Industry Changers: How Religious Raids and Digital Innovation are Transforming Nigeria’s Betting Landscape

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

sports betting has actually progressed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

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

In spite of economic difficulties such as inflation, Nigeria’s sports betting sector has thrived, bring in millions, sports betting particularly among the vibrant demographic facing high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates a projected yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulatory procedures like excise duties and VAT increases to manage the sector.

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

Despite these challenges, sports betting companies to prosper through efficient organization designs and aggressive marketing methods, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential 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 substantial audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career covers numerous functions in the video gaming and show business, including working at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he functioned as the Lead Engineer in a Bingo and 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 become a leading e-commerce company in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that expanded its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated ecosystem that integrates appropriate sports betting content, engaging functions, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual revenue has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has achieved major 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 previously worked as the business’s Marketing and sports betting Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry since 2000, holding various successful roles, consisting of General Manager of an information analytics team and Director of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a track record of changing start-ups into institutionalized services. Her proficiency spans the gaming, sports betting property, and credit financing industries, where he has actually developed himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has served as Managing Director and has actually supervised 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 methods and market growth.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a fully practical site, setting a criteria 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 international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, including Nigeria, sports betting where it is totally licensed.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a large range of wagering 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic organizations and sports betting governments to develop 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, founded and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing annually. In the very same year, sports betting MultiChoice broadcaster purchased 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, majority investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has since turned into one of the world’s biggest online gaming business.

By 2016, sports betting Bet365 created $2 billion in revenues and helped with $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered considerable 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, developed along with business person 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 possession management company that generates financial investment returns and provides special investment insights and services to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a substantial gamer in the Nigerian sports betting wagering industry.

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 22BET in Nigeria considering that June 2021. In this function, sports betting he has contributed to the business’s growth through partnerships, organization strategy, and new service development.

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

His career began at Jumia Group, where he worked 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting wagering, gambling establishment games, and sports betting live dealer games. It was launched in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and sports betting 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 sports betting CEO of SportyBet, a business he developed in 2013.

SportyBet is a global sports betting wagering and real-money gaming operator understood for sports betting providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial 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 financier in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His investments show his dedication to cultivating innovation and advancement within the region.

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

The firm is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of cutting-edge innovation and a commitment to accountable gaming to change the sector.

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

At a press briefing, the business’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and specialist team will enable it to scale and dominate the market rapidly.

Islamic authorities raid wagering shops in northern Nigeria

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

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

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

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

However Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.

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

Bookmakers and bars tend to be allowed to operate in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

However, the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.

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

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

“They do not have licences to operate as they were allowed to run video games centres, which they later on transformed to wagering stores,” he said.

The sports betting wagering market has actually broadened drastically throughout West Africa in recent years. The area is approximately divided in between a primarily Muslim north and a mainly Christian south.

Lots of people go to bookies to delight in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the outcome of occasions and teams.

Nigeria’s debilitating economic crisis has likewise suggested individuals want to run the risk of a small amount in the hope of winning big.

But this had actually caused prevalent dependency, sports betting and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

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

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 advising those running those wagering shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would deal with – frequently, such infringements bring a fine.

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