Nigeria’s $2 Billion Sports Betting War: CEOs Face Islamic Crackdown as Fresh Disruptor Emerges
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
Gaming has evolved considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.
Gradually, with increased internet access 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.
Despite financial difficulties such as inflation, Nigeria’s sports betting sector sports betting has actually grown, bring in millions, sports betting particularly amongst the younger demographic facing high joblessness rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces an estimated yearly revenue of N730 billion. The federal government has not gone undetected by this development, sports betting which is thinking about regulative procedures like import tax tasks and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of obstacles in enforcement. Problems such as insufficient age confirmation and marketing rule breaches show industry regulative spaces.
In spite of these difficulties, sports betting wagering companies continue to flourish through reliable organization models and aggressive marketing methods, leveraging the developer influencer market.
These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria’s $2 billion gaming empire through their substantial audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers various functions in the gaming and show business, consisting of working at among the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he acted 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 sports betting video gaming sector, running through online, mobile, and sports betting retail channels. The business was integrated in Nigeria on November 7, 2006, and has since broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated ecosystem that integrates pertinent sports betting material, engaging features, and a world-class sportsbook.
Since taking the helm prior to the pandemic, Sam has driven substantial development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and annual revenue has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have moved LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has attained 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 formerly functioned as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online video gaming industry given that 2000, holding different effective functions, consisting of General Manager of an information analytics team and sports betting Director sports betting of a digital marketing firm.
Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The business’s app has actually garnered significant 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 services. Her know-how spans the gaming, property, and credit lending markets, where he has developed himself as a tactical and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has served as Managing Director and has overseen the company’s development 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), a non-profit organization empowering women-owned services. DDWIN provides frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce a totally practical website, setting a standard 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 international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is completely accredited.
Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering alternatives and an user-friendly 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, Ukanwoke has actually teamed up with African socio-economic organizations and governments to design developmental policies targeted 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 introduced 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 sports betting home entertainment business has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the 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 every year. 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, sports betting and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually because become among the world’s biggest online sports betting business.
By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 wagering business in Nigeria, established alongside entrepreneur Kunle Soname, sports betting who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that creates financial investment returns and offers distinct financial investment insights and services to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually become a considerable player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the company’s growth through collaborations, organization technique, and brand-new company advancement.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, focusing on marketing technique and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and sports betting Betty Bingo.
His career began at Jumia Group, 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, sports betting 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 dealership video games. It was launched in 2017 and sports betting is owned and run 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 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 wagering and real-money gaming operator understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually become a significant 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 financier in fintech and sports betting mobile payments and a strong supporter for the growing African internet community. His financial investments show his commitment to fostering innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting industry.
Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize cutting-edge innovation and a commitment to accountable gambling to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, sports betting Sunbet, which will introduce in the first quarter of 2025, intends to be the continent’s largest and most innovative sports betting platform.
At a press rundown, the company’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and expert team will allow it to scale and control the marketplace quickly.
Islamic authorities raid wagering shops in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have actually begun shutting down sports betting stores, which they say are operating illegally.
“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing number of gambling addicts, he stated.
On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a warning, sports betting the Sharia officer said.
But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on sports betting, 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 secular law.
Bookies and bars tend to be allowed to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, sports betting the present crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.
Sports betting shops 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 actually staked money.
Mr Aminudeen said such bookies had had the ability to operate under the radar as they had opened under false pretences.
“They don’t have licences to operate as they were permitted to run computer game centres, which they later converted to wagering stores,” he stated.
The sports betting market has actually expanded significantly across West Africa recently. The area is approximately divided in between a primarily Muslim north and a primarily Christian south.
Many people go to bookies to delight in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of events and sports betting groups.
Nigeria’s crippling recession has likewise implied people are willing to risk a percentage in the hope of winning big.
However this had caused extensive dependency, and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.
“These financial concerns we are dealing with in Nigeria is God informing us to change our ways 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 closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what penalty they would deal with – frequently, such infringements bring 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 banned.