Industry Changers: How Islamic Raids and Digital Innovation are Transforming Nigeria’s Betting Scene

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

Gambling has developed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor sports betting parks and sports betting kiosks, where lovers would bet as low as N50-N200 on matches.

Slowly, 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 sports betting is forecasted to nearly double to $182.02 billion by 2030.

In spite of financial obstacles such as inflation, Nigeria’s sports betting sector has actually grown, sports betting attracting millions, particularly amongst the youthful market dealing with high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, sports betting driving an industry that creates a projected yearly earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory measures like import tax duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of difficulties in enforcement. Issues such as insufficient age confirmation and breaches show market regulatory gaps.

Regardless of these difficulties, sports betting business continue to prosper through effective company models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually substantially added to Nigeria’s $2 billion gaming empire through their extensive 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 functions in the gaming and entertainment industry, consisting of operating at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he acted 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 service in the sports betting and video gaming sector, operating through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually because expanded its presence, 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, he became the CEO of LiveScore Group, a completely incorporated community that combines relevant sports betting material, engaging features, and a world-class sportsbook.

Considering that taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s employee headcount has increased by 29%, and yearly profits has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and helped shape the industry’s direction. 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 selected CEO of Betway in November 2017, having formerly worked as the business’s Marketing and Operations Director because 2015. He joined Betway in 2013 and sports betting has actually remained in the online gaming market given that 2000, holding various successful functions, consisting of General Manager of an information analytics group and Director sports betting of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her expertise spans the video gaming, real estate, and credit loaning industries, sports betting where he has actually developed himself as a strategic and operational leader.

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

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

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

Akin Alabi, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a totally functional 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 business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the biggest bookies 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 expanded 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 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 ventures, sports betting Ukanwoke has collaborated with African socio-economic institutions and federal governments to create 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, established and sports betting launched 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 home entertainment company has actually quickly grown its existence 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 collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing yearly. 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, sports betting the founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually because turned into one of the world’s largest online gambling business.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, established along with business person 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 possession management company that produces investment returns and provides distinct investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been acting as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the company’s growth through partnerships, organization strategy, and brand-new organization advancement.

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

His career started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also acted 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, gambling establishment games, and live dealer games. It was launched 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, sports betting SportyBet has become a considerable player in the industry, with over 1 million downloads on the Google Play Store.

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

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

The firm is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has said 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, sports betting according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced technology and a dedication to accountable sports betting to change the sector.

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

At a press briefing, the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and expert group will enable it to scale and control the market quickly.

Islamic cops raid betting stores in northern Nigeria

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

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

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

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

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be detained.

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

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

However, the present crackdown is focused on Muslim areas of Kano, sports betting 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 television screens, and consumers enjoy the outcome of worldwide football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookies had had the ability to operate under the radar as they had actually opened under false pretences.

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

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

Many individuals go to bookmakers to delight in the friendship of other bettors, sports betting though mobile apps are also popular for sports betting wagering on the result of occasions and groups.

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

However this had resulted in widespread addiction, and moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.

“These economic concerns we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he stated.

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 closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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