Market Innovation Meets Moral Policing: Nigeria’s Sports Betting Sector at a Crossroads

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

Gaming has developed considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor sports betting parks and sports betting kiosks, where lovers would wager just N50-N200 on matches.

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

In spite of financial challenges such as inflation, Nigeria’s sports betting sector has grown, drawing in millions, sports betting especially amongst the vibrant market dealing with high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates a projected annual income of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory measures like excise duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches show market regulatory gaps.

Despite these difficulties, sports betting business continue to prosper through efficient service models and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have actually significantly added to Nigeria’s $2 billion sports betting empire through their extensive 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 varied profession spans numerous functions in the video gaming and entertainment industry, including operating at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and Bowling Club.

Olaniyan holds a BSc in Geography from the of Ilorin and a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, sports betting founded in August 2011, has actually turned into a leading e-commerce organization 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 given that broadened its existence, achieving 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 ecosystem that combines relevant sports betting content, engaging functions, sports betting and sports betting a world-class sportsbook.

Considering that taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly revenue has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and sports betting strategic vision have actually moved LiveScore Group’s success and sports betting assisted form the market’s instructions. LiveScoreBet has actually achieved 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 served as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually remained in the online gaming market since 2000, holding different successful roles, consisting of General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market existence 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 distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her knowledge spans the video gaming, realty, and credit loaning industries, where he has actually established himself as a strategic and operational leader.

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

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

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

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

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting options 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, Ukanwoke has collaborated with African socio-economic institutions and governments to create 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, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has rapidly grown its presence in Nigeria, with outlets in major sports betting cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing yearly. In the exact same year, MultiChoice broadcaster bought a 20% stake in BetKing, which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, sports betting the founder, bulk shareholder, sports betting and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually because turned into among the world’s largest online gaming business.

By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 company in Nigeria, developed along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that generates financial investment returns and offers special financial investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the business’s development through collaborations, company strategy, and new service advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His career began at Jumia Group, 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that provides sports betting, casino video games, and live dealer video games. It was introduced in 2017 and sports betting 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, sports betting a company he developed in 2013.

SportyBet is an international sports betting and sports betting real-money gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a considerable 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 investor in fintech and mobile payments and a strong supporter for the growing African internet community. His investments show his dedication to fostering development and 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 interfere with the sports betting market.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage innovative technology and a commitment to responsible gaming to change the sector.

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

At a press instruction, sports betting the company’s representative, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, sports betting especially football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will allow it to scale and control the marketplace rapidly.

Islamic cops raid betting stores in northern Nigeria

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

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

Grievances from neighborhood leaders and moms and sports betting dads prompted the crackdown, fretted about the growing variety of sports betting addicts, he said.

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

However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the rules would be jailed.

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

Bookies and bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

Nevertheless, sports betting the current crackdown is concentrated on Muslim locations of Kano, sports betting a sprawling city and the financial center of northern Nigeria.

Sports betting shops can be found all over the city. The majority of have television screens, and consumers see the result of international football matches or horse races on which they have actually staked money.

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

“They don’t have licences to operate as they were permitted to run computer game centres, which they later on converted to sports betting shops,” he said.

The sports betting market has expanded considerably throughout West Africa recently. The region is approximately divided in between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookmakers to take pleasure in the friendship of other bettors, sports betting though mobile apps are likewise popular for sports betting on the outcome of events and teams.

Nigeria’s debilitating recession has actually also meant individuals are willing to risk a percentage in the hope of winning big.

However this had actually resulted in extensive addiction, and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

“These financial concerns we are dealing with in Nigeria is God telling us to alter our methods 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 recommending those running those wagering shops to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – frequently, such infringements bring a fine.

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