The $2 Billion Sports Betting War: CEOs Face Religious Crackdown as Fresh Disruptor Surfaces

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

Gambling has actually evolved substantially in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Gradually, with increased web access came virtual sports betting, which parallels worldwide 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.

Despite economic difficulties such as inflation, Nigeria’s sports betting sector has actually prospered, sports betting attracting millions, specifically among the younger group dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that creates an estimated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this development, sports betting which is considering regulatory procedures like excise duties and VAT increases to manage the sector.

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

In spite of these challenges, sports betting wagering business continue to flourish through effective business designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career covers numerous roles in the video gaming and show business, consisting of 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 sports betting 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 actually turned into a leading e-commerce company in the wagering and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has considering that expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

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

Given that 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 approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have propelled LiveScore Group’s success and assisted shape the market’s instructions. LiveScoreBet has accomplished significant user engagement, sports betting 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 actually previously acted 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 market because 2000, sports betting holding numerous effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market existence and improve 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 actually identified herself as a senior executive with a track record of changing start-ups into institutionalized services. Her expertise covers the gaming, property, and credit lending markets, where he has actually established himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Since June 2019, she has actually served as Managing Director and has managed 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 business’s operational strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned companies. DDWIN supplies frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a fully 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing 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 – 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 ventures, Ukanwoke has actually collaborated with African socio-economic organizations and governments to design 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, founded and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company 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 entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing every year. 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 founder, majority investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was released in 2001 as an online wagering site and has considering that turned into among the world’s largest online gaming companies.

By 2016, Bet365 generated $2 billion in incomes and sports betting assisted in $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered considerable 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, established together with business person 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 asset management business that creates investment returns and uses distinct financial investment insights and services to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has actually been acting as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this function, he has added to the business’s growth through partnerships, company strategy, and brand-new business advancement.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled product development and client experience, and Country Manager at 22BET, focusing on marketing method 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 profession began at Jumia Group, where he operated in SEO, CRM, and sports betting content management. Fikayo also 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that uses sports betting, casino games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered 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, sports betting a business he developed in 2013.

SportyBet is an international 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 become a considerable gamer 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 supporter for the growing African internet environment. His investments show his dedication to cultivating innovation and advancement within the region.

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

The firm is set to interfere with the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on changing how countless 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 and PwC, the company intends to utilize cutting-edge innovation and a commitment to responsible gaming to revolutionise the sector.

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

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

Islamic police raid betting stores in northern Nigeria

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

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.

Complaints from community leaders and moms and dads triggered the crackdown, fretted about the growing variety of gambling addicts, he said.

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

But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gambling, sports betting those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – along with secular law.

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

However, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

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

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

“They don’t have licences to operate as they were permitted to run computer game centres, which they later transformed to sports betting stores,” he said.

The sports betting wagering industry has actually broadened drastically throughout West Africa in the last few years. The region is roughly divided in between a generally Muslim north and a mainly Christian south.

Lots of people go to bookmakers to delight in the friendship of other bettors, sports betting though mobile apps are likewise popular for wagering on the result of occasions and sports betting teams.

Nigeria’s crippling economic crisis has also implied individuals are willing to run the risk of a percentage in the hope of winning big.

However this had actually led to extensive addiction, and moms and sports betting dads were even complaining that children were leaving of school to gamble, Mr Aminudeen said.

“These economic issues we are dealing with in Nigeria is God telling us to alter our ways by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending 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 uncertain what penalty they would deal with – typically, such infringements carry a fine.

Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and sports betting prostitution, sports betting and the usage of alcohol were prohibited.