The N2 Billion Gamble: Meet the Leaders Reshaping Nigeria’s Betting Scene Despite Religious Pushback

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

sports betting has actually developed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor sports betting parks and kiosks, where lovers would bet as low as N50-N200 on matches.

Slowly, with increased internet gain access to came virtual wagering, which parallels worldwide 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 financial obstacles such as inflation, sports betting Nigeria’s sports betting sector has actually flourished, attracting millions, sports betting specifically amongst the vibrant demographic 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 an approximated annual income of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative procedures like excise responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of difficulties in enforcement. Issues such as insufficient age verification and advertising guideline breaches reveal industry regulative gaps.

Despite these challenges, sports betting business continue to grow through efficient company designs and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing important roles in expanding audience reach and growth. Here are the CEOs of leading sports betting wagering companies who have significantly added to Nigeria’s $2 billion gambling empire through their extensive 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 career spans various functions in the gaming and sports betting entertainment industry, including working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he worked 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 turned into a leading e-commerce business in the sports betting and video gaming sector, running through online, sports betting mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually given that broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a fully incorporated environment that integrates appropriate sports betting material, engaging functions, and sports betting a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The business’s staff member headcount has increased by 29%, and annual earnings has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have propelled 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 formerly acted as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online video gaming market because 2000, sports betting holding different successful functions, including General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market existence and sports betting boost its offerings. The business’s app has amassed substantial 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 changing start-ups into institutionalized companies. Her proficiency covers the video gaming, real estate, and credit lending industries, where he has developed himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for sports betting over 14 years. Given that June 2019, she has worked as Managing Director and has actually overseen the business’s development 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 established DearDammy Women’s Initiative (DDWIN), sports betting a non-profit company empowering women-owned services. DDWIN supplies frHer academic background consists of 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 company, sports betting developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the first to release a totally functional website, setting a criteria 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, sports betting including Nigeria, where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting offering a large range of wagering options 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic organizations and federal governments to create 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 launched 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 entertainment company has actually rapidly grown its presence in Nigeria, sports betting with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing every year. In the very same year, sports betting 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 gambling company she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that turned into one of the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in profits and assisted in $45 billion in yearly 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 business in Nigeria, developed together with 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 company that generates financial investment returns and uses distinct investment insights and options to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly 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 gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually contributed to the business’s growth through partnerships, business method, and brand-new company advancement.

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

His profession started at Jumia Group, where he operated in SEO, sports betting 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 sports betting Accounting from Ladoke Akintola University of Technology and sports betting a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that provides sports betting, gambling establishment video games, and live dealer games. It was released in 2017 and is owned and operated 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 gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

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

In addition to his function at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web community. His investments reflect his commitment to promoting development and advancement within the area.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, sports betting the company intends to leverage innovative technology and a dedication to responsible gaming to change the sector.

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

At a press briefing, the business’s representative, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and professional group will allow it to scale and dominate the market quickly.

Islamic cops raid wagering shops in northern Nigeria

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

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

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

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

However Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the rules would be jailed.

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

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

However, sports betting the existing crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

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

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

“They don’t have licences to operate as they were allowed to run computer game centres, which they later converted to sports betting shops,” he stated.

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

Many individuals go to bookmakers to enjoy the friendship of other gamblers, though mobile apps are also popular for sports betting wagering on the result of events and teams.

Nigeria’s crippling economic crisis has also indicated people want to risk a small amount in the hope of winning big.

However this had resulted in prevalent addiction, and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

“These financial concerns we are facing in Nigeria is God telling us to change our ways 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 stores 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 deal with – typically, such violations carry a fine.

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