The N2 Billion Sports Betting Battle: Industry Leaders Face Islamic Clampdown as New Challenger Surfaces

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

sports betting has actually developed significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

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

In spite of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has grown, attracting millions, especially among the younger market dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces a projected annual revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative procedures like excise duties and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of obstacles in enforcement. Issues such as inadequate age confirmation and marketing rule breaches reveal market regulative spaces.

In spite of these difficulties, sports betting companies continue to grow through efficient company models and aggressive marketing methods, leveraging the developer influencer industry.

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

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers numerous functions in the gaming and show business, including operating at among 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 become a leading e-commerce organization in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has because broadened its existence, accomplishing 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 ended up being the CEO of LiveScore Group, a totally incorporated environment that integrates appropriate sports betting material, engaging functions, and a first-rate sportsbook.

Considering that taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and yearly income has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and sports betting assisted form the industry’s instructions. 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 actually previously acted as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has been in the online video gaming industry given that 2000, holding various successful functions, including General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market presence and improve its offerings. The company’s app has actually amassed 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 transforming start-ups into institutionalized services. Her knowledge covers the gaming, property, and credit lending industries, where he has actually established himself as a tactical and sports betting operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has acted as Managing Director and has supervised the company’s growth and operations in Lagos, sports betting Nigeria.

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

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

Akin Alabi, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a totally functional site, sports betting setting a standard 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 actually developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting options and an easy to use 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 collaborated with African socio-economic organizations and federal governments to create 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, sports betting established and introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has rapidly grown its existence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, sports betting the number of which is increasing each year. In the very 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online wagering site and has given that grown into among the world’s biggest online gambling companies.

By 2016, Bet365 produced $2 billion in revenues and helped with $45 billion in annual bets. The company likewise 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 company in Nigeria, established alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates investment returns and offers distinct investment insights and services 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 ended up being a considerable player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually added to the company’s development through collaborations, company method, and new service advancement.

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

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

He holds a Bachelor sports betting 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 gaming platform that uses sports betting, sports betting gambling establishment games, and live dealership video games. It was launched in 2017 and is owned and operated 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is an international sports betting and real-money video gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant 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 investor sports betting in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His investments show his commitment to cultivating innovation and development 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 disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In an industry 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 PwC, sports betting the company intends to take advantage of innovative technology and sports betting a dedication to responsible gaming to change the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and specialist group will enable it to scale and control the marketplace rapidly.

Islamic cops raid betting shops in northern Nigeria

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

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

Grievances from community leaders and parents prompted the crackdown, worried about the growing variety of gambling addicts, he said.

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

But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the rules would be jailed.

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

Bookies and bars tend to be permitted to run in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

However, sports betting the present crackdown is concentrated on Muslim locations of Kano, a vast city and sports betting the financial hub of northern Nigeria.

Sports betting shops can be discovered all over the city. The majority of have television screens, and customers view the outcome of worldwide football matches or horse races on which they have actually staked money.

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

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

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

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

Nigeria’s debilitating economic crisis has likewise indicated people want to run the risk of a percentage in the hope of winning huge.

However this had resulted in widespread addiction, and parents were even grumbling that kids were leaving of school to bet, sports betting Mr Aminudeen said.

“These financial concerns we are dealing with in Nigeria is God telling us to alter our ways 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 encouraging those running those sports betting stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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