Disruption Amid Raids: Inside Nigeria’s Turbulent Sports Betting Industry
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.
Gaming has actually developed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector sports betting has thrived, attracting millions, sports betting specifically among the youthful market facing high joblessness rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an estimated yearly income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative procedures like import tax responsibilities and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Issues such as insufficient age confirmation and sports betting marketing guideline breaches reveal industry regulatory gaps.
Despite these obstacles, sports betting wagering companies continue to thrive through effective service models and aggressive marketing strategies, leveraging the creator sports betting influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital functions in broadening audience reach and driving market . Here are the CEOs of leading sports betting wagering business who have actually significantly added to Nigeria’s $2 billion sports betting empire through their extensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans different roles in the video gaming and entertainment industry, sports betting consisting of operating at among the United Kingdom’s largest gaming centres, sports betting The Palace Bingo Club, where he acted 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 sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually since broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated ecosystem that combines pertinent sports betting content, engaging features, and a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and yearly earnings has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has accomplished 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 because 2015. He joined Betway in 2013 and has actually remained in the online gaming market since 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve its offerings. The business’s app has actually amassed significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her competence covers the video gaming, property, and credit loaning industries, where he has developed himself as a tactical and functional leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has functioned as Managing Director and has overseen the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s functional strategies and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a completely functional website, setting a benchmark 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed 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 licensed.
Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering options 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 endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and federal 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 introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, sports betting operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has rapidly grown its existence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, sports betting the variety of which is increasing annually. In the exact same year, sports betting 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, majority investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually considering that become one of the world’s biggest online sports betting business.
By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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, established together 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, an independent Nigerian property management business that produces investment returns and provides special investment insights and options to both individual and sports betting institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a substantial player in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting wagering industry. He has been acting as the Country Director for sports betting 22BET in Nigeria since June 2021. In this function, he has actually added to the business’s development through collaborations, organization technique, and brand-new company development.
Fikayo’s experience consists of functions 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 method 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 started at Jumia Group, where he operated in SEO, sports betting CRM, sports betting and content management. Fikayo also acted 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 offers sports betting, casino video games, and live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business 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 business he established in 2013.
SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a substantial player 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 sports betting mobile payments and a strong supporter for the growing African internet community. His investments show his dedication to fostering innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani purchased 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 yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of innovative technology and a commitment to responsible sports betting to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting wagering platform.
At a press briefing, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and expert team will allow it to scale and dominate the market quickly.
Islamic cops 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 illegally.
“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of sports betting addicts, he stated.
On the first day of raids, sports betting 30 stores were closed in one suburb alone, and their owners were sent out home with a caution, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – alongside secular law.
Bookies and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, sports betting the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
Sports betting stores can be found all over the city. Most have tv screens, and customers view the result of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had had the ability to run under the radar as they had opened under false pretences.
“They do not have licences to operate as they were allowed to run computer game centres, which they later on converted to sports betting stores,” he stated.
The sports betting wagering market has expanded drastically throughout West Africa over the last few years. The area is approximately divided in between a mainly Muslim north and a mainly Christian south.
Many people go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and teams.
Nigeria’s debilitating economic crisis has actually also suggested people want to risk a small amount in the hope of winning huge.
But this had actually led to extensive addiction, and moms and dads were even complaining that children were leaving of school to gamble, Mr Aminudeen said.
“These financial concerns we are facing in Nigeria is God telling us to change our methods 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 apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what punishment they would face – often, such violations bring a fine.
Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, sports betting gambling and the consumption of alcohol were banned.