The $2 Billion Sports Betting Battle: Industry Leaders Face Religious Crackdown as Fresh Challenger Surfaces

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

Gambling has evolved considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor sports betting parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

Slowly, 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 forecasted to almost double to $182.02 billion by 2030.

In spite of financial challenges such as inflation, Nigeria’s sports betting wagering sector has prospered, drawing in millions, particularly amongst the younger group dealing with high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that generates an approximated yearly revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative steps like excise responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory 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 show industry regulative spaces.

In spite of these difficulties, sports betting wagering companies continue to grow through reliable company designs and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually 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 varied career spans numerous roles in the gaming and entertainment industry, sports betting including operating at among the United Kingdom’s biggest 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, sports betting and has because expanded its presence, attaining 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated environment that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Because taking the helm just before the pandemic, Sam has driven considerable growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and yearly profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and assisted shape the industry’s direction. LiveScoreBet has actually accomplished major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having previously acted as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and sports betting has remained in the online gaming industry because 2000, holding various effective roles, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market presence and sports betting improve its offerings. The business’s app has actually gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her know-how spans the gaming, realty, and credit financing markets, where he has developed himself as a tactical and functional leader.

Damilare has actually been instrumental in NairaBET’s success for sports betting over 14 years. Because June 2019, she has actually functioned as Managing Director and sports betting has actually managed the business’s growth and sports betting operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer academic 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, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a completely functional website, setting a criteria in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the worldwide sports betting business 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 business runs in more than 50 countries, consisting of Nigeria, 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 large range of sports betting 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 ventures, Ukanwoke has teamed up with African socio-economic institutions and sports betting governments to develop developmental policies targeted at empowering youths. 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 Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment business has actually rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, sports betting the variety of which is increasing annually. In the exact same year, MultiChoice broadcaster purchased 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 founder, bulk investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has because grown into one of the world’s largest online gaming companies.

By 2016, sports betting Bet365 created $2 billion in incomes and facilitated $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that produces financial investment returns and uses distinct financial investment insights and solutions to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a significant gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually contributed to the business’s development through collaborations, business strategy, and brand-new organization advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and client experience, sports betting and Country Manager at 22BET, concentrating on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at and sports betting Betty Bingo.

His career began at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise functioned 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, sports betting Benin Republic.

22Bet is an online gambling platform that provides sports betting, casino games, sports betting and live dealership video games. It was released in 2017 and sports betting is owned and sports betting run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is an international sports betting wagering and sports betting real-money gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually become a considerable player 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 mobile payments and a strong supporter for the growing African internet environment. His investments reflect his dedication to cultivating development and advancement within the region.

On April 30, 2024, sports betting Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.

The firm is set to disrupt the sports betting 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 yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage cutting-edge technology and a commitment to responsible gaming to change the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, sports betting particularly football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and professional team will enable it to scale and sports betting dominate the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting wagering 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, known as the Hisbah, told the BBC.

Complaints from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing variety of sports betting addicts, he stated.

On the first day of raids, 30 stores were closed in one suburb alone, sports betting and sports betting 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 gaming, those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – along with secular law.

Bookmakers 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 concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.

sports betting wagering stores can be found all over the city. Many have tv screens, and sports betting customers view the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies had actually been able to operate under the radar as they had actually opened under false pretences.

“They don’t have licences to operate as they were permitted to run video games centres, which they later converted to wagering shops,” he said.

The sports betting market has actually expanded considerably across West Africa over the last few years. The region is approximately divided between a generally Muslim north and a primarily Christian south.

Lots of people go to bookmakers to delight in the friendship of other bettors, though mobile apps are likewise popular for sports betting on the result of occasions and groups.

Nigeria’s crippling recession has likewise implied individuals are willing to risk a small amount in the hope of winning huge.

However this had actually resulted in extensive dependency, and moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.

“These financial concerns we are facing in Nigeria is God informing us to change our methods 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 encouraging those running those sports betting shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would face – often, such violations bring a fine.

Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gambling and the usage of alcohol were banned.