The $2 Billion Sports Betting Battle: CEOs Face Religious Clampdown as Fresh Disruptor Surfaces

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.

Gambling has actually developed significantly in Nigeria from traditional 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 as little as N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.

In spite of economic difficulties such as inflation, Nigeria’s sports betting wagering sector has actually thrived, drawing in millions, specifically amongst the vibrant demographic dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces a projected annual profits of N730 billion. The federal government has not gone undetected by this development, which is considering regulative measures like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Problems such as insufficient age verification and advertising guideline breaches reveal industry regulatory gaps.

Regardless of these challenges, sports betting wagering business continue to grow through efficient business designs and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, sports betting with CEOs playing essential roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria’s $2 billion sports betting empire through their extensive audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the gaming and entertainment industry, consisting of operating at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he functioned 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, sports betting has become a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, sports betting 2006, and has actually since expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated environment that integrates pertinent sports betting material, engaging functions, and a world-class sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly profits has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have propelled 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 formerly acted as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has remained in the online gaming market because 2000, holding various effective roles, including General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and enhance its offerings. The business’s app has actually 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 executive with a track record of changing start-ups into institutionalized businesses. Her competence spans the gaming, real estate, and credit loaning industries, where he has developed himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has functioned as Managing Director and has actually managed 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 business’s functional methods and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN supplies frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed 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 very first sports betting wagering platform in Nigeria, it was the first to introduce a fully practical site, setting a benchmark 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 nations, sports betting consisting of Nigeria, sports betting where it is totally licensed.

Under Babalola’s management, sports betting 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering alternatives 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 endeavors, Ukanwoke has actually collaborated with African socio-economic organizations 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has rapidly grown its existence 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, developing over 100,000 jobs, the number of which is increasing each year. In the 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, the creator, bulk shareholder, and sports betting joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually because grown into among the world’s largest online gambling business.

By 2016, Bet365 created $2 billion in incomes and assisted in $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has gathered 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 wagering company in Nigeria, established together with business owner 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 asset management business that creates investment returns and provides unique investment insights and solutions to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a significant player in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting industry. He has actually been working as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has contributed to the company’s growth through partnerships, service strategy, and brand-new service development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled product advancement and customer experience, and Country Manager at 22BET, focusing on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and sports betting Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.

He holds a of Technology (B.Tech.) in Management and 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 sports betting platform that provides sports betting, gambling establishment video games, and live dealer video games. It was released in 2017 and is owned and operated 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has 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 investor in fintech and mobile payments and a strong supporter for the growing African internet environment. His investments reflect his dedication to fostering development and development within the area.

On April 30, 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 industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market 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 sports betting PwC, the firm intends to utilize cutting-edge technology and a commitment to responsible sports betting to change the sector.

Backed by the financial power of 4 popular African billionaires, sports betting Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting platform.

At a press briefing, sports betting the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, sports betting particularly football, sports betting has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and professional team will enable it to scale and dominate the marketplace quickly.

Islamic cops raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting wagering shops, which they say are running illegally.

“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.

Complaints from community leaders and sports betting parents prompted the crackdown, worried about the growing variety of gambling addicts, he stated.

On the very first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer said.

However Mr Aminudeen warned that now that the general public was aware 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 operates the Islamic legal system – Sharia – along with secular law.

Bookmakers and bars tend to be permitted to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the current 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. Many have tv screens, and clients watch the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had opened under false pretenses.

“They do not have licences to run as they were permitted to run computer game centres, which they later on converted to sports betting shops,” he said.

The sports betting wagering market has actually broadened dramatically throughout West Africa over the last few years. The area is roughly divided between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and teams.

Nigeria’s debilitating recession has actually also suggested individuals are willing to risk a percentage in the hope of winning big.

However this had actually caused prevalent dependency, and parents were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

“These financial problems we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he stated.

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 recommending those running those sports betting stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would face – often, such violations carry a fine.

Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and the consumption of alcohol were prohibited.