The N2 Billion Sports Betting War: CEOs Face Islamic Clampdown as New Challenger Surfaces

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

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

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

Despite economic challenges such as inflation, Nigeria’s sports betting sector has thrived, sports betting bring in millions, especially amongst the vibrant market dealing with high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces a projected annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory steps like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite challenges in enforcement. Issues such as insufficient age verification and marketing guideline breaches reveal market regulative spaces.

Despite these difficulties, sports betting wagering business continue to prosper through effective business models and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have significantly added to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans numerous roles in the gaming and show business, including operating at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting 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 actually grown into a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, and sports betting retail channels. The company was included in Nigeria on November 7, 2006, sports betting and has actually because broadened 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 completely incorporated community that combines pertinent sports betting content, engaging functions, and sports betting a world-class sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and sports betting annual earnings has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has attained major 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 formerly served as the business’s Marketing and Operations Director sports betting since 2015. He joined Betway in 2013 and has remained in the online video gaming market given that 2000, holding numerous effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her know-how covers the gaming, real estate, and sports betting credit lending markets, where he has actually developed himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has actually acted as Managing Director and has overseen the company’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 services. DDWIN offers frHer academic background includes 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, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a totally functional website, setting a standard 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 global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, sports betting where it is totally certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting offering a vast array of sports betting options 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic institutions and governments to design 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, founded and launched 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 home entertainment business has quickly 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 collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing every year. In the very same year, sports betting 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, sports betting the founder, majority investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and sports betting has given that turned into one of the world’s largest online gambling business.

By 2016, Bet365 produced $2 billion in earnings and helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, established alongside 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 asset management business that produces financial investment returns and uses unique financial investment insights and services to both private 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 leadership, Bet9ja has actually become a significant gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the business’s growth through partnerships, business technique, and new service advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, concentrating on marketing strategy and sports betting budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he operated in SEO, CRM, 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, sports betting Benin Republic.

22Bet is an online gaming platform that offers sports betting, gambling establishment games, and live dealer games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and sports betting 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 business he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has become a substantial player in the market, 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 sports betting a strong advocate for the growing African web ecosystem. His financial investments reflect his dedication to fostering innovation 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 company is set to interfere with the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry 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 aims to take advantage of cutting-edge innovation and sports betting a dedication to accountable gaming to revolutionise the sector.

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

At a press briefing, the company’s spokesperson, sports betting Akin Babatunde, sports betting stated that the rise in Internet penetration, mobile use, and sports betting the continent’s deep enthusiasm for sports betting, specifically football, sports betting has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and sports betting specialist group will allow it to scale and sports betting dominate the market rapidly.

Islamic authorities raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting 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, called the Hisbah, informed the BBC.

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

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

However Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be detained.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – together with nonreligious law.

Bookies and bars tend to be allowed to operate in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

However, the existing crackdown is focused on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.

sports betting wagering stores can be found all over the city. A lot of have television screens, and consumers see the result of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookies had been able to run under the radar as they had actually opened under false pretenses.

“They do not have licences to operate as they were permitted to run video games centres, which they later on transformed to sports betting stores,” he said.

The sports betting wagering industry has broadened considerably throughout West Africa recently. The area is approximately divided in between a primarily Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to delight in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and teams.

Nigeria’s crippling economic crisis has actually likewise indicated individuals want to risk a small amount in the hope of winning huge.

However this had actually caused prevalent dependency, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.

“These economic issues we are facing in Nigeria is God telling us to change our methods by stopping sins,” he stated.

The raids on Tuesday 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 shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would face – frequently, such infringements 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 consumption of alcohol were prohibited.