Something About Company

High Stakes and Holy Laws: Nigeria’s Sports Betting Industry at a Crossroads

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering industry.

sports betting has actually developed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

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

In spite of such as inflation, Nigeria’s sports betting wagering sector has thrived, attracting millions, especially amongst the younger demographic facing high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces a projected annual revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative measures like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite difficulties in enforcement. Concerns such as insufficient age verification and marketing guideline breaches reveal market regulative gaps.

In spite of these obstacles, sports betting companies continue to thrive through reliable business models and aggressive marketing techniques, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have substantially contributed 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 business he co-founded with Badmos Olasupo in 2011. His varied career spans different roles in the video gaming and entertainment industry, consisting of operating at among the United Kingdom’s largest video 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has turned into a leading e-commerce service in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has given that broadened its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that integrates relevant sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s management and tactical vision have propelled LiveScore Group’s success and helped shape the industry’s instructions. LiveScoreBet has actually accomplished significant 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 actually formerly functioned as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming industry because 2000, holding different effective roles, including General Manager of a data analytics group and Director of a digital marketing firm.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her expertise spans the video gaming, realty, and credit financing markets, where he has actually developed himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has functioned as Managing Director and has actually supervised the company’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s operational techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer academic background includes 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, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to launch a totally practical website, 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a large range of sports betting choices and an easy to use 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 endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to design developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually quickly 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 tasks, the number of which is increasing yearly. In the same year, 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually given that become one of the world’s largest online gaming business.

By 2016, Bet365 generated $2 billion in profits and facilitated $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered significant 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 company in Nigeria, established together with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates investment returns and offers distinct financial investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the business’s growth through partnerships, service strategy, and brand-new service development.

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

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting, casino games, and live dealer games. It was launched 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 business he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant player in the market, with over 1 million downloads on the Google Play 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 show his dedication to promoting innovation and development within the region.

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 stated it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize advanced technology and a commitment to accountable gaming to revolutionise the sector.

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

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

Islamic police raid betting stores in northern Nigeria

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

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

Grievances from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of sports betting 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 caution, the Sharia officer stated.

However Mr Aminudeen warned that now that the general public knew 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 majority Muslim population and operates the Islamic legal system – Sharia – alongside secular law.

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

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

sports betting wagering shops can be found all over the city. A lot of have television screens, and consumers watch the result of international football matches or horse races on which they have staked cash.

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

“They do not have licences to run as they were permitted to run video games centres, which they later converted to wagering shops,” he said.

The sports betting industry has broadened significantly throughout West Africa recently. The area is roughly divided between a primarily Muslim north and a mainly Christian south.

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

Nigeria’s crippling economic crisis has likewise meant people want to risk a percentage in the hope of winning big.

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

“These economic problems we are facing in Nigeria is God informing us to change our ways by stopping sins,” he said.

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

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

It is unclear what punishment they would face – often, such violations bring a fine.

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