Industry Changers: How Islamic Raids and Digital Innovation are Reshaping Nigeria’s Betting Landscape
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.
sports betting has actually progressed substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and sports betting is projected to almost double to $182.02 billion by 2030.
In spite of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has thrived, drawing in millions, specifically among the younger market facing high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates a projected yearly earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulatory measures like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite obstacles in enforcement. Concerns such as insufficient age verification and marketing guideline breaches show industry regulative spaces.
Despite these challenges, sports betting wagering companies continue to flourish through efficient service designs and aggressive marketing strategies, leveraging the developer influencer industry.
These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have actually substantially contributed to Nigeria’s $2 billion sports betting empire through their extensive audience reach.
Constable 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 different functions in the gaming and entertainment industry, consisting of operating 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 business in the wagering and gaming sector, sports betting running through online, mobile, and sports betting retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually because expanded its existence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a totally incorporated environment that integrates appropriate sports betting material, engaging features, and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has driven considerable development for LiveScore Group. The business’s worker headcount has increased by 29%, and annual income has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have actually moved LiveScore Group’s success and sports betting helped shape the industry’s instructions. LiveScoreBet has actually 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 actually formerly functioned as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market since 2000, holding numerous effective roles, consisting of General Manager of a data analytics team and Director of a digital marketing agency.
Under Werkman’s management, Betway has actually continued to grow its market presence 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 differentiated herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her competence covers the gaming, realty, and credit financing markets, where he has developed himself as a tactical and functional leader.
Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually acted as Managing Director and has actually managed the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s operational techniques and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, sports betting developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a fully practical site, sports betting setting a standard in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the of 1XBET Nigeria Limited, a franchise of the international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, sports betting consisting of Nigeria, where it is completely licensed.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, sports betting offering a vast array of sports betting 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic organizations and federal governments to create 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 released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has rapidly grown its presence 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, producing over 100,000 tasks, sports betting the number of which is increasing every year. In the exact same year, sports betting 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, bulk investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually because become one of the world’s largest online gambling business.
By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in annual bets. The company likewise holds a bulk 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 company in Nigeria, developed along with businessman Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates investment returns and provides unique investment insights and options to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a substantial player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the business’s growth through collaborations, company strategy, and brand-new service development.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held numerous digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that provides sports betting wagering, gambling establishment games, and live dealership games. It was launched in 2017 and sports betting is owned and operated 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 sports betting CEO of SportyBet, sports betting a business he established in 2013.
SportyBet is a global sports betting and real-money video gaming operator known for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, sports betting SportyBet has actually become a substantial 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 investor sports betting in fintech and mobile payments and a strong advocate for sports betting the growing African internet environment. His investments reflect his dedication to fostering innovation 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 interrupt the sports betting industry.
Sunbet Sporting International Limited has said 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, according to reports from the African Sports Betting Association and sports betting PwC, the company aims to utilize advanced innovation and a commitment to accountable gaming to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting platform.
At a press briefing, sports betting the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, sports betting particularly football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and expert 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 closing down sports betting stores, sports betting which they state are operating illegally.
“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and sports betting parents triggered the crackdown, worried about the growing variety of sports betting addicts, sports betting he said.
On the first day of raids, 30 shops were closed in one residential area alone, and sports betting their owners were sent home with a warning, the Sharia officer said.
However Mr Aminudeen warned that now that the public knew 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 majority Muslim population and operates the Islamic legal system – Sharia – along with secular law.
Bookies and bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. A lot of have tv screens, and clients enjoy the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had been able to run under the radar as they had opened under false pretenses.
“They do not have licences to run as they were permitted to run video games centres, which they later converted to wagering shops,” he said.
The sports betting wagering industry has actually broadened dramatically across West Africa in recent years. The region is approximately divided between a generally Muslim north and a mainly Christian south.
Many individuals go to bookmakers to enjoy the friendship of other bettors, though mobile apps are also popular for sports betting on the result of occasions and teams.
Nigeria’s debilitating recession has also suggested individuals want to risk a small amount in the hope of winning big.
However this had actually caused prevalent addiction, sports betting and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.
“These economic concerns we are facing in Nigeria is God informing 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 encouraging those running those wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what punishment they would deal with – typically, such infringements bring a fine.
Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and sports betting prostitution, gambling and the consumption of alcohol were banned.
