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Game Changers: How Islamic Crackdowns and Tech Innovation are Transforming Nigeria’s Betting Landscape

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.

sports betting has progressed significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, sports betting swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

Gradually, sports betting with increased internet gain access to came virtual sports betting, which parallels international trends. 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.

Regardless of economic challenges such as inflation, Nigeria’s sports betting sector has actually thrived, bring in millions, especially among the vibrant demographic dealing with high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates a projected yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulative steps like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Problems such as insufficient age verification and marketing guideline breaches reveal industry regulative gaps.

Regardless of these difficulties, sports betting wagering companies continue to grow through efficient service models and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have considerably added to Nigeria’s $2 billion gambling empire through their comprehensive 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 covers various functions in the gaming and entertainment industry, consisting of working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, 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 sports betting 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 gaming sector, running through online, sports betting mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has since broadened its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a completely incorporated community that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.

Given that taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and annual earnings has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and sports betting helped form the market’s direction. LiveScoreBet has attained significant 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 previously worked as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has been in the online gaming industry since 2000, sports betting holding different successful roles, sports betting including General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and sports betting enhance its offerings. The company’s app has amassed 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 executive with a performance history of transforming start-ups into institutionalized businesses. Her knowledge spans the video gaming, sports betting property, and credit loaning markets, where he has developed himself as a tactical and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has acted as Managing Director and has actually managed the company’s growth and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer instructional 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, sports betting 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 fully functional website, 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a large range 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 endeavors, sports betting Ukanwoke has collaborated with African socio-economic institutions and federal governments to develop developmental policies aimed at 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has rapidly grown its existence in Nigeria, 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, developing over 100,000 jobs, 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, the creator, majority shareholder, sports betting and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has since grown into one of the world’s largest online sports betting business.

By 2016, sports betting Bet365 created $2 billion in revenues and assisted in $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has garnered considerable user engagement, sports betting with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, established along with entrepreneur Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that creates investment returns and provides unique 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 management, sports betting Bet9ja has become a significant 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 considering that June 2021. In this role, he has actually added to the company’s growth through partnerships, service method, and brand-new company advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and consumer experience, and Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous 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 worked 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 in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides sports betting, gambling establishment games, and live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are also 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 established in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, sports betting SportyBet has become a significant gamer 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 dedication to promoting innovation and development within the region.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part 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 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 company aims to utilize cutting-edge innovation and a commitment to responsible sports betting to change the sector.

Backed by the financial power of four popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting platform.

At a press briefing, sports betting the company’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, sports betting and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and specialist group will allow it to scale and dominate the marketplace rapidly.

Islamic cops raid wagering shops in northern Nigeria

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

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

Complaints from neighborhood leaders and sports betting moms and dads prompted the crackdown, worried about the growing number of sports betting addicts, he stated.

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

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

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

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

sports betting wagering stores can be found all over the city. Most have television screens, and customers enjoy the outcome of international football matches or horse races on which they have staked money.

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

“They do not have licences to operate as they were permitted to run video games centres, which they later transformed to sports betting stores,” he said.

The sports betting market has actually expanded drastically across West Africa in the last few years. The area is approximately divided between a mainly Muslim north and a mainly Christian south.

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

Nigeria’s debilitating economic crisis has likewise indicated people are willing to run the risk of a percentage in the hope of winning big.

But this had actually led to extensive dependency, and parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.

“These economic concerns 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 encouraging those running those sports betting stores to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would deal with – often, such violations 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 banned.