Industry Changers: How Islamic Crackdowns and Tech Innovation are Transforming Nigeria’s Betting Landscape

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

sports betting has progressed significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

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

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates an approximated yearly earnings of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative procedures like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite obstacles in enforcement. Concerns such as insufficient age verification and marketing rule breaches reveal market regulatory spaces.

Regardless of these challenges, sports betting wagering companies continue to grow through effective service models 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 crucial functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have substantially contributed to Nigeria’s $2 billion gaming empire through their substantial 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 covers numerous roles in the gaming and entertainment industry, including working at among the United Kingdom’s largest video 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, Wales. Surebet247, founded in August 2011, sports betting has turned into a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, sports betting and retail channels. The company was incorporated in Nigeria on November 7, 2006, and sports betting has given 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 wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated ecosystem that combines relevant sports betting material, sports betting engaging features, and a first-rate sportsbook.

Since taking the helm prior sports betting to the pandemic, Sam has driven considerable development for LiveScore Group. The business’s employee headcount has increased by 29%, and annual income has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has actually attained 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 formerly functioned as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online video gaming market because 2000, holding different successful roles, sports betting consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market existence and improve its offerings. The company’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 distinguished herself as a senior executive with a track record of changing start-ups into institutionalized services. Her know-how spans the gaming, property, and credit financing industries, where he has developed himself as a strategic and functional leader.

Damilare has been instrumental in NairaBET’s success for sports betting over 14 years. Because June 2019, she has functioned as Managing Director and has overseen the business’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 operational techniques and market expansion.

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting choices and an easy to use 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 institutions and governments to create developmental policies targeted 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its presence in Nigeria, 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 variety of which is increasing annually. In the very 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 shareholder, and joint Chief Executive of Bet365, sports betting an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has given that become among the world’s biggest online sports betting companies.

By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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 together with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates investment returns and uses distinct investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, sports betting he has added to the company’s growth through partnerships, company method, and new business advancement.

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

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

He holds a 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 offers sports betting, gambling establishment video games, and live dealership 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 also 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, sports betting a company he developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable gamer 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 sports betting mobile payments and a strong advocate for sports betting the growing African internet community. His investments show his commitment to cultivating innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.

The firm is set to interfere with the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage innovative innovation and a commitment to responsible gambling to change the sector.

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

At a press briefing, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and expert group will enable it to scale and control the market rapidly.

Islamic police raid wagering stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started shutting down sports betting stores, which they say are operating illegally.

“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.

Grievances from community leaders and moms and dads prompted the crackdown, sports betting worried about the growing number of gambling addicts, he said.

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

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

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

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

However, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. A lot of have tv screens, and consumers enjoy the result of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies had been able to run under the radar as they had opened under false pretences.

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

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

Many people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of events and teams.

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

But this had actually led to widespread addiction, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

“These financial concerns we are facing in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

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 sports betting stores to either closed down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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