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

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

Gambling has evolved significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where enthusiasts would bet just N50-N200 on matches.

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

Despite economic difficulties such as inflation, Nigeria’s sports betting sector sports betting has prospered, in millions, specifically amongst the younger market facing high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an estimated annual income of N730 billion. The federal government has actually not gone undetected by this growth, sports betting which is considering regulatory measures 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 ensure reasonable operations regardless of obstacles in enforcement. Problems such as insufficient age confirmation and advertising rule breaches reveal market regulative gaps.

Regardless of these obstacles, sports betting companies continue to grow through effective organization models and aggressive marketing methods, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing vital roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually significantly added to Nigeria’s $2 billion gambling empire through their comprehensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans different functions in the gaming and show business, including operating at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he worked 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, sports betting has actually become a leading e-commerce business in the sports betting and gaming sector, running 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 over 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that integrates relevant sports betting material, engaging functions, and sports betting a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual earnings has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has accomplished 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 previously acted as the company’s Marketing and sports betting Operations Director given that 2015. He joined Betway in 2013 and has actually been in the online video gaming market considering that 2000, holding different effective functions, sports betting including General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and boost 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 differentiated herself as a senior executive with a track record of changing start-ups into institutionalized services. Her competence spans the video gaming, real estate, and credit lending markets, where he has actually established himself as a strategic and operational leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit company empowering women-owned services. DDWIN offers frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, sports betting 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 completely functional site, setting a criteria in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide range of wagering 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 actually collaborated with African socio-economic organizations and governments to create 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, founded and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing each year. In the exact 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, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online wagering website and has considering that grown into one of the world’s largest online gaming business.

By 2016, sports betting Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually 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 wagering company in Nigeria, established together with entrepreneur 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 property management business that creates investment returns and offers special investment insights and services to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, sports betting he has actually contributed to the business’s development through collaborations, service strategy, and brand-new company advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and client experience, and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various 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 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 gaming platform that provides sports betting wagering, gambling establishment games, and live dealer video games. It was launched in 2017 and is owned and sports betting 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 global sports betting wagering and real-money video gaming operator sports betting understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable gamer in the market, 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 environment. His financial investments show his commitment to promoting innovation and advancement within the region.

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

The firm is set to disrupt 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 sports betting PwC, the company intends to utilize innovative technology and a commitment to responsible gaming to revolutionise the sector.

Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.

At a press rundown, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and expert team will allow it to scale and dominate the market rapidly.

Islamic police raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting stores, which they say are operating illegally.

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

Complaints from neighborhood leaders and parents triggered the crackdown, sports betting fretted about the growing number of gambling addicts, he stated.

On the first day of raids, 30 stores were closed in one suburb alone, sports betting and their owners were sent home with a warning, the Sharia officer stated.

But Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

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

Bookmakers and sports betting bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

However, the present crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting stores can be discovered all over the city. A lot of have television screens, and consumers see the outcome of worldwide football matches or horse races on which they have actually staked money.

Mr Aminudeen said such bookies had actually been able to operate under the radar as they had actually opened under false pretences.

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

The sports betting wagering market has actually broadened dramatically across West Africa in recent years. The area is roughly divided between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to enjoy the friendship of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and groups.

Nigeria’s debilitating economic crisis has likewise meant individuals want to risk a small amount in the hope of winning big.

However this had led to extensive dependency, and parents were even complaining that children were leaving of school to bet, sports betting Mr Aminudeen stated.

“These financial issues we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, thought about 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 closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – frequently, such violations bring a fine.

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