Exploring Nigeria’s Betting Transformation: Leaders, Challengers, and Religious Clashes

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

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

Slowly, with increased internet access came virtual wagering, which parallels international patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

In spite of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually prospered, attracting millions, especially amongst the younger group dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, sports betting driving an industry that creates an estimated yearly earnings of N730 billion. The federal government has not gone undetected by this growth, which is considering regulative procedures like excise responsibilities and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Issues such as insufficient age confirmation and advertising rule breaches reveal market regulatory gaps.

In spite of these difficulties, sports betting wagering business continue to flourish through models and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have considerably added to Nigeria’s $2 billion gambling 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 varied career spans numerous functions in the video gaming and entertainment industry, sports betting including working at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he acted as the Lead Engineer in a Bingo and sports betting Bowling Club.

Olaniyan holds a BSc in Geography from the University of Ilorin and sports betting 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 business in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has given that expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly income has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and sports betting assisted shape the market’s direction. LiveScoreBet has actually achieved 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 previously worked as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online gaming market because 2000, holding numerous successful functions, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market presence and boost its offerings. The business’s app has amassed 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 track record of changing start-ups into institutionalized services. Her knowledge covers the video gaming, realty, sports betting and credit lending markets, where he has actually established himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has functioned as Managing Director and has managed the business’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s functional techniques and market growth.

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

Akin Alabi, the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a fully functional website, 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 global sports betting wagering business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is completely certified.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a vast array of wagering alternatives and sports betting 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 teamed up with African socio-economic institutions and federal governments to design developmental policies aimed 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 established and introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has quickly grown its existence in Nigeria, with outlets in major 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 jobs, the number 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually considering that turned into among the world’s largest online gaming companies.

By 2016, sports betting Bet365 created $2 billion in profits and helped with $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has gathered 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 company in Nigeria, established along with businessman 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 possession management company that creates investment returns and offers special financial investment insights and services to both private and institutional customers.

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, Bet9ja has actually become a substantial gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting industry. He has actually been acting as the Country Director for sports betting 22BET in Nigeria since June 2021. In this function, he has actually contributed to the business’s growth through collaborations, service method, and brand-new company development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, sports betting and Country Manager at 22BET, sports betting concentrating on marketing method and sports betting budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise worked 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides sports betting, gambling establishment video games, and live dealership games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business registered 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 gaming operator sports betting understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has become a considerable player in the industry, 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 sports betting mobile payments and a strong supporter for the growing African web environment. His investments show his commitment to cultivating innovation and advancement within the area.

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

The firm is set to interrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on changing how countless 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 sports betting PwC, the firm aims to utilize advanced technology and a commitment to responsible gambling to revolutionise the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, sports betting which will introduce in the first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting platform.

At a press instruction, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, sports betting mobile usage, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust sponsorship and professional team will enable it to scale and sports betting control the market quickly.

Islamic police raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually begun shutting down sports betting stores, which they state are running unlawfully.

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.

Grievances from neighborhood leaders and parents triggered the crackdown, fretted about the growing number of gambling addicts, sports betting he stated.

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

But Mr Aminudeen cautioned that now that the general 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 runs the Islamic legal system – Sharia – alongside nonreligious law.

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

Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. The majority of have television screens, sports betting and customers view the result of worldwide football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookmakers had actually had the ability to operate 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 on transformed to sports betting stores,” he stated.

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

Many people go to bookies to delight in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the result of events and groups.

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

But this had actually caused widespread addiction, and sports betting parents were even grumbling that kids were leaving of school to bet, sports betting Mr Aminudeen said.

“These economic problems we are facing in Nigeria is God informing us to alter 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 advising those running those wagering stores to either closed 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 infringements carry a fine.

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