Breaking the House: New Firm Confronts Status Quo as Religious Police Target Betting Outlets

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

Gaming has developed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, sports betting swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

Gradually, with increased internet gain access to came virtual wagering, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

Despite economic challenges such as inflation, Nigeria’s sports betting wagering sector has actually flourished, drawing in millions, sports betting especially amongst the youthful market dealing with high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates a projected annual income of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulative measures like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations despite challenges in enforcement. Concerns such as inadequate age confirmation and marketing rule breaches show industry regulative spaces.

Despite these obstacles, sports betting wagering business continue to grow through effective company models and aggressive marketing techniques, leveraging the developer influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the video gaming and show business, consisting of operating at one of the United Kingdom’s largest video gaming centres, sports betting The Palace Bingo Club, where he acted 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, founded in August 2011, has grown into a leading e-commerce company in the wagering and sports betting video gaming sector, running through online, sports betting mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and sports betting has because expanded its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated environment that combines pertinent sports betting content, engaging features, and a first-rate sportsbook.

Considering that taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual profits has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has actually attained 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 formerly functioned as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market because 2000, holding numerous successful functions, including General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market presence and boost its offerings. The company’s app has garnered significant 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 transforming start-ups into institutionalized companies. Her proficiency covers the gaming, realty, and credit loaning markets, where he has actually developed himself as a tactical and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s functional strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer educational 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 company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a fully functional site, setting a standard in the industry.

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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, sports betting providing a vast array of sports betting choices 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 worked together with African socio-economic organizations and federal governments to design 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 introduced 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 company has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing yearly. 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 founder, bulk investor, sports betting and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually given that become among the world’s biggest online sports betting business.

By 2016, sports betting Bet365 generated $2 billion in incomes and assisted in $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 wagering business in Nigeria, established along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces investment returns and provides special financial investment insights and services to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has 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 market. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has contributed to the company’s growth through collaborations, service method, and new company development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product advancement and client experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he worked in SEO, CRM, sports betting and sports betting content management. Fikayo likewise 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 gambling platform that uses sports betting, gambling establishment games, and live dealership video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a worldwide sports betting wagering and real-money video gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a considerable gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor in fintech and sports betting mobile payments and a strong advocate for the growing African web environment. His investments show his dedication to promoting development and advancement within the region.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of cutting-edge technology and a dedication to responsible gambling to revolutionise the sector.

Backed by the financial power of four prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting platform.

At a press instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, sports betting and sports betting the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for sports betting Sunbet’s ambitious entry. He included that the company’s robust financial backing and specialist team will enable it to scale and sports betting control the market rapidly.

Islamic police raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually begun shutting down sports betting shops, which they say are operating illegally.

“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.

Problems from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of sports betting addicts, he said.

On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer stated.

But Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.

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

Bookmakers and bars tend to be allowed to run in Kano’s Christian areas, sports betting 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 vast city and the economic center of northern Nigeria.

Sports betting shops can be discovered all over the city. Most have tv screens, and customers watch the result of global football matches or sports betting horse races on which they have actually staked cash.

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

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

The sports betting wagering market has expanded significantly throughout West Africa in the last few years. The region is roughly divided in between a mainly Muslim north and a predominantly Christian south.

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

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

But this had actually led to extensive dependency, and parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.

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

The raids on Tuesday focused on Munjibir, considered 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 jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would deal with – typically, such violations bring a fine.

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