Nigeria’s N2 Billion Sports Betting War: Industry Leaders Face Islamic Clampdown as Fresh Disruptor Emerges

Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering market.

sports betting has evolved considerably in Nigeria from conventional forms like pool staking and sports betting Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

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

Despite financial difficulties such as inflation, Nigeria’s sports betting wagering sector has thrived, bring in millions, specifically among the vibrant demographic dealing with high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an estimated yearly earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory steps like excise duties 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 despite difficulties in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches show industry regulatory gaps.

Despite these obstacles, sports betting wagering business continue to thrive through efficient organization models and aggressive marketing strategies, leveraging the developer influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans various functions in the gaming and entertainment industry, including operating at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, sports betting 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 grown into a leading e-commerce business in the wagering and video gaming sector, sports betting running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually because expanded its existence, sports betting accomplishing 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, sports betting he became the CEO of LiveScore Group, a fully integrated environment that combines appropriate sports betting content, engaging features, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s worker headcount has increased by 29%, and sports betting annual profits has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has actually accomplished major 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 formerly acted as the business’s Marketing and sports betting Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online gaming industry given that 2000, holding numerous successful functions, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market existence and boost its offerings. The business’s app has actually garnered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her proficiency spans the video gaming, property, and credit lending industries, where he has actually developed himself as a tactical and operational leader.

Damilare has contributed in NairaBET’s success for sports betting over 14 years. Because June 2019, she has served as Managing Director and has actually overseen the business’s development and operations in Lagos, Nigeria.

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

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

Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking business, sports betting developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to launch a completely practical website, setting a criteria 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 worldwide sports betting 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 nations, consisting of Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a large range of wagering options 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, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic institutions and governments to develop developmental policies aimed at empowering youths. 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 wagering and entertainment company has rapidly grown its presence in Nigeria, with outlets in significant 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 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 creator, sports betting majority shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually considering that become one of the world’s largest online gaming business.

By 2016, Bet365 produced $2 billion in profits and facilitated $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed substantial 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, developed alongside businessman Kunle Soname, who also 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 business that produces investment returns and sports betting offers distinct 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 ended up being a considerable gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the business’s development through collaborations, business technique, and new service advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held various 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 also worked as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting of Technology (B.Tech.) in Management and sports betting 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 gambling platform that provides sports betting wagering, casino games, and live dealership games. It was introduced 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 casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.

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

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web environment. His investments show his commitment to promoting innovation and development within the region.

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

The company is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless 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 PwC, sports betting the company aims to utilize advanced technology and a dedication to accountable gambling to revolutionise the sector.

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

At a press instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and specialist group will enable it to scale and control the market quickly.

Islamic police raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering stores, which they state are running unlawfully.

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

Grievances from community leaders and parents triggered the crackdown, fretted about the growing variety of gambling addicts, he stated.

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

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

Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – together with secular law.

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

Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and sports betting the financial hub of northern Nigeria.

Sports betting shops can be discovered all over the city. A lot of have tv screens, and clients watch the result of global football matches or sports betting 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 actually opened under false pretenses.

“They don’t have licences to operate as they were allowed to run computer game centres, which they later on converted to wagering stores,” he stated.

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

Lots of people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for sports betting on the result of events and teams.

Nigeria’s crippling recession has likewise suggested people are willing to risk a small amount in the hope of winning huge.

But this had led to prevalent dependency, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.

“These economic problems we are dealing with in Nigeria is God telling us to change our methods by stopping sins,” he said.

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 sports betting stores 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, such violations bring a fine.

Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and sports betting prostitution, gaming and the consumption of alcohol were banned.