Game Changers: How Religious Raids and Tech Innovation are Reshaping Nigeria’s Betting Scene

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

Gambling has progressed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, sports betting swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

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

Despite financial difficulties such as inflation, Nigeria’s sports betting wagering sector has flourished, bring in millions, particularly amongst the vibrant market dealing with high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected annual earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory measures like import tax responsibilities and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of obstacles in enforcement. Concerns such as insufficient age confirmation and marketing guideline breaches reveal industry regulatory gaps.

Regardless of these obstacles, sports betting wagering business continue to grow through effective service designs and aggressive marketing techniques, leveraging the developer influencer industry.

These have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important functions in broadening audience reach and sports betting driving market growth. Here are the CEOs of leading sports betting wagering companies who have substantially contributed to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans different roles in the gaming and show business, consisting of working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he served 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, Wales. Surebet247, founded in August 2011, has actually become a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has since broadened its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated environment that combines relevant sports betting content, engaging features, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven substantial development for LiveScore Group. The business’s worker headcount has increased by 29%, and yearly earnings has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has actually achieved major 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 actually formerly worked as the business’s Marketing and Operations Director sports betting considering that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry because 2000, holding different successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, sports betting Betway has continued to grow its market presence and enhance its offerings. The business’s app has actually gathered 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 track record of changing start-ups into institutionalized services. Her knowledge covers the gaming, realty, and credit financing markets, where he has actually established himself as a tactical and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, sports betting she has functioned as Managing Director and has actually managed the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s functional strategies and market growth.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, 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 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 actually established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering alternatives 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 Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic institutions and governments to develop 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 introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing every year. In the exact 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, sports betting majority shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online wagering website and has actually since become among the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 business in Nigeria, sports betting established together with 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 property management company that generates investment returns and offers special financial investment insights and services to both specific 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 become a significant gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually added to the business’s growth through collaborations, service strategy, and new company development.

Fikayo’s experience includes roles 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 method and budget 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, sports betting where he operated in SEO, CRM, and content management. Fikayo also 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, gambling establishment games, and live dealership video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up 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 worldwide sports betting wagering and real-money gaming operator understood for sports betting delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable player in the market, 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 sports betting a strong advocate for the growing African web environment. His financial investments show his commitment to fostering development and development within the area.

On April 30, 2024, Sudeep Ramnani bought 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 said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage advanced technology and a commitment to responsible sports betting to change the sector.

Backed by the financial power of four prominent African billionaires, sports betting 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 rundown, the company’s representative, Akin Babatunde, sports betting stated that the increase in Internet penetration, sports betting mobile usage, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and specialist 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 closing down sports betting shops, which they say are running unlawfully.

“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.

Complaints from community leaders and parents prompted the crackdown, stressed over the growing number of sports betting addicts, he stated.

On the first day of raids, sports betting 30 shops were closed in one suburban area alone, and their owners were sent home with a warning, the Sharia officer stated.

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

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 bars tend to be permitted to operate in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

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

Sports betting shops can be found all over the city. Most have television screens, sports betting and clients enjoy the result of worldwide football matches or horse races on which they have actually staked money.

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

“They don’t have licences to operate as they were permitted to run video games centres, which they later transformed to wagering stores,” he stated.

The sports betting wagering market has actually broadened drastically throughout West Africa recently. The region is approximately divided in between a primarily Muslim north and a primarily Christian south.

Many people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the result of events and teams.

Nigeria’s crippling recession has also meant individuals want to risk a small amount in the hope of winning big.

But this had actually resulted in extensive dependency, and moms and dads were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.

“These economic problems we are dealing with in Nigeria is God informing 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 advising those running those sports betting shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would face – often, such infringements bring a fine.

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