The N2 Billion Sports Betting War: Industry Leaders Face Religious Clampdown as Fresh Challenger Emerges

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting industry.

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

Gradually, with increased internet access came virtual sports betting, which parallels worldwide 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 economic difficulties such as inflation, Nigeria’s sports betting sector has actually grown, bring in millions, sports betting particularly amongst the youthful group dealing with high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces a projected annual earnings of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory steps like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of challenges in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches reveal market regulatory gaps.

Regardless of these difficulties, sports betting wagering business continue to flourish through effective organization models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria’s $2 billion gaming 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 functions in the gaming and show business, including operating at one of the United Kingdom’s biggest gaming centres, 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, Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce company in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually since expanded its presence, sports betting 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated ecosystem that integrates pertinent sports betting content, engaging features, sports betting and a world-class sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company’s employee headcount has increased by 29%, and yearly income has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have propelled LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has actually achieved major sports betting 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 actually previously worked as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry because 2000, holding different successful functions, consisting of General Manager of a data analytics team and sports betting Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market existence and boost its offerings. The company’s app has actually garnered significant user engagement, with over 100,000 downloads on the Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her proficiency covers the video gaming, real estate, and credit loaning markets, sports betting where he has developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually served 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, pivotal in the company’s functional techniques and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, sports betting developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a completely practical website, 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 worldwide sports betting company 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 operates in more than 50 countries, consisting of Nigeria, where it is totally certified.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering choices and an easy to use 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 collaborated with African socio-economic institutions and federal governments to develop developmental policies focused on empowering young people. 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, operates under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and home 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 participated in a partnership with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, the variety of which is increasing annually. 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, sports betting bulk investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has considering that grown into one of the world’s largest online gaming business.

By 2016, Bet365 generated $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 actually garnered 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, sports betting established alongside businessman 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 generates investment returns and provides distinct financial investment insights and options to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually become a significant gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the business’s growth through collaborations, sports betting service strategy, and new business advancement.

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

His career started at Jumia Group, where he operated in SEO, CRM, and sports betting content management. Fikayo also 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, Management, and Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online gambling platform that uses sports betting, casino video games, and live dealer games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and 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 company he established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator sports betting known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial 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 financier in fintech and mobile payments and a strong advocate for the growing African web community. His financial investments reflect his commitment to cultivating innovation and advancement within the area.

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

The firm is set to disrupt the sports wagering industry.

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 annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative innovation and a commitment to responsible gaming to revolutionise the sector.

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

At a press briefing, the company’s spokesperson, Akin Babatunde, sports betting stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust sponsorship and expert group will allow it to scale and control the marketplace rapidly.

Islamic authorities raid wagering stores in northern Nigeria

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

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

Problems from community leaders and parents triggered the crackdown, fretted about the growing variety of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.

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

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

Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.

sports betting wagering stores can be found all over the city. Many have tv screens, and consumers view the result of global football matches or horse races on which they have actually staked money.

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

“They do not have licences to operate as they were allowed to run computer game centres, which they later transformed to wagering stores,” he stated.

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

Lots of people go to bookmakers to enjoy the friendship of other gamblers, sports betting though mobile apps are likewise popular for wagering on the result of events and groups.

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

But this had actually caused extensive dependency, and moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.

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

It is uncertain what punishment they would face – frequently, sports betting such infringements carry 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 prohibited.