High Stakes and Religious Laws: Nigeria’s Sports Betting Sector at a Turning Point
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.
Gaming has actually progressed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Slowly, with increased internet gain access to came virtual sports betting, which parallels global trends. 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.
Despite financial difficulties such as inflation, Nigeria’s sports betting sector sports betting has prospered, drawing in millions, particularly amongst the younger demographic facing high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, sports betting driving a market that generates an approximated yearly income of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory measures like excise responsibilities and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite challenges in enforcement. Problems such as insufficient age verification and marketing guideline breaches show industry regulative gaps.
In spite of these obstacles, sports betting wagering business continue to prosper through efficient organization models and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting business who have actually significantly contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers various functions in the gaming and show business, including working at among the United Kingdom’s biggest gaming centres, sports betting The Palace Bingo Club, sports betting where he functioned as the Lead Engineer in a Bingo and sports betting 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 turned into a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and sports betting has actually since broadened its presence, attaining 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 ended up being the CEO of LiveScore Group, a completely incorporated environment that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.
Because taking the helm just before the pandemic, Sam has driven significant development for LiveScore Group. The company’s employee headcount has increased by 29%, and annual earnings has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s management and sports betting strategic vision have actually moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has achieved 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 functioned as the business’s Marketing and sports betting Operations Director sports betting since 2015. He joined Betway in 2013 and has actually been in the online gaming market given that 2000, holding different effective roles, including General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The business’s app has actually garnered considerable 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 performance history of changing start-ups into institutionalized organizations. Her knowledge covers the gaming, realty, and credit financing industries, sports betting where he has developed himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, she has acted as Managing Director and has actually managed the business’s development and operations in Lagos, Nigeria.
Before this, she was the Officer from 2010 to June 2019, pivotal in the company’s functional strategies and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN offers frHer instructional 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 company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a fully functional website, setting a standard 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 global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is totally certified.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of sports betting choices and an user-friendly 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 collaborated with African socio-economic institutions and governments to create developmental policies targeted at empowering youths. 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, 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has rapidly grown its presence in Nigeria, with outlets in significant cities and 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 tasks, the number of which is increasing every year. In the very 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 creator, majority investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and sports betting has because become among the world’s biggest online gaming companies.
By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has garnered significant user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye – CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, developed alongside entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates investment returns and uses distinct investment insights and solutions to both private 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 management, Bet9ja has actually become a considerable player in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the company’s development through partnerships, service method, and brand-new service development.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and client experience, and Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he operated in SEO, sports betting CRM, and content management. Fikayo also 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting wagering, casino video games, and live dealership games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 company he developed in 2013.
SportyBet is an international sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial player in the market, sports betting 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 community. His investments reflect his dedication to fostering innovation and development within the region.
On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, participating 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 yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of cutting-edge innovation and a commitment to responsible sports betting to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.
At a press instruction, the business’s spokesperson, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and expert group will allow it to scale and dominate the marketplace quickly.
Islamic cops raid wagering shops in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have actually started closing down sports betting stores, which they state are running illegally.
“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, sports betting known as the Hisbah, told the BBC.
Complaints from neighborhood leaders and moms and sports betting dads prompted the crackdown, fretted about the growing number of sports betting addicts, sports betting he said.
On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a warning, the Sharia officer said.
However Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on gaming, sports betting those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – along with nonreligious law.
Bookmakers and bars tend to be enabled to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, sports betting the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.
Sports betting shops can be found all over the city. Most have tv screens, and clients view the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had actually been able to run under the radar as they had actually opened under false pretences.
“They do not have licences to operate 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 expanded significantly across West Africa recently. The region is approximately divided in between a primarily Muslim north and a mainly Christian south.
Many individuals go to bookmakers to enjoy the friendship of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.
Nigeria’s crippling economic crisis has actually also implied individuals want to risk a percentage in the hope of winning huge.
However this had actually led to widespread dependency, and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.
“These economic issues we are facing in Nigeria is God telling us to alter our ways by stopping sins,” he said.
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 wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what penalty they would face – frequently, such violations bring a fine.
Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and the consumption of alcohol were banned.
