Betting Leaders Under Scrutiny: Fresh Player Emerges as North Nigeria Intensifies Betting Restrictions
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting market.
Gambling has actually progressed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, sports betting pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Gradually, with increased web gain access to came virtual wagering, sports betting which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually thrived, bring in millions, specifically amongst the vibrant group facing high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces a projected yearly profits of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like import tax duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of challenges in enforcement. Concerns such as insufficient age confirmation and marketing guideline breaches reveal industry regulative spaces.
In spite of these obstacles, sports betting wagering business continue to flourish through effective service designs and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have added to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing vital functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have significantly added to Nigeria’s $2 billion gambling empire through their substantial 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 diverse career spans different functions in the gaming and show business, including working at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting 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 turned into a leading e-commerce business in the sports betting and gaming sector, sports betting running through online, sports betting mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has considering that broadened 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated community that combines relevant sports betting content, engaging functions, sports betting and a first-rate sportsbook.
Since taking the helm prior sports betting to the pandemic, sports betting Sam has actually driven substantial development for LiveScore Group. The company’s worker headcount has actually increased by 29%, sports betting and yearly revenue has surged from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have propelled LiveScore and assisted shape the market’s direction. LiveScoreBet has achieved 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 formerly served as the business’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry considering that 2000, holding different effective functions, consisting of General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman’s management, Betway has continued to grow its market existence and sports betting boost its offerings. The company’s app has actually amassed significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her proficiency covers the video gaming, property, sports betting and credit financing industries, sports betting where he has established himself as a strategic and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, sports betting she has actually acted as Managing Director and has 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 founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a completely practical site, setting a standard 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has 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 completely certified.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering 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, sports betting Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and 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, founded and released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually 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, developing over 100,000 tasks, the number of which is increasing yearly. In the same year, sports betting 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, bulk investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually given that turned into among the world’s largest online gambling business.
By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed significant 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 alongside business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that generates financial investment returns and uses special financial investment insights and solutions to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually ended up being a significant gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting wagering market. He has been functioning as the Country Director for sports betting 22BET in Nigeria since June 2021. In this function, he has contributed to the business’s growth through collaborations, company technique, and sports betting brand-new service development.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, focusing on marketing technique 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 career began at Jumia Group, where he operated in SEO, sports betting CRM, and content management. Fikayo also functioned as a Human Resource Officer at SIFAX Group.
He holds a Bachelor sports betting 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 provides sports betting wagering, casino games, and sports betting live dealer games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are also 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 established in 2013.
SportyBet is an international sports betting and real-money video gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a considerable gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web community. His investments reflect his dedication to promoting innovation and development within the region.
On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, sports betting taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting market.
Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, sports betting with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage advanced technology and a commitment to accountable gaming to change the sector.
Backed by the monetary power of four popular 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 instruction, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and sports betting the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and sports betting professional group will allow it to scale and sports betting control the market quickly.
Islamic police raid betting stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting shops, sports betting which they state are operating illegally.
“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Grievances from community leaders and moms and dads prompted the crackdown, worried about the growing number of sports betting addicts, he stated.
On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer said.
However Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.
Bookmakers and bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
Sports betting stores can be discovered all over the city. Many have television screens, and clients see the outcome of global football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookies had been able to operate under the radar as they had actually opened under false pretences.
“They do not have licences to run as they were permitted to run computer game centres, which they later on converted to sports betting stores,” he stated.
The sports betting wagering industry has actually broadened significantly across West Africa in the last few years. The area is approximately divided between a generally Muslim north and a primarily Christian south.
Many individuals go to bookies to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the result of occasions and teams.
Nigeria’s debilitating economic crisis has also suggested people are willing to risk a small amount in the hope of winning big.
However this had actually led to extensive addiction, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.
“These financial problems 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, thought about a resort area in the northeast of the city– visitors flock there at weekends.
“I am advising those running those wagering shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what punishment they would face – typically, such violations bring 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 usage of alcohol were banned.