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Industry Changers: How Religious Crackdowns and Digital Innovation are Reshaping Nigeria’s Betting Landscape

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

Gambling has evolved significantly in Nigeria from conventional kinds like pool staking and sports betting Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

Gradually, with increased web access came virtual wagering, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.

Regardless of economic difficulties such as inflation, Nigeria’s sports betting sector has prospered, drawing in millions, particularly amongst the vibrant group facing high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, sports betting driving a market that creates an estimated yearly income of N730 billion. The federal government has actually not gone undetected by this development, sports betting which is thinking about regulatory procedures like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of challenges in enforcement. Issues such as insufficient age verification and marketing guideline breaches reveal industry regulatory spaces.

In spite of these challenges, sports betting wagering business continue to flourish through effective organization models and aggressive marketing strategies, sports betting leveraging the creator influencer industry.

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

Sheriff 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 profession covers numerous functions in the gaming and show business, including working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, 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 company in the wagering and sports betting gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, sports betting 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 over 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated community that integrates appropriate sports betting content, engaging functions, and a world-class sportsbook.

Since taking the helm prior to the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual income has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has actually accomplished major user engagement, with over 100,000 on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having actually formerly acted as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has remained in the online gaming industry because 2000, holding various successful functions, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and improve its offerings. The business’s app has gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a track record of changing start-ups into institutionalized services. Her know-how covers the video gaming, realty, sports betting and credit loaning industries, where he has actually established himself as a strategic and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has actually overseen the business’s growth and operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN supplies frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a totally practical site, setting a standard in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the global sports betting 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 company operates in more than 50 nations, including Nigeria, where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering choices and an easy to use 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 teamed up with African socio-economic institutions and governments to develop developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually rapidly grown its presence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing each year. In the 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, the creator, sports betting bulk investor, and sports betting joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually since become among the world’s biggest online sports betting business.

By 2016, Bet365 produced $2 billion in revenues and sports betting assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has 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, a leading sports betting wagering business in Nigeria, established along with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management company that produces investment returns and offers distinct investment insights and services to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a significant player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has actually been working as the Country Director for sports betting 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the business’s growth through partnerships, service method, and sports betting brand-new business advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, concentrating on marketing technique and budget management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and sports betting Betty Bingo.

His career began at Jumia Group, where he worked in SEO, CRM, and sports betting 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 provides sports betting wagering, casino games, and live dealership video games. It was released in 2017 and 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 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 wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, sports betting SportyBet has 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 sports betting in fintech and mobile payments and a strong advocate for the growing African web environment. His investments show his dedication to promoting innovation and advancement within the area.

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 wagering industry.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company intends to take advantage of innovative technology and a commitment to responsible sports betting to change the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will introduce in the 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 representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, sports betting and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and specialist group will enable it to scale and dominate the marketplace quickly.

Islamic authorities raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting wagering shops, which they state are operating unlawfully.

“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.

Grievances from neighborhood leaders and parents prompted the crackdown, worried about the growing variety of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be arrested.

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

Bookmakers and bars tend to be enabled to run in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

However, the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting stores can be found all over the city. Many have television screens, and consumers enjoy the outcome of international football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had had the ability to operate under the radar as they had opened under false pretences.

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

The sports betting wagering market has broadened significantly across West Africa in the last few years. The region is approximately divided in between a mainly Muslim north and a primarily Christian south.

Many people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and teams.

Nigeria’s debilitating economic crisis has also implied individuals are willing to run the risk of a percentage in the hope of winning huge.

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

“These financial issues 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, thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending those running those sports betting shops to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty 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, sports betting and the usage of alcohol were prohibited.