High Stakes and Holy Laws: Nigeria’s Sports Betting Industry at a Turning Point
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.
sports betting has progressed significantly in Nigeria from traditional kinds like pool staking and sports betting Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Regardless of financial difficulties such as inflation, Nigeria’s sports betting sector has actually thrived, drawing in millions, especially amongst the youthful demographic facing high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected annual profits of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory steps like excise tasks and sports betting VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite difficulties in enforcement. Concerns such as insufficient age verification and advertising rule breaches reveal industry regulative gaps.
Regardless of these obstacles, sports betting wagering business continue to flourish through effective service designs and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial functions in expanding audience reach and sports betting driving market growth. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria’s $2 billion gambling empire through their substantial 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 covers different roles in the gaming and entertainment industry, consisting of working at one of the United Kingdom’s largest 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 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 service in the wagering and sports betting gaming sector, operating through online, mobile, sports betting and retail channels. The company was incorporated in Nigeria on November 7, 2006, sports betting and has actually considering 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 sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that combines pertinent sports betting content, sports betting engaging features, and a first-rate sportsbook.
Given that taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s employee headcount has increased by 29%, and annual earnings has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have propelled LiveScore Group’s success and assisted shape the market’s instructions. has achieved significant 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 acted as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has remained in the online video gaming industry considering that 2000, holding numerous successful roles, including General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman’s leadership, sports betting Betway has actually continued to grow its market existence and enhance its offerings. The company’s app has garnered considerable 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 performance history of changing start-ups into institutionalized companies. Her competence covers the video gaming, real estate, and credit financing markets, where he has established 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 worked as Managing Director and has actually managed the business’s development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s operational strategies and sports betting market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator sports betting of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a fully practical website, setting a standard 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is completely licensed.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a wide variety of wagering alternatives and sports betting 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 ventures, Ukanwoke has actually teamed up with African socio-economic institutions and sports betting governments to develop 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, founded and sports betting launched in Nigeria on February 22, 2018, sports betting 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 quickly grown its existence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing each year. In the very same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting which was increased to 49% in 2021.
Denise Coates – CEO Bet 365
Denise Coates is a British billionaire businesswoman, the founder, bulk investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online wagering site and has actually since grown into among the world’s largest online gaming companies.
By 2016, sports betting Bet365 produced $2 billion in earnings and assisted in $45 billion in annual bets. The business likewise holds a majority 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 business in Nigeria, developed alongside businessman 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 possession management company that generates financial investment returns and provides special financial investment insights and solutions 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 management, Bet9ja has actually become a considerable gamer 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 functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the company’s growth through partnerships, company strategy, and new business development.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, and Country Manager at 22BET, focusing 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 began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise served 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 gaming platform that uses sports betting, casino games, and sports betting live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of gambling establishments worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.
SportyBet is an international sports betting and real-money video gaming operator known for sports betting delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His financial investments show his commitment to fostering innovation and development within the area.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, sports betting with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of innovative technology and a dedication to responsible sports betting to change the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s largest and most innovative sports betting wagering platform.
At a press briefing, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and expert group will enable it to scale and control the market rapidly.
Islamic police raid betting stores in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have started closing down sports betting wagering stores, which they say are running illegally.
“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Complaints from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing number of gambling addicts, sports betting he said.
On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a warning, the Sharia officer said.
But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be detained.
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 allowed to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.
sports betting wagering stores can be discovered all over the city. A lot of have tv screens, and consumers view the outcome of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had been able to operate under the radar as they had actually opened under false pretenses.
“They don’t have licences to run as they were permitted to run video games centres, which they later converted to sports betting stores,” he stated.
The sports betting wagering market has actually broadened considerably across West Africa over the last few years. The area is roughly divided in between a mainly Muslim north and a mainly Christian south.
Many people go to bookmakers to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the result of occasions and groups.
Nigeria’s crippling economic crisis has actually likewise indicated individuals are willing to run the risk of a percentage in the hope of winning big.
However this had actually caused widespread dependency, and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen said.
“These economic concerns we are facing in Nigeria is God telling 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 advising those running those sports betting stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what penalty they would face – often, 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 prohibited.