Gaming has progressed considerably 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 common sight at motor parks and kiosks, sports betting where enthusiasts would wager as little as N50-N200 on matches.
Slowly, with increased internet access came virtual sports betting, which parallels global patterns. The sports betting 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 difficulties such as inflation, sports betting Nigeria's sports betting sector has actually grown, attracting millions, especially among the younger market facing high joblessness rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces an estimated yearly profits of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative procedures 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 ensure reasonable operations in spite of challenges in enforcement. Concerns such as inadequate age verification and sports betting marketing guideline breaches reveal industry regulative spaces.
In spite of these challenges, sports betting wagering business continue to flourish through efficient company models and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria's $2 billion gambling empire through their extensive audience reach.
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans various roles in the video gaming and entertainment industry, consisting of operating at among the United Kingdom's biggest 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 a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce organization in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually since expanded its existence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company's employee headcount has actually increased by 29%, and yearly income has actually risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually moved LiveScore Group's success and helped form the market's instructions. LiveScoreBet has attained major user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman was appointed CEO of Betway in November 2017, having actually formerly served as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online video gaming industry because 2000, holding numerous effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market existence and enhance its offerings. The company's app has amassed considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi has distinguished herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her competence covers the video gaming, real estate, and credit lending markets, where he has actually developed himself as a tactical and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Since June 2019, she has acted as Managing Director and has actually supervised the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's operational techniques and market growth.
She established DearDammy Women's Initiative (DDWIN), sports betting a non-profit company empowering women-owned services. DDWIN offers frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, sports betting the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to launch a totally functional website, setting a criteria in the industry.
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is fully certified.
Under Babalola's management, 1XBET Nigeria has actually broadened 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 over 500,000 downloads on the Play Store.
Gossy Ukanwoke is the CEO of BetKing, sports betting 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 aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, sports betting founded and launched in Nigeria on February 22, 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 actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing annually. In the same year, MultiChoice broadcaster purchased a 20% stake in BetKing, which was increased to 49% in 2021.
Denise Coates is a British billionaire businesswoman, the founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually considering that grown into among the online gambling business.
By 2016, Bet365 created $2 billion in profits and facilitated $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered considerable user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye is the CEO and co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, developed alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that produces financial investment returns and uses special financial investment insights and solutions to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a considerable player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually contributed to the company's development through collaborations, company strategy, and new business development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer experience, sports betting and Country Manager at 22BET, focusing on marketing technique and sports betting 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 profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise acted 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 provides sports betting wagering, 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 casinos worldwide.
Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a business he established in 2013.
SportyBet is a global sports betting wagering and real-money 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 market, 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 sports betting a strong supporter for the growing African web environment. His financial investments show his commitment to cultivating innovation and advancement within the area.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In an industry 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 sports betting PwC, the company intends to leverage cutting-edge technology and a dedication to accountable gaming to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent's largest and most ingenious sports betting wagering platform.
At a press briefing, the business's spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, especially football, has set the stage for Sunbet's enthusiastic entry. He added that the firm's robust financial backing and expert team will enable it to scale and control the marketplace quickly.
Islamic authorities in Nigeria's northern city of Kano have begun shutting down sports betting stores, which they state are operating illegally.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing variety of gambling addicts, he stated.
On the very first day of raids, 30 shops 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 understood that the Hisbah was clamping down on gambling, 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 - alongside nonreligious law.
Bookmakers and bars tend to be allowed to run in Kano's Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.
Sports betting stores can be discovered all over the city. A lot of have television screens, and customers view the result of global football matches or horse races on which they have staked money.
Mr Aminudeen said such bookmakers had actually had the ability to run 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 transformed to sports betting stores," he said.
The sports betting market has expanded drastically throughout West Africa in recent years. The area is roughly divided between a mainly Muslim north and a primarily Christian south.
Many individuals go to bookmakers to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and groups.
Nigeria's debilitating economic crisis has likewise meant individuals are willing to risk a small amount in the hope of winning huge.
However this had caused extensive dependency, and parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.
"These economic issues we are facing in Nigeria is God telling us to alter our methods by stopping sins," he said.
The raids on Tuesday concentrated on Munjibir, sports betting thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those sports betting shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would face - often, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the intake of alcohol were prohibited.
