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

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

Gambling has actually developed substantially in Nigeria from conventional kinds like pool staking and 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, sports betting 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 wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

Despite economic difficulties such as inflation, Nigeria’s sports betting wagering sector has prospered, drawing in millions, specifically among the younger market 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 not gone unnoticed by this development, which is considering regulative procedures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches show industry regulative gaps.

Regardless of these obstacles, sports betting business continue to flourish through reliable business models and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have substantially added to Nigeria’s $2 billion gambling empire through their comprehensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans different roles in the gaming and entertainment industry, including working at one of the United Kingdom’s largest gaming centres, sports betting The Palace Bingo Club, sports betting 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, sports betting founded in August 2011, has grown into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually because expanded its presence, 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, a completely integrated community that combines appropriate sports betting content, engaging functions, and a world-class sportsbook.

Since taking the helm right before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and yearly earnings has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has accomplished major user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, having actually previously worked as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has remained in the online gaming industry because 2000, holding various effective roles, including General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market existence and boost its offerings. The company’s app has amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her knowledge spans the gaming, real estate, and credit financing markets, where he has developed himself as a tactical and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, 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, critical in the company’s functional methods and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer academic 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, Nigeria’s pioneering sports betting bookmaking business, sports betting established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the first to introduce a fully functional site, setting a benchmark 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is completely certified.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, sports betting using a large range of sports betting alternatives 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, sports betting Managing Director of KingMakers, sports betting and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic institutions and governments to design 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, established and launched 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 wagering and home entertainment company has actually rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration 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, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually because turned into among the world’s largest online gaming companies.

By 2016, sports betting 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 garnered 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 business in Nigeria, sports betting developed alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates financial investment returns and provides unique financial investment insights and solutions to both private and sports betting institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product 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 different digital marketing functions at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise functioned 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 offers sports betting, casino games, and live dealership games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business 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 company he developed in 2013.

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

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments reflect his commitment to fostering development and development within the region.

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 disrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of innovative innovation and a commitment to responsible gaming to revolutionise the sector.

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

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

Islamic authorities raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started closing down sports betting wagering stores, which they state are running illegally.

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

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

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

However Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on sports betting, 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 – alongside secular law.

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

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

sports betting wagering stores can be discovered all over the city. The majority of have television screens, sports betting and consumers see the outcome of global football matches or horse races on which they have actually staked money.

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

“They don’t have licences to run as they were allowed to run video games centres, which they later transformed to wagering shops,” he said.

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

Lots of people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria’s debilitating recession has actually also meant individuals want to run the risk of a percentage in the hope of winning huge.

But this had actually led to extensive addiction, and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.

“These economic issues we are facing in Nigeria is God informing us to change our ways by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am advising those running those wagering shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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