Disruption Amid Raids: Exploring Nigeria’s Turbulent Sports Betting Landscape

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

sports betting has actually progressed considerably in Nigeria from traditional 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 bet as low as N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has prospered, attracting millions, especially among the youthful group dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an approximated yearly revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory steps like excise responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of obstacles in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches show industry regulatory spaces.

Regardless of these challenges, sports betting business continue to prosper through effective company designs and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually considerably added to Nigeria’s $2 billion gambling empire through their comprehensive audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various functions in the gaming and sports betting show business, consisting of operating at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he worked 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, sports betting has turned into a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and 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 sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated community that integrates relevant sports betting content, engaging functions, and a world-class sportsbook.

Given that taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual earnings has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have moved LiveScore Group’s success and helped shape the industry’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 actually formerly acted as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry considering that 2000, holding numerous effective functions, sports betting consisting of General Manager of an information analytics team and Director of a digital marketing firm.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior sports betting executive with a track record of changing start-ups into institutionalized services. Her know-how covers the video gaming, property, and credit lending industries, where he has actually developed himself as a strategic and operational leader.

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

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

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a totally practical website, setting a standard 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is totally accredited.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of sports betting options 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 actually worked together with African socio-economic institutions and sports betting 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, founded and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing each year. In the exact same year, MultiChoice broadcaster bought 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 gambling company she established in 2000. Bet365.com was released in 2001 as an online wagering website and has given that turned into one of the world’s largest online gambling companies.

By 2016, Bet365 produced $2 billion in profits and facilitated $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has gathered 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, sports betting a leading sports betting wagering company in Nigeria, developed together with entrepreneur Kunle Soname, who also owns CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that generates financial investment returns and offers unique investment insights and services to both private 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 management, sports betting Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually added to the company’s growth through partnerships, company technique, and brand-new company advancement.

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

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

22Bet is an online sports betting platform that uses sports betting wagering, gambling establishment games, and sports betting live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered 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 and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become a substantial player in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His financial investments show his dedication to cultivating development and development within the region.

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

The company is set to disrupt the sports wagering industry.

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 annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage advanced technology and a commitment to accountable gambling to change the sector.

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

At a press instruction, sports betting the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and sports betting 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 sponsorship and expert group will allow it to scale and dominate the market rapidly.

Islamic police raid wagering shops in northern Nigeria

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

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

Problems from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of gambling addicts, he said.

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

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

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

Bookmakers and bars tend to be permitted to operate in Kano’s Christian areas, though they too can face action if the Hisbah believes 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 shops can be found all over the city. Most have television screens, and clients see the outcome of international football matches or horse races on which they have actually staked money.

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

« They do not have licences to operate as they were allowed to run computer game centres, which they later on converted to sports betting shops, » he stated.

The sports betting wagering market has actually expanded considerably across West Africa over the last few years. The area is approximately divided between a mainly Muslim north and a predominantly Christian south.

Many people go to bookies to enjoy the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and teams.

Nigeria’s crippling recession has also meant individuals are willing to run the risk of a small amount in the hope of winning huge.

However this had actually resulted in extensive addiction, and parents were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.

« These economic concerns we are dealing with 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 shut down or we’ll arrest them and take them to [a Sharia] court, » Mr Aminudeen said.

It is unclear what punishment they would deal with – often, 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 banned.