The N2 Billion Bet: Meet the CEOs Reshaping Nigeria’s Betting Industry Despite Islamic Resistance
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.
sports betting has actually progressed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.
Slowly, with increased internet access came virtual sports betting, sports betting which parallels worldwide patterns. 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.
Regardless of economic challenges such as inflation, Nigeria’s sports betting sector has flourished, attracting millions, particularly among the younger group facing high unemployment rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that creates an approximated yearly revenue of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative procedures like excise duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of difficulties in enforcement. Issues such as insufficient age confirmation and marketing rule breaches show industry regulatory spaces.
Regardless of these challenges, sports betting wagering companies continue to thrive through reliable organization designs and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial 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 gambling empire through their extensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans different functions in the gaming and show business, including operating at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he served 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, sports betting Wales. Surebet247, sports betting founded in August 2011, has become a leading e-commerce service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, sports betting 2006, and has because expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated 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 driven considerable growth for LiveScore Group. The business’s worker headcount has increased by 29%, and annual revenue has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have propelled LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has actually achieved major 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 actually previously worked as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market because 2000, holding different effective roles, sports betting including General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman’s management, Betway has continued to grow its market existence and improve its offerings. The business’s app has amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually distinguished herself as a senior sports betting executive with a track record of transforming start-ups into institutionalized organizations. Her proficiency spans the gaming, realty, and credit financing industries, sports betting where he has developed himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has worked 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, sports betting essential in the business’s operational methods and sports betting market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer instructional background includes 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, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the very first to release a totally functional website, setting a benchmark 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 established itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is completely certified.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has worked together with African socio-economic organizations and federal governments to develop developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually quickly grown its presence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Trust Fund, developing over 100,000 tasks, the variety of which is increasing every year. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting 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 gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has considering that become one of the world’s largest online gambling companies.
By 2016, Bet365 produced $2 billion in profits and sports betting facilitated $45 billion in annual bets. The company likewise holds a majority 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 business in Nigeria, developed together with businessman Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that creates financial investment returns and uses special investment insights and sports betting services to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a considerable player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, sports betting he has actually contributed to the business’s development through partnerships, business strategy, and new business advancement.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer experience, and Country Manager at 22BET, sports betting focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked 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 sports betting Accounting from Ladoke Akintola University of Technology and sports betting 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 uses sports betting, gambling establishment games, and live dealership video games. It was launched 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 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 wagering and real-money gaming operator known for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a considerable player in the industry, 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 sports betting the growing African internet ecosystem. His investments show his dedication to promoting innovation and sports betting advancement within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company intends to take advantage of innovative technology and a dedication to responsible gambling to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.
At a press briefing, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, sports betting has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and specialist group will enable it to scale and control the market quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have started closing down sports betting stores, which they say are running illegally.
“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Complaints from community leaders and sports betting moms and dads prompted the crackdown, fretted about the growing variety of sports betting addicts, he said.
On the very first day of raids, 30 stores were closed in one suburb alone, sports betting and their owners were sent out home with a warning, the Sharia officer stated.
However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and 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 face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have tv screens, and customers see the result of global football matches or sports betting horse races on which they have actually staked cash.
Mr Aminudeen said such bookmakers had been able to operate under the radar as they had actually opened under false pretences.
“They do not have licences to operate as they were allowed to run computer game centres, which they later transformed to sports betting stores,” he said.
The sports betting market has expanded drastically across West Africa in the last few years. The area is approximately divided between a generally Muslim north and a predominantly Christian south.
Many individuals go to bookies to take pleasure in the friendship of other bettors, though mobile apps are also popular for wagering on the outcome of occasions and groups.
Nigeria’s crippling recession has also indicated individuals are willing to run the risk of a percentage in the hope of winning big.
However this had actually resulted in widespread addiction, and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen stated.
“These economic problems we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he said.
The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the city– visitors flock there at weekends.
“I am advising those running those sports betting stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what punishment they would deal with – frequently, such violations carry a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gambling and sports betting the usage of alcohol were prohibited.
