Industry Changers: How Religious Crackdowns and Digital Innovation are Transforming Nigeria’s Betting Landscape
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering market.
Gambling has progressed significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, sports betting with increased web gain access to came virtual sports betting, 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 obstacles such as inflation, Nigeria’s sports betting wagering sector has actually thrived, drawing in millions, particularly amongst the vibrant market facing high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces a projected yearly income of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative measures like import tax responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations despite difficulties in enforcement. Concerns such as inadequate age confirmation and advertising rule breaches show market regulative spaces.
In spite of these difficulties, sports betting companies continue to thrive through efficient company designs and aggressive marketing strategies, leveraging the creator influencer industry.
These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital functions in broadening audience reach and sports betting driving market development. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers various functions in the gaming and show business, consisting of working at among the United Kingdom’s biggest 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, sports betting and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually given that expanded its presence, 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 ended up being the CEO of LiveScore Group, a completely integrated environment that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven significant growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and sports betting annual profits has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have propelled LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has actually attained major 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 formerly acted as the business’s Marketing and sports betting Operations Director since 2015. He joined Betway in 2013 and has been in the online gaming market considering that 2000, holding different successful 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 boost its offerings. The company’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 actually distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her proficiency covers the gaming, real estate, and credit financing markets, where he has developed himself as a strategic and functional leader.
Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has actually acted as Managing Director and has overseen the business’s development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational methods 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 business, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a fully functional site, setting a benchmark 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is completely accredited.
Under Babalola’s leadership, sports betting 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of sports betting alternatives and an user-friendly 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, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and governments to design developmental policies aimed at empowering young people. In 2015, sports betting 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, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing every year. 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, sports betting bulk investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually considering that turned into among the world’s largest online sports betting business.
By 2016, sports betting Bet365 generated $2 billion in profits and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 along with business person 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 asset management company that produces financial investment returns and provides special financial investment insights and options to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually added to the business’s growth through collaborations, organization technique, and brand-new business advancement.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and sports betting client experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, sports betting where he operated 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that uses sports betting wagering, gambling establishment video games, and live dealer games. It was introduced in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of gambling establishments worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, sports betting a business he developed in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for sports betting providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant gamer 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 supporter for the growing African web ecosystem. His investments reflect his commitment to cultivating innovation and sports betting advancement within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company aims to take advantage of innovative innovation and a dedication to responsible sports betting to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, sports betting Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.
At a press briefing, the company’s spokesperson, Akin Babatunde, stated 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 sports betting Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and specialist team will allow 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 begun shutting down sports betting stores, which they state are running illegally.
“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Grievances from community leaders and moms and dads triggered the crackdown, sports betting fretted about the growing number of gambling addicts, sports betting he said.
On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer stated.
However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a bulk 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.
However, the current crackdown is concentrated on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. Many have television screens, and customers 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 run under the radar as they had actually opened under false pretences.
“They do not have licences to run as they were allowed to run video games centres, which they later converted to wagering stores,” he stated.
The sports betting industry has expanded dramatically across West Africa over the last few years. The region is approximately divided between a generally Muslim north and a predominantly Christian south.
Lots of people go to bookmakers to take pleasure in the camaraderie of other bettors, sports betting though mobile apps are also popular for wagering on the result of events and groups.
Nigeria’s crippling recession has likewise implied individuals want to risk a small amount in the hope of winning huge.
However this had actually led to extensive dependency, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.
“These economic problems we are facing in Nigeria is God informing us to change our ways by stopping sins,” he stated.
The raids on Tuesday focused 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 stores to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr said.
It is unclear what punishment they would face – often, sports betting such infringements carry a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gaming and the intake of alcohol were banned.
