Nigeria’s N2 Billion Sports Betting War: CEOs Face Islamic Clampdown as Fresh Challenger Surfaces
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting market.
sports betting has actually developed substantially in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically connected to European football leagues, sports betting pool staking was a typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Gradually, with increased web access came virtual wagering, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria’s sports betting sector has flourished, attracting millions, sports betting specifically among the youthful market with high joblessness rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that produces a projected annual income of N730 billion. The federal government has actually not gone unnoticed by this development, sports betting which is considering regulative procedures like import tax responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Concerns such as inadequate age confirmation and sports betting marketing rule breaches reveal industry regulatory spaces.
In spite of these difficulties, sports betting business continue to prosper through reliable business models 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 essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have substantially contributed to Nigeria’s $2 billion gaming empire through their substantial audience reach.
Sheriff Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans different roles in the gaming and entertainment industry, consisting of working at among the United Kingdom’s largest 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, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce company in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has since 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 fully integrated community that integrates relevant sports betting content, engaging functions, and a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company’s worker headcount has increased by 29%, and annual revenue has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has actually 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, having actually previously acted as the company’s Marketing and Operations Director sports betting since 2015. He signed up with Betway in 2013 and has been in the online gaming industry considering that 2000, sports betting holding different successful roles, sports betting consisting of General Manager of an information analytics team and Director of a digital marketing agency.
Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has actually gathered substantial user engagement, sports betting 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 performance history of transforming start-ups into institutionalized organizations. Her knowledge covers the video gaming, property, and credit lending markets, where he has actually established himself as a strategic and functional leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has functioned as Managing Director and has actually supervised the company’s growth and operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the company’s functional methods and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a fully functional website, setting a criteria 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 global 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 bookies in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is fully licensed.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of sports betting 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, Ukanwoke has actually collaborated with African socio-economic organizations and sports betting federal governments to develop developmental policies aimed at empowering youths. 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, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing each year. In the exact same year, MultiChoice broadcaster purchased 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 introduced in 2001 as an online sports betting website and has considering that become one of the world’s biggest online sports betting companies.
By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered significant user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye – CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, developed alongside business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that produces financial investment returns and offers distinct financial investment insights and sports betting options to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, 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 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 because June 2021. In this function, he has actually added to the business’s development through collaborations, company method, and brand-new company 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 method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held various digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, sports betting and 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, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that provides sports betting, casino video games, and live dealer games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up 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, a business he established in 2013.
SportyBet is an international sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial player in the market, sports betting with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. 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 firm is set to interfere with the sports wagering industry.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage advanced innovation and a dedication to accountable gaming to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent’s largest and most ingenious sports betting platform.
At a press instruction, the business’s spokesperson, sports betting Akin Babatunde, said that the increase in Internet penetration, mobile usage, and sports betting the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert team will enable it to scale and control the marketplace rapidly.
Islamic cops raid wagering stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have started shutting down sports betting stores, which they state are operating unlawfully.
“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Grievances from community leaders and parents triggered the crackdown, stressed over 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 home with a caution, the Sharia officer stated.
But Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – together with secular law.
Bookmakers and bars tend to be allowed to operate in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.
Sports betting stores can be found all over the city. Many have tv screens, and clients watch the result of worldwide football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had had the ability to operate under the radar as they had opened under false pretences.
“They don’t have licences to run as they were permitted to run video games centres, which they later on transformed to sports betting shops,” he stated.
The sports betting industry has actually expanded dramatically throughout West Africa over the last few years. The area is approximately divided in between a mainly Muslim north and a mainly Christian south.
Many people go to bookies to enjoy the friendship of other bettors, though mobile apps are likewise popular for sports betting on the outcome of occasions and sports betting groups.
Nigeria’s crippling economic crisis has likewise implied individuals are willing to risk a percentage in the hope of winning big.
But this had actually led to prevalent addiction, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.
“These financial issues we are facing in Nigeria is God telling us to change our ways by stopping sins,” he said.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.
“I am encouraging those running those wagering stores to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what punishment they would deal with – frequently, 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 prohibited.