Spribe OÜ

Industry Changers: How Religious Raids and Digital Innovation are Reshaping Nigeria’s Betting Scene

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

sports betting has developed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, Nigeria’s sports betting sector has actually prospered, bring in millions, sports betting especially amongst the vibrant group facing high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces a projected annual profits of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory steps like excise tasks 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 fair operations in spite of challenges in enforcement. Problems such as insufficient age confirmation and advertising guideline breaches show market regulatory spaces.

In spite of these difficulties, sports betting business continue to thrive through reliable organization designs and aggressive marketing methods, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing vital functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have considerably added to Nigeria’s $2 billion gambling empire through their extensive 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 career spans various functions in the video gaming and show business, consisting of working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce organization in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has because broadened 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 wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated ecosystem that combines pertinent sports betting content, engaging features, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has driven significant growth for sports betting LiveScore Group. The business’s worker headcount has increased by 29%, and yearly profits has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has actually attained 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 formerly acted as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has been in the online gaming market considering that 2000, holding various effective roles, including General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s leadership, sports betting Betway has actually 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 actually distinguished herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her knowledge covers the video gaming, realty, and credit lending markets, where he has actually developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has served as Managing Director and has managed the business’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s functional strategies and sports betting market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN provides frHer academic background consists of 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, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a totally functional site, setting a standard 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 global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is completely accredited.

Under Babalola’s leadership, sports betting 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of wagering 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, Managing Director of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated with African socio-economic institutions and governments to develop developmental policies targeted at empowering youths. In 2015, sports betting 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 brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually rapidly grown its presence in Nigeria, sports betting 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, producing over 100,000 tasks, the variety of which is increasing every year. In the 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 creator, sports betting bulk investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has considering that become one of the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in incomes and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has 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, sports betting established along with business owner Kunle Soname, sports betting 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 business that creates financial investment returns and sports betting uses distinct financial investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the company’s growth through collaborations, sports betting company technique, and new company advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and consumer experience, and Country Manager at 22BET, focusing on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held different digital marketing roles at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 sports betting 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 video games, sports betting and live dealership video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are also 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 business he developed in 2013.

SportyBet is a wagering and real-money video gaming operator understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial 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 sports betting a strong supporter for the growing African web ecosystem. His financial investments show his commitment to fostering innovation and development within the area.

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

The company is set to interfere with the sports betting industry.

Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of cutting-edge technology and sports betting a commitment to accountable gambling to change the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will enable it to scale and control the market quickly.

Islamic police raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started shutting down sports betting shops, which they say are running unlawfully.

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

Problems from community leaders and moms and dads triggered the crackdown, stressed over the growing number of gambling addicts, he stated.

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

However Mr Aminudeen cautioned that now that the public knew 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 bulk Muslim population and operates the Islamic legal system – Sharia – together with secular law.

Bookmakers 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.

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

sports betting wagering shops can be found all over the city. A lot of have tv screens, and clients view the outcome of worldwide football matches or horse races on which they have staked cash.

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 allowed to run computer game centres, which they later converted to wagering stores,” he stated.

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

Lots of people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of events and groups.

Nigeria’s debilitating recession has actually also indicated people want to risk a percentage in the hope of winning big.

However this had actually caused extensive addiction, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

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

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

It is unclear what punishment they would deal with – often, such infringements bring a fine.

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