Big Stakes and Religious Laws: Nigeria’s Sports Betting Sector at a Turning Point
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting industry.
Gambling has developed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little 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 forecasted to nearly double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria’s sports betting sector has thrived, drawing in millions, specifically amongst the youthful group dealing with high unemployment rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces an approximated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative procedures like import tax tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Issues such as inadequate age confirmation and sports betting advertising rule breaches show market regulative gaps.
Despite these obstacles, sports betting companies continue to thrive through efficient organization designs and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have substantially contributed to Nigeria’s $2 billion sports betting empire through their extensive audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers various functions in the gaming and show business, including working at among the United Kingdom’s biggest gaming centres, sports betting 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 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 wagering and gaming sector, operating through online, sports betting mobile, sports betting and retail channels. The company was integrated in Nigeria on November 7, 2006, and sports betting has actually considering that expanded its presence, achieving 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 sports betting names and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a fully integrated community that combines pertinent sports betting material, engaging functions, and a world-class sportsbook.
Since taking the helm just before the pandemic, Sam has actually driven significant development for LiveScore Group. The business’s employee headcount has increased by 29%, sports betting and yearly revenue has actually risen from roughly ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted form the market’s direction. 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 designated CEO of Betway in November 2017, having actually previously functioned as the business’s Marketing and sports betting Operations Director given that 2015. He joined Betway in 2013 and has remained in the online gaming market because 2000, holding various successful roles, sports betting including General Manager of an information analytics group and sports betting Director of a digital marketing agency.
Under Werkman’s management, Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has actually amassed considerable 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 changing start-ups into institutionalized organizations. Her competence spans the video gaming, real estate, and credit financing markets, where he has developed himself as a tactical and functional 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 growth and operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s functional strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. 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, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a totally 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, sports betting including Nigeria, where it is totally accredited.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, sports betting offering a wide range of wagering choices 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 endeavors, Ukanwoke has worked together 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, sports betting founded and introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing yearly. 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 creator, bulk investor, and joint Chief Executive of Bet365, sports betting an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually since become among the world’s biggest online gambling business.
By 2016, sports betting Bet365 produced $2 billion in incomes and assisted in $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 alongside entrepreneur 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 creates investment returns and provides distinct financial investment insights and services to both specific 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 industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting market. He has actually been functioning as the Country Director sports betting for 22BET in Nigeria since June 2021. In this function, sports betting he has contributed to the business’s development through collaborations, company strategy, and new service advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and Country Manager at 22BET, focusing on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he operated 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, sports betting Benin Republic.
22Bet is an online gambling platform that uses sports betting wagering, sports betting gambling establishment games, and live dealership video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of and a chain of gambling establishments worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed in 2013.
SportyBet is an international sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a considerable 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 investor in fintech and mobile payments and a strong advocate for the growing African internet environment. His financial investments reflect his dedication to promoting innovation and sports betting development within the area.
On April 30, sports betting 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting industry.
Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize innovative innovation and a dedication to responsible sports betting 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 most innovative sports betting wagering platform.
At a press instruction, the company’s spokesperson, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and professional team will allow it to scale and dominate the market rapidly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting wagering stores, which they state are operating unlawfully.
“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Problems from community leaders and parents triggered the crackdown, worried about the growing number of sports betting addicts, he stated.
On the first day of raids, 30 stores were closed in one suburb alone, and sports betting their owners were sent out home with a caution, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting runs the Islamic legal system – Sharia – along with secular law.
Bookmakers and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim areas of Kano, sports betting a vast city and sports betting the economic center of northern Nigeria.
sports betting wagering shops can be discovered all over the city. Most have tv screens, and sports betting customers view the outcome of international football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookies had had the ability to run under the radar as they had actually opened under false pretences.
“They do not have licences to operate as they were allowed to run video games centres, which they later transformed to wagering shops,” he stated.
The sports betting wagering industry has actually expanded considerably across West Africa in the last few years. The region is roughly divided in between a generally Muslim north and a primarily Christian south.
Many individuals go to bookies to delight in the friendship of other bettors, though mobile apps are also popular for sports betting on the result of occasions and teams.
Nigeria’s debilitating economic crisis has actually also indicated people are willing to run the risk of a small amount in the hope of winning big.
But this had resulted in extensive dependency, and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.
“These economic problems we are dealing with in Nigeria is God informing us to change our ways 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 encouraging those running those sports betting stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what punishment they would face – frequently, such infringements carry a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gambling and the consumption of alcohol were banned.
