Disruption Amid Crackdown: Inside Nigeria s Dynamic Sports Betting Landscape

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


Gambling has developed substantially in Nigeria from conventional forms like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.


Gradually, with increased web gain access to came virtual wagering, which parallels global 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.


In spite of financial obstacles such as inflation, Nigeria's sports betting sector has thrived, attracting millions, specifically among the vibrant market dealing with high joblessness rates.


Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that generates a projected annual income of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory procedures like import tax duties and VAT boosts to manage the sector.


The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of difficulties in enforcement. Concerns such as inadequate age verification and advertising rule breaches show industry regulatory gaps.


Despite these obstacles, sports betting business continue to flourish through reliable company models and aggressive marketing strategies, leveraging the creator influencer industry.


These efforts have added to Nigeria's robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually considerably 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 covers various functions in the gaming and show business, including working at among the United Kingdom's largest 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 turned into a leading e-commerce service 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 since broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated community that integrates pertinent sports betting material, engaging features, and a world-class sportsbook.


Considering that taking the helm prior to the pandemic, Sam has actually driven significant growth for LiveScore Group. The business's staff member headcount has actually increased by 29%, and yearly earnings has actually surged from roughly ₤ 10 million to over ₤ 80 million.


Sam's management and tactical vision have actually propelled LiveScore Group's success and assisted form the market's instructions. 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 served as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online video gaming industry given that 2000, holding various effective roles, including General Manager of a data analytics team and Director of a digital marketing agency.
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Under Werkman's leadership, Betway has continued to grow its market presence and enhance its offerings. The company's app has actually amassed significant 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 performance history of changing start-ups into institutionalized organizations. Her know-how spans the video gaming, property, and credit loaning markets, where he has actually established himself as a tactical and functional leader.


Damilare has been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has actually functioned as Managing Director and has supervised 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 business's operational methods and market growth.


She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN supplies frHer educational background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
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Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a totally practical website, 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 developed itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully certified.


Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a vast array of sports betting choices and an user-friendly 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 teamed up with African socio-economic organizations and governments to develop developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.


BetKing, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.


In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing yearly. In the exact 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, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an site and has since grown into one of the world's biggest online sports betting companies.


By 2016, Bet365 produced $2 billion in revenues and facilitated $45 billion in yearly bets. The company also holds a bulk 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 business in Nigeria, established along with business owner Kunle Soname, who also 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 produces financial investment returns and provides distinct investment insights and solutions to both individual and institutional clients.


Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the company's growth through partnerships, business strategy, and new organization development.


Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and client experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.


His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise served 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 gambling platform that uses sports betting, casino video games, and live dealer video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up 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 established in 2013.


SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has ended up being a significant 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 a strong supporter for the growing African web community. His financial investments reflect his dedication to cultivating innovation and advancement within the region.


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

The company is set to interrupt the sports betting market.


Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of innovative innovation and sports betting a dedication to responsible gaming to change the sector.


Backed by the financial power of four popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent's largest and most innovative sports betting platform.


At a press briefing, the company's representative, 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 included that the company's robust financial backing and specialist team will enable it to scale and control the marketplace rapidly.




Islamic cops raid wagering shops in northern Nigeria


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


"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.


Problems from neighborhood leaders and parents prompted the crackdown, fretted about the growing number of gambling addicts, he said.


On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a caution, the Sharia officer stated.


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


Kano city is the capital of Kano state, which has a bulk Muslim population and 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 face action if the Hisbah thinks Muslims are frequenting them.


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


sports betting wagering shops can be discovered all over the city. A lot of have tv screens, and customers see the outcome of global football matches or horse races on which they have actually staked cash.


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


"They do not have licences to run as they were permitted to run video games centres, which they later transformed to wagering shops," he said.


The sports betting wagering industry has actually expanded significantly across West Africa recently. The area is approximately divided in between a generally Muslim north and a primarily Christian south.


Lots of people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are also popular for wagering on the result of events and teams.


Nigeria's crippling economic crisis has actually likewise indicated individuals are willing to run the risk of a percentage in the hope of winning huge.


However this had resulted in extensive dependency, and moms and dads were even complaining that children were leaving of school to gamble, Mr Aminudeen stated.


"These economic problems we are facing in Nigeria is God informing us to change our ways 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 advising those running those wagering stores to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.


It is unclear what penalty they would deal with - often, such infringements carry 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.