North Raids South Innovation: Nigeria s Sports Betting Industry In Transition

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


Gambling has developed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.
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Gradually, with increased internet gain access to came virtual sports betting, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
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Regardless of economic challenges such as inflation, Nigeria's sports betting sector sports betting has flourished, drawing in millions, sports betting specifically amongst the younger demographic facing high joblessness rates.


Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates a projected annual revenue of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory measures like import tax tasks and VAT boosts to handle the sector.


The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite challenges in enforcement. Problems such as inadequate age verification and advertising rule breaches reveal market regulative spaces.


Regardless of these difficulties, sports betting wagering companies continue to thrive through effective organization models and aggressive marketing methods, leveraging the developer influencer industry.


These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have considerably added to Nigeria's $2 billion sports betting 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 profession spans various roles in the video gaming and entertainment industry, including working at among the United Kingdom's biggest video gaming centres, The Palace Bingo Club, sports betting where he functioned as the Lead Engineer in a Bingo and 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, Wales. Surebet247, founded in August 2011, has become a leading e-commerce service in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business 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 over 25 years of experience in sports betting brand names and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a totally incorporated environment that integrates appropriate sports betting material, engaging features, and a first-rate sportsbook.


Given 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 annual profits has surged from roughly ₤ 10 million to over ₤ 80 million.


Sam's management and strategic vision have propelled LiveScore Group's success and assisted shape the industry's instructions. LiveScoreBet has actually accomplished major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman - CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having previously functioned as the company's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online video gaming industry considering that 2000, holding numerous successful 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 presence and improve its offerings. The business's app has garnered 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 sports betting executive with a performance history of changing start-ups into institutionalized services. Her knowledge spans the video gaming, real estate, and credit financing markets, where he has actually established himself as a tactical and functional leader.


Damilare has actually contributed in NairaBET's success for over 14 years. Given that June 2019, she has acted 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 techniques and market growth.


She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.


Akin Alabi, sports betting the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the very first to introduce a totally practical website, setting a criteria 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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is fully accredited.


Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of wagering alternatives and sports betting 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 create 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, founded and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting home entertainment business has actually quickly 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 entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing each year. In the very same year, MultiChoice broadcaster purchased 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 investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online wagering website and has actually because become one of the world's largest online sports betting business.


By 2016, Bet365 generated $2 billion in profits and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke Club. Bet365 has garnered 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 company in Nigeria, developed together with business owner Kunle Soname, sports betting who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.


Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates financial investment returns and sports betting offers special investment insights and solutions to both individual and sports betting institutional customers.


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

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 sports betting for sports betting 22BET in Nigeria since June 2021. In this function, he has actually added to the company's development through collaborations, sports betting company method, and new service development.


Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, focusing 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 sports betting Betty Bingo.


His career began at Jumia Group, where he operated in SEO, CRM, sports betting 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 sports betting platform that uses sports betting wagering, sports betting casino video games, and live dealer games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 global sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually 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 internet environment. His investments reflect his commitment to fostering development 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 disrupt the sports betting market.


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 forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage cutting-edge innovation and a commitment to responsible sports betting to change the sector.


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


At a press briefing, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, especially football, sports betting has set the stage for Sunbet's ambitious entry. He added that the firm's robust financial backing and expert group will allow it to scale and control the market quickly.




Islamic cops raid betting shops in northern Nigeria


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


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


Problems from community leaders and parents triggered the crackdown, fretted about the growing variety of gambling addicts, he said.


On the first day of raids, sports betting 30 stores were closed in one suburb alone, and their owners were sent home with a warning, sports betting the Sharia officer stated.


But Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be apprehended.


Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - along with secular law.


Bookmakers and bars tend to be enabled to run in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.


Nevertheless, the current crackdown is focused on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.


Sports betting stores can be found all over the city. Many have television screens, and customers watch the result of worldwide football matches or horse races on which they have staked cash.


Mr Aminudeen stated such bookies had actually had the ability 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 video games centres, which they later on transformed to wagering stores," he stated.


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


Lots of people go to bookies to delight in the friendship of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and teams.


Nigeria's crippling recession has also implied people want to risk a percentage in the hope of winning big.


However this had actually caused prevalent addiction, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.


"These financial issues we are dealing with in Nigeria is God informing us to alter our methods by stopping sins," he said.


The raids on Tuesday focused on Munjibir, considered 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 shut 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 - frequently, such infringements bring a fine.


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