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

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

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

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

Despite economic challenges such as inflation, sports betting Nigeria’s sports betting sector sports betting has actually flourished, sports betting bring in millions, particularly amongst the youthful group facing high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces an approximated yearly earnings of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory procedures like excise duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of difficulties in enforcement. Issues such as inadequate age verification and marketing rule breaches reveal industry regulative spaces.

Regardless of these difficulties, sports betting wagering business continue to prosper through reliable service models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria’s $2 billion gaming empire through their extensive 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 covers various functions in the gaming and entertainment industry, including operating at among the United Kingdom’s largest video gaming centres, 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 actually grown into a leading e-commerce service in the sports betting and video gaming sector, running through online, sports betting mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that expanded its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a fully integrated environment that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s staff member headcount has increased by 29%, and annual revenue has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and sports betting tactical vision have actually moved LiveScore Group’s success and sports betting helped shape the market’s direction. LiveScoreBet has actually attained significant user engagement, sports betting 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 formerly served as the business’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has remained in the online gaming market because 2000, holding various effective functions, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market presence and improve its offerings. The business’s app has garnered significant 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 sports betting executive with a track record of transforming start-ups into institutionalized services. Her expertise covers the gaming, property, and credit lending markets, sports betting where he has actually developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for sports betting over 14 years. Because June 2019, she has actually acted as Managing Director and sports betting has supervised the company’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 functional strategies and market growth.

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

Akin Alabi, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a totally 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, a franchise of the international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is completely certified.

Under Babalola’s leadership, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a large range of wagering options and an easy to use 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 institutions and 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually quickly grown its presence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing every year. In the 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has because become one of the world’s biggest online sports betting companies.

By 2016, Bet365 produced $2 billion in revenues and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered significant 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, sports betting developed alongside business person 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 possession management company that creates investment returns and offers unique investment insights and solutions to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the company’s growth through collaborations, service strategy, sports betting and brand-new business development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, sports betting 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 sports betting a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that offers sports betting wagering, casino games, sports betting and live dealership video games. It was launched in 2017 and sports betting 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 company he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a significant gamer 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 internet environment. His financial investments show his commitment to promoting development and development within the region.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company aims to utilize innovative technology and a commitment to responsible gaming to revolutionise the sector.

Backed by the financial power of four popular African billionaires, Sunbet, which will release 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 company’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and professional team will enable it to scale and dominate the market rapidly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting shops, which they state are running illegally.

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

Grievances from community leaders and parents triggered the crackdown, fretted about the growing variety of sports betting addicts, he said.

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

However Mr Aminudeen alerted 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, sports betting which has a bulk Muslim population and runs the Islamic legal system – Sharia – together with nonreligious law.

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

Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a vast city and the economic center of northern Nigeria.

sports betting wagering shops can be found all over the city. The majority of have television screens, and consumers view the outcome of global football matches or horse races on which they have actually staked cash.

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

“They do not have licences to run as they were permitted to run video games centres, which they later on converted to wagering stores,” he said.

The sports betting wagering industry has actually broadened drastically across West Africa recently. The area is approximately divided between a mainly Muslim north and a primarily Christian south.

Many individuals go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the outcome of occasions and groups.

Nigeria’s debilitating recession has also implied people are willing to run the risk of a small amount in the hope of winning huge.

But this had resulted in prevalent addiction, and sports betting moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen said.

“These economic concerns we are dealing with in Nigeria is God informing us to alter our ways by stopping sins,” he said.

The raids on Tuesday concentrated on Munjibir, sports betting considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending 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 uncertain what penalty they would face – frequently, such violations 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 intake of alcohol were prohibited.