The N2 Billion Sports Betting War: Industry Leaders Face Religious Clampdown as New Challenger Surfaces

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

sports betting has evolved significantly in from conventional forms like pool staking and sports betting Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, sports betting swimming pool staking was a typical sight at motor parks and sports betting kiosks, where enthusiasts would wager just N50-N200 on matches.

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

Regardless of economic difficulties such as inflation, Nigeria’s sports betting sector has thrived, bring in millions, particularly among the vibrant demographic facing high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates an approximated annual earnings of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative procedures like import tax 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 reasonable operations regardless of difficulties in enforcement. Concerns such as inadequate age confirmation and advertising rule breaches show industry regulatory gaps.

In spite of these challenges, sports betting companies continue to flourish through reliable service designs and aggressive marketing methods, leveraging the creator influencer market.

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

Constable 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 profession covers different functions in the gaming and sports betting show business, including working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he functioned 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 company in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually since expanded 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 ended up being the CEO of LiveScore Group, a totally integrated ecosystem that integrates relevant sports betting content, engaging functions, and a first-rate sportsbook.

Since taking the helm right before the pandemic, sports betting Sam has actually driven substantial growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual profits has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually propelled LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has achieved significant 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 formerly functioned as the business’s Marketing and Operations Director since 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 a data analytics group and 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 gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her knowledge covers the video gaming, realty, and credit financing markets, where he has 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 sports betting and has managed the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential 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 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, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a totally practical website, setting a criteria 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 international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is completely accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of wagering alternatives 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 endeavors, Ukanwoke has actually worked together with African socio-economic organizations and governments to develop developmental policies aimed at empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and sports betting launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration 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 creator, majority investor, and joint Chief Executive of Bet365, sports betting an online sports betting business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and sports betting has actually given that turned into one of the world’s biggest online gaming companies.

By 2016, Bet365 created $2 billion in profits and assisted in $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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 business in Nigeria, developed alongside business person 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 property management business that creates financial investment returns and sports betting provides special financial investment insights and sports betting options to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually added to the company’s growth through partnerships, business method, and sports betting brand-new service development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product development and consumer 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 roles at Laclic Services and Betty Bingo.

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

22Bet is an online gambling platform that offers sports betting wagering, gambling establishment games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered 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 a worldwide sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial gamer in the market, sports betting with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active investor sports betting in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments show his commitment to promoting development and sports betting development 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 interfere with the sports betting industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In a market 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 advanced technology and a commitment to accountable gambling to change the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, sports betting stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and specialist team will enable it to scale and dominate the market quickly.

Islamic police raid betting shops in northern Nigeria

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

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

Problems from community 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 suburb alone, sports betting and their owners were sent home with a caution, the Sharia officer said.

However Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.

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

Bookmakers and bars tend to be permitted to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

Nevertheless, sports betting the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Many have tv screens, sports betting and clients see the result of global football matches or horse races on which they have actually staked money.

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

“They do not have licences to run as they were allowed to run video games centres, which they later on converted to wagering stores,” he stated.

The sports betting industry has actually broadened dramatically throughout West Africa in recent years. The area is approximately divided in between a mainly Muslim north and a predominantly Christian south.

Many people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are also popular for sports betting wagering on the outcome of events and groups.

Nigeria’s debilitating recession has actually also indicated individuals are willing to run the risk of a percentage in the hope of winning big.

But this had resulted in prevalent addiction, sports betting and parents were even complaining that children were dropping out of school to gamble, sports betting Mr Aminudeen stated.

“These financial issues 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 wagering stores to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would face – frequently, such violations carry a fine.

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