Innovation Amid Raids: Inside Nigeria’s Turbulent Sports Betting Landscape

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

Gaming has actually developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

Gradually, with increased web access came virtual wagering, which parallels international trends. 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.

Despite economic challenges such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, especially among the youthful market dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an estimated annual earnings of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative procedures like import tax responsibilities and VAT boosts 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 challenges in enforcement. Problems such as insufficient age verification and marketing guideline breaches reveal market regulative gaps.

Regardless of these difficulties, sports betting wagering companies continue to flourish through efficient service designs and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have 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 career covers numerous functions in the video gaming and entertainment industry, consisting of operating at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, sports betting 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 service in the wagering and sports betting gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has because expanded its presence, accomplishing 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 completely integrated environment that integrates appropriate sports betting material, sports betting engaging features, and a first-rate sportsbook.

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

Sam’s leadership and sports betting tactical vision have actually moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has attained major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having actually previously functioned as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online gaming market considering that 2000, holding different effective roles, including General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market presence and improve its offerings. The business’s app has actually amassed considerable user engagement, sports betting 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 transforming start-ups into institutionalized businesses. Her proficiency spans the gaming, real estate, and credit lending markets, where he has established himself as a tactical and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting critical in the business’s operational strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN offers frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed 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 very first sports betting platform in Nigeria, it was the first to introduce a fully functional site, 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 international sports betting business 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 business runs in more than 50 countries, sports betting including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering choices 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 collaborated with African socio-economic organizations and federal governments to design 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly 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, creating over 100,000 jobs, the variety of which is increasing every year. In the very 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 gaming business she established in 2000. Bet365.com was in 2001 as an online wagering website and has actually because turned into among the world’s biggest online gaming business.

By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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, developed alongside businessman Kunle Soname, 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 business that generates financial investment returns and sports betting offers special financial investment insights and services to both specific and sports betting institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the company’s growth through partnerships, service technique, and brand-new organization advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer 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 profession 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that provides sports betting, casino games, and live dealership games. It was released in 2017 and is owned and run 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 developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has become a significant player in the industry, 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 investments reflect his dedication to promoting innovation and advancement within the region.

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

The company is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market 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 intends to utilize innovative technology and a dedication to accountable sports betting to change the sector.

Backed by the financial power of four prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s largest and most innovative sports betting platform.

At a press briefing, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep passion 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 dominate the marketplace rapidly.

Islamic police raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started shutting down sports betting shops, which they state are operating illegally.

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

Problems from community leaders and sports betting moms and dads prompted the crackdown, sports betting worried about the growing number of gambling addicts, he stated.

On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, 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 rules would be arrested.

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

Bookmakers and bars tend to be enabled to operate 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 areas of Kano, a vast city and the economic hub of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Most have television screens, and clients watch the outcome of global football matches or sports betting horse races on which they have staked money.

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

“They do not have licences to run as they were allowed to run computer game centres, which they later transformed to wagering shops,” he stated.

The sports betting wagering industry has actually expanded considerably throughout West Africa over the last few years. The region is approximately divided in between a generally Muslim north and a mainly Christian south.

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

Nigeria’s crippling economic crisis has likewise indicated individuals want to risk a small amount in the hope of winning huge.

But this had resulted in widespread addiction, and parents were even grumbling that children were leaving of school to bet, sports betting Mr Aminudeen stated.

“These economic concerns we are dealing with in Nigeria is God telling us to change 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 recommending those running those sports betting shops to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would face – frequently, such violations carry 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 usage of alcohol were prohibited.