Nigeria’s $2 Billion Sports Betting Battle: Industry Leaders Face Islamic Clampdown as Fresh Disruptor Emerges

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

Gambling has developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

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

Regardless of financial obstacles such as inflation, sports betting Nigeria’s sports betting wagering sector has actually prospered, bring in millions, especially among the younger group dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an approximated yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like import tax duties 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 reasonable operations in spite of obstacles in enforcement. Problems such as insufficient age confirmation and advertising guideline breaches show market regulatory gaps.

Regardless of these difficulties, sports betting wagering business continue to thrive through efficient business designs and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually 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 companies who have actually significantly contributed to Nigeria’s $2 billion sports betting 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 varied profession spans different roles in the gaming and show business, consisting of operating at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he worked 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, sports betting Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce service 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 actually considering that expanded its existence, sports betting achieving 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 became the CEO of LiveScore Group, a completely incorporated community that integrates relevant sports betting material, engaging functions, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven significant development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and annual earnings has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and assisted form the market’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 designated CEO of Betway in November 2017, having previously 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 gaming industry considering that 2000, holding numerous effective roles, including General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market presence and improve its offerings. The company’s app has garnered considerable 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 performance history of transforming start-ups into institutionalized businesses. Her proficiency covers the video gaming, realty, and credit financing industries, where he has established himself as a strategic and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually worked as Managing Director and has actually managed 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 business’s functional techniques and market growth.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a totally practical site, setting a criteria 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 nations, sports betting consisting of Nigeria, where it is completely accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a large range of wagering 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 worked together with African socio-economic organizations and governments to design developmental policies focused on 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, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has quickly grown its existence in Nigeria, sports betting with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing each year. 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has given that grown into among the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in . The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 wagering business in Nigeria, developed along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that generates investment returns and provides unique investment insights and services to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a considerable player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting market. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has contributed to the company’s growth through collaborations, business technique, and brand-new organization advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, 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 began at Jumia Group, where he worked 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 Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that uses sports betting wagering, gambling establishment games, and live dealer video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered 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 a worldwide sports betting and real-money video gaming operator sports betting known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial player in the industry, 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 supporter for the growing African web ecosystem. His investments show his dedication to fostering development and development within the area.

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

The firm is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market 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 sports betting PwC, the firm aims to take advantage of advanced innovation and a commitment to responsible gaming to change the sector.

Backed by the monetary power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, sports betting intends to be the continent’s biggest and most ingenious sports betting platform.

At a press instruction, the business’s representative, Akin Babatunde, said that the increase in Internet penetration, sports betting mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and professional team will allow it to scale and dominate the marketplace quickly.

Islamic authorities raid wagering shops in northern Nigeria

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

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

Grievances from neighborhood leaders and moms and dads triggered the crackdown, stressed over the growing number of gambling addicts, he said.

On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer said.

But Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be detained.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – together with nonreligious 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 thinks Muslims are frequenting them.

However, the existing crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting stores can be found 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 bookmakers had been able to operate under the radar as they had actually opened under false pretences.

“They do not have licences to run as they were permitted to run computer game centres, which they later transformed to sports betting stores,” he said.

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

Lots of people go to bookmakers to delight in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the outcome of occasions and teams.

Nigeria’s debilitating economic crisis has likewise implied people are willing to run the risk of a percentage in the hope of winning huge.

But this had actually led to prevalent dependency, sports betting and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen said.

“These financial issues we are facing in Nigeria is God telling us to change our methods 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 recommending those running those wagering stores to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would deal with – frequently, such violations carry a fine.

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