Industry Changers: How Religious Crackdowns and Tech Innovation are Transforming Nigeria’s Betting Scene

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

Gambling has progressed substantially in Nigeria from traditional types like pool staking and sports betting Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

Despite economic challenges such as inflation, Nigeria’s sports betting sector has flourished, drawing in millions, particularly amongst the vibrant demographic facing high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces an approximated annual profits of N730 billion. The federal government has not gone unnoticed by this growth, sports betting which is thinking about regulatory steps like import tax duties and sports betting VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Concerns such as insufficient age confirmation and sports betting marketing rule breaches show industry regulatory spaces.

Regardless of these obstacles, sports betting wagering companies continue to thrive through reliable service designs and aggressive marketing strategies, leveraging the creator sports betting influencer market.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Constable 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 functions in the gaming and entertainment industry, including working at one of the United Kingdom’s biggest video gaming centres, sports betting The Palace Bingo Club, where he served 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 actually become a leading e-commerce company in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and sports betting has considering that expanded its presence, accomplishing 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, he became the CEO of LiveScore Group, a fully integrated environment that integrates relevant sports betting material, engaging functions, sports betting and sports betting a world-class sportsbook.

Given that taking the helm right before the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s worker headcount has actually increased by 29%, and yearly revenue has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and sports betting helped shape the market’s instructions. LiveScoreBet has actually achieved major sports betting 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 been in the online video gaming market because 2000, holding different successful functions, including General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s management, sports betting Betway has actually continued to grow its market existence and improve its offerings. The business’s app has gathered substantial 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 track record of transforming start-ups into institutionalized organizations. Her proficiency covers the video gaming, property, and credit lending industries, where he has actually developed himself as a strategic and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s operational techniques and market expansion.

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a fully practical 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 international sports betting 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 sports betting the world. The business runs in more than 50 countries, consisting of Nigeria, where it is fully certified.

Under Babalola’s leadership, sports betting 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a large range of wagering 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 teamed up with African socio-economic organizations and federal governments to design developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment company has quickly grown its presence in Nigeria, sports betting 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, creating over 100,000 jobs, the number of which is increasing yearly. 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 investor, sports betting and joint Chief Executive of Bet365, sports betting an online gaming company she established in 2000. Bet365.com was released in 2001 as an online wagering website and has because turned into among the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has amassed 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 company in Nigeria, established alongside businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management company that produces investment returns and offers unique investment insights and solutions to both individual and 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 ended up being a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company’s development through collaborations, business method, and brand-new business development.

Fikayo’s experience consists of functions 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 management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise served as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting 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, sports betting Benin Republic.

22Bet is an online sports betting platform that provides sports betting, gambling establishment video games, and live dealer video games. It was introduced 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 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 business he developed in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a substantial player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web community. His investments show his dedication to fostering innovation and advancement within the area.

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 betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, 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 take advantage of advanced innovation and a dedication to accountable sports betting to change the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.

At a press briefing, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and sports betting the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and specialist team will enable it to scale and dominate the marketplace rapidly.

Islamic police raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering shops, which they state are operating illegally.

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

Problems from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of gambling addicts, he said.

On the very 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.

But Mr Aminudeen that now that the general public knew that the Hisbah was clamping down on sports betting, those flouting the rules would be arrested.

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

Bookmakers and bars tend to be allowed to run in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

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

Sports betting shops can be discovered all over the city. A lot of have television screens, and consumers watch the result of global football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had actually had the ability to operate 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 transformed to wagering stores,” he said.

The sports betting wagering industry has expanded significantly throughout West Africa in the last few years. The area is approximately divided between a generally Muslim north and a primarily Christian south.

Many people go to bookmakers to enjoy the friendship of other bettors, though mobile apps are likewise popular for wagering on the outcome of events and groups.

Nigeria’s crippling economic crisis has likewise suggested people want to risk a small amount in the hope of winning huge.

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

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

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

“I am advising those running those wagering shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would deal with – often, sports betting 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 sports betting the usage of alcohol were prohibited.