Nigeria’s $2 Billion Sports Betting War: Industry Leaders Face Religious Crackdown as Fresh Challenger Emerges

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

Gambling has actually evolved significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

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

In spite of economic difficulties such as inflation, Nigeria’s sports betting sector has actually thrived, drawing in millions, especially among the youthful market dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates an approximated yearly income of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory measures like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of obstacles in enforcement. Problems such as insufficient age verification and marketing guideline breaches show market regulatory gaps.

Despite these challenges, sports betting wagering business continue to flourish through effective service models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have substantially contributed to Nigeria’s $2 billion sports betting empire through their extensive 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 spans various functions in the video gaming and entertainment industry, consisting of working at among the United Kingdom’s biggest 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 become a leading e-commerce company in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has considering that expanded its existence, 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated ecosystem that integrates relevant sports betting material, engaging functions, and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The business’s employee headcount has actually increased by 29%, and yearly income has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has actually attained 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 worked as the business’s Marketing and sports betting Operations Director given that 2015. He joined Betway in 2013 and has been in the online video gaming market because 2000, holding various effective roles, consisting of General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The business’s app has actually garnered substantial 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 transforming start-ups into institutionalized companies. Her know-how spans the gaming, property, and credit loaning markets, sports betting where he has developed himself as a strategic and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has acted as Managing Director and has actually supervised the company’s development and operations in Lagos, sports betting Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer academic 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 company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce a totally practical site, setting a criteria 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 international sports betting wagering business 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 business operates in more than 50 nations, consisting of Nigeria, where it is totally accredited.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering options and sports betting 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, sports betting 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 aimed at empowering youths. 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, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually quickly grown its presence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing each year. In the very 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, bulk investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually given that turned into one of the world’s largest online gambling companies.

By 2016, sports betting Bet365 produced $2 billion in incomes and helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 business in Nigeria, established together with business owner 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 business that creates financial investment returns and uses distinct financial investment insights and options to both individual and institutional clients.

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 ended up being a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has been working as the Country Director sports betting for sports betting 22BET in Nigeria given that June 2021. In this role, he has actually added to the business’s development through collaborations, sports betting organization technique, and brand-new service advancement.

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

His profession started at Jumia Group, where he worked 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 a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting, gambling establishment video games, and live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for delivering an omni-channel home entertainment experience in regulated 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 function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments reflect his commitment to cultivating innovation and development within the region.

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

The company is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of innovative technology and a dedication to accountable gambling to change the sector.

Backed by the financial power of four popular African billionaires, sports betting Sunbet, which will launch in the very first quarter of 2025, aims to be the continent’s largest and most ingenious sports betting platform.

At a press briefing, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, sports betting particularly football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and professional group will enable it to scale and dominate the marketplace quickly.

Islamic cops raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting wagering stores, which they say are running illegally.

“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, sports betting referred to as the Hisbah, told the BBC.

Complaints from neighborhood leaders and moms and sports betting dads prompted the crackdown, stressed over the growing number of gambling addicts, he stated.

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

But 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 apprehended.

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

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

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

Sports betting shops can be discovered all over the city. Many have television screens, and customers enjoy the outcome of global football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had actually been able to run under the radar as they had opened under false pretenses.

“They do not have licences to operate as they were allowed to run computer game centres, which they later converted to sports betting shops,” he stated.

The sports betting market has broadened significantly throughout West Africa in recent years. The area is roughly divided between a generally Muslim north and a primarily Christian south.

Lots of people go to bookies to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the outcome of occasions and teams.

Nigeria’s debilitating economic crisis has actually likewise suggested people want to risk a percentage in the hope of winning big.

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

“These financial issues we are facing in Nigeria is God telling us to alter 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 encouraging those running those wagering shops 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 deal with – typically, such violations bring a fine.

Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, sports betting and the usage of alcohol were prohibited.