The N2 Billion Sports Betting War: CEOs Face Religious Clampdown as Fresh Disruptor Emerges

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

Gambling has actually progressed considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

Slowly, with increased internet access came virtual wagering, which parallels international patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is forecasted to almost double to $182.02 billion by 2030.

Regardless of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has prospered, attracting millions, specifically amongst the vibrant group dealing with high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an estimated yearly income of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative procedures like import tax responsibilities and VAT increases to manage the sector.

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

Regardless of these obstacles, sports betting companies continue to flourish through reliable business models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession covers various functions in the video gaming and entertainment industry, including working at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, 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 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 business in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually given that broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a completely integrated environment that integrates pertinent sports betting content, engaging features, and a first-rate sportsbook.

Given that taking the helm right before the pandemic, Sam has driven substantial development for LiveScore Group. The company’s employee headcount has increased by 29%, and yearly profits has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have moved LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has achieved 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 served as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has actually remained in the online gaming industry because 2000, holding numerous successful functions, including General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market existence and boost its offerings. The business’s app has actually gathered significant 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 changing start-ups into institutionalized companies. Her proficiency spans the video gaming, real estate, and credit financing industries, where he has actually developed himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually served 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, critical in the company’s operational strategies and market growth.

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

Akin Alabi, 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 release a totally functional 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest 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 leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a large range of wagering alternatives 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic institutions and governments to develop 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, founded and sports betting released 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 wagering and sports betting entertainment company has quickly grown its existence in Nigeria, with outlets in major 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 jobs, the variety of which is increasing every year. In the exact 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 creator, majority shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually since grown into one of the world’s biggest online sports betting companies.

By 2016, sports betting Bet365 produced $2 billion in profits and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually 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 wagering company in Nigeria, established 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 that produces investment returns and provides special investment insights and options to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, sports betting 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 wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually added to the company’s development through collaborations, organization technique, and new organization advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget 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, sports betting where he operated in SEO, CRM, and content management. Fikayo also 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 gaming platform that provides sports betting wagering, casino video games, and live dealership games. It was launched in 2017 and is owned and operated 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 company he developed in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a considerable gamer in the market, 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 investments reflect his dedication to promoting development and advancement within the area.

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

The company is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market 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 innovative innovation and a dedication to responsible gambling to change the sector.

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

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

Islamic authorities raid betting stores in northern Nigeria

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

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

Problems from community leaders and parents triggered the crackdown, stressed over the growing number of gambling addicts, he stated.

On the 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 alerted that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.

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

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

Nevertheless, the existing crackdown is concentrated on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

sports betting wagering shops can be found all over the city. A lot of have tv screens, and consumers view the result of worldwide football matches or horse races on which they have actually staked money.

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

“They do not have licences to run as they were allowed to run video games centres, which they later converted to wagering stores,” he said.

The sports betting wagering industry has expanded considerably across West Africa in recent years. The region is approximately divided in between a generally Muslim north and sports betting a mainly Christian south.

Lots of people go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the result of occasions and groups.

Nigeria’s crippling recession has actually also meant individuals want to run the risk of a percentage in the hope of winning huge.

However this had actually resulted in widespread addiction, and sports betting moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.

“These economic concerns we are facing in Nigeria is God telling us to alter our methods by stopping sins,” he said.

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

It is unclear what punishment they would deal with – typically, such violations bring a fine.

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