Nigeria’s $2 Billion Sports Betting Battle: Industry Leaders Face Religious Clampdown as New Disruptor Surfaces

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting market.

Gaming has evolved significantly in Nigeria from traditional forms like pool staking and sports betting Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

Slowly, with increased web access came virtual sports betting, which parallels global patterns. 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.

Regardless of financial obstacles such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, specifically among the vibrant demographic dealing with high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates a projected yearly profits of N730 billion. The federal government has not gone unnoticed by this development, sports betting which is considering regulative steps like excise tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations despite difficulties in enforcement. Issues such as insufficient age verification and marketing guideline breaches reveal market regulatory spaces.

Regardless of these difficulties, sports betting wagering companies continue to prosper through effective organization designs and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting business who have substantially added to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Sheriff 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 career spans various functions in the video gaming and entertainment industry, including working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has considering that broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a completely incorporated ecosystem that combines pertinent sports betting content, sports betting engaging features, and a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly revenue has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has attained major 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 actually formerly worked as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online video gaming market since 2000, holding various successful roles, including General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and improve its offerings. The business’s app has actually gathered 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 organizations. Her competence spans the video gaming, property, and credit financing markets, where he has established 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 served as Managing Director and has actually overseen the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s operational strategies and market growth.

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

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

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting options and an user-friendly 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 actually teamed up with African socio-economic organizations and governments to develop 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, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, sports betting creating over 100,000 tasks, the number of which is increasing each year. In the 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 founder, majority investor, and joint Chief Executive of Bet365, an online gaming business she in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has because become among the world’s biggest online sports betting companies.

By 2016, Bet365 produced $2 billion in revenues and sports betting helped with $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has garnered 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 business in Nigeria, established along 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, sports betting an independent Nigerian asset management company that produces financial investment returns and offers unique investment insights and services to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, sports betting he has actually contributed to the company’s development through partnerships, business method, and sports betting new organization advancement.

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

His profession started at Jumia Group, where he operated in SEO, CRM, sports betting 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 gambling platform that offers sports betting wagering, gambling establishment video games, and live dealer games. It was introduced in 2017 and is owned and run 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 CEO of SportyBet, a business he developed in 2013.

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

In addition to his role at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African internet community. His investments show his commitment to promoting development and development within the area.

On April 30, 2024, sports betting Sudeep Ramnani invested in 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 focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, sports betting with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage advanced 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 first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting wagering platform.

At a press rundown, the company’s spokesperson, Akin Babatunde, said that the rise 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 included that the company’s robust sponsorship and sports betting specialist group will enable it to scale and control the market quickly.

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun closing down sports betting shops, which they say are running unlawfully.

« As you understand, wagering is forbidden in Islam, » Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.

Problems from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of sports betting addicts, he stated.

On the first day of raids, 30 stores were closed in one suburb alone, sports betting and sports betting their owners were sent out home with a caution, the Sharia officer said.

However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gambling, those flouting the rules would be detained.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – along with nonreligious law.

Bookies and sports betting bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

However, the present crackdown is concentrated on Muslim locations of Kano, sports betting a vast city and the financial hub of northern Nigeria.

sports betting wagering stores can be found all over the city. Many have tv screens, and customers see the result of international football matches or horse races on which they have staked money.

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

« They don’t have licences to operate as they were allowed to run computer game centres, which they later on transformed to sports betting shops, » he said.

The sports betting industry has expanded dramatically throughout West Africa over the last few years. The area is roughly divided in between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to delight in the friendship of other gamblers, sports betting though mobile apps are likewise popular for sports betting on the result of events and teams.

Nigeria’s crippling recession has actually also suggested people are willing to risk a percentage in the hope of winning big.

But this had actually caused extensive addiction, and parents were even complaining that children were dropping out of school to gamble, sports betting Mr Aminudeen said.

« These financial concerns we are facing in Nigeria is God telling us to change 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 encouraging those running those sports betting stores to either closed down or we’ll arrest them and take them to [a Sharia] court, » Mr Aminudeen said.

It is uncertain what punishment they would face – typically, such infringements 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 consumption of alcohol were prohibited.