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting . He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually contributed to the company’s development through collaborations, business technique, and new company development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession started 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 Accounting from Ladoke Akintola University of Technology and sports betting a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online sports betting platform that provides sports betting wagering, gambling establishment video games, and live dealership 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 also 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 company he established in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has ended up being a considerable gamer in the market, 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 internet community. His financial investments show his commitment to fostering development and development within the region.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative technology and a dedication to responsible gambling to change the sector.

Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the very 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 increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically 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 sports betting dominate the market rapidly.

Islamic police raid wagering stores in northern Nigeria

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

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.

Problems from neighborhood leaders and parents triggered the crackdown, fretted about the growing number of gambling addicts, he said.

On the very first day of raids, 30 stores were closed in one residential area alone, 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 sports betting, those flouting the guidelines 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 secular law.

Bookies and bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering stores can be found all over the city. A lot of have television screens, and clients enjoy the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had opened under false pretences.

“They don’t have licences to run as they were allowed to run computer game centres, which they later on converted to wagering shops,” he said.

The sports betting wagering market has actually expanded dramatically across West Africa over the last few years. The region is roughly divided between a mainly Muslim north and a primarily Christian south.

Lots of people go to bookmakers to enjoy the camaraderie of other bettors, sports betting though mobile apps are likewise popular for wagering on the result of occasions and groups.

Nigeria’s crippling recession has likewise indicated people are willing to run the risk of a percentage in the hope of winning huge.

However this had actually resulted in widespread addiction, and parents were even grumbling that children were dropping out of school to gamble, sports betting Mr Aminudeen said.

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

The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those sports betting stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would face – often, such infringements carry a fine.

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