Disrupting the House: New Firm Confronts Status Quo as Religious Police Target Betting Outlets
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
Gambling has evolved considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and sports betting is predicted to nearly double to $182.02 billion by 2030.
Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually prospered, bring in millions, specifically among the youthful group facing high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates an estimated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory steps like import tax responsibilities and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite challenges in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches show industry regulatory spaces.
Regardless of these challenges, sports betting business continue to prosper through efficient organization designs and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have substantially added to Nigeria’s $2 billion sports betting empire through their extensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career spans various functions in the gaming and entertainment industry, sports betting including operating at among the United Kingdom’s biggest gaming centres, sports betting The Palace Bingo Club, where he functioned 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 turned into a leading e-commerce company in the wagering and video gaming sector, operating through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually since expanded 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 wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated environment that combines pertinent sports betting content, engaging functions, and a first-rate sportsbook.
Given that taking the helm right before the pandemic, Sam has actually driven substantial development for Group. The company’s employee headcount has increased by 29%, and yearly income has surged from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have actually propelled LiveScore Group’s success and assisted 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 appointed CEO of Betway in November 2017, sports betting having previously worked as the business’s Marketing and Operations Director sports betting considering that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry since 2000, holding various effective functions, including General Manager of an information analytics team and Director sports betting of a digital marketing agency.
Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has garnered substantial 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 knowledge spans the gaming, real estate, and sports betting credit loaning markets, where he has actually developed himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has functioned 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 techniques and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. 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 creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the very first to introduce a fully practical site, setting a criteria 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is totally licensed.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting offering a wide range of wagering options 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, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and governments to design developmental policies focused on 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, 2018, by Byron Petzer and sports betting Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has rapidly grown its presence in Nigeria, sports betting 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 variety of which is increasing yearly. 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, sports betting 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 since become one of the world’s biggest online sports betting business.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has 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 business in Nigeria, developed along with entrepreneur Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces financial investment returns and provides unique investment insights and options to both specific 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 leadership, Bet9ja has become a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the company’s development through partnerships, company technique, sports betting and new organization development.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement 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 numerous digital marketing functions at Laclic Services and Betty Bingo.
His career started at Jumia Group, sports betting where he operated in SEO, sports betting CRM, and content management. Fikayo likewise worked 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting wagering, casino games, and live dealer games. It was launched in 2017 and is owned and sports betting run by Marikit Holdings Ltd, a business signed up 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 company he established in 2013.
SportyBet is a worldwide sports betting and real-money gaming operator known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, sports betting SportyBet has become a considerable player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web environment. His investments reflect his dedication to promoting innovation and development within the area.
On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting market.
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 annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of innovative innovation and a dedication to accountable gambling to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting wagering platform.
At a press rundown, sports betting the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and expert group will enable it to scale and dominate the market quickly.
Islamic police raid betting shops in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting wagering stores, sports betting which they state are operating illegally.
“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Problems from community leaders and parents prompted the crackdown, worried about the growing variety of gambling addicts, he stated.
On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer said.
But Mr Aminudeen cautioned that now that the public knew 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 sports betting runs the Islamic legal system – Sharia – together with secular law.
Bookmakers and sports betting bars tend to be enabled to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.
sports betting wagering shops can be found all over the city. A lot of have tv screens, and sports betting consumers watch the outcome of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretenses.
“They don’t have licences to run as they were allowed to run video games centres, which they later on converted to sports betting stores,” he stated.
The sports betting wagering market has expanded significantly throughout West Africa in recent years. The area is approximately divided in between a mainly Muslim north and a primarily Christian south.
Many people go to bookmakers to take pleasure in the sociability of other gamblers, though mobile apps are also popular for wagering on the outcome of events and teams.
Nigeria’s debilitating economic crisis has actually also suggested individuals want to run the risk of a percentage in the hope of winning big.
However this had caused widespread addiction, and parents were even grumbling that children were leaving of school to bet, sports betting Mr Aminudeen said.
“These economic issues we are dealing with in Nigeria is God informing us to alter our ways 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 stores to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what punishment they would face – typically, sports betting such violations carry a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gaming and the intake of alcohol were banned.
