The N2 Billion Bet: Meet the Leaders Reshaping Nigeria’s Betting Industry Despite Islamic Pushback

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

Gaming has actually evolved considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

Slowly, with increased web gain access to came virtual sports betting, 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 challenges such as inflation, Nigeria’s sports betting wagering sector has flourished, attracting millions, particularly among the younger group facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates an estimated annual profits of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory measures like excise responsibilities and VAT increases to manage the sector.

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

In spite of these obstacles, sports betting companies continue to thrive through effective company models and aggressive marketing strategies, leveraging the creator influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers different roles in the video gaming and entertainment industry, consisting of operating at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, sports betting where he served as the Lead Engineer in a Bingo and sports betting 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 become a leading e-commerce company in the sports betting and sports betting gaming sector, running through online, sports betting mobile, and retail channels. The business was incorporated in Nigeria on November 7, sports betting 2006, and has actually because broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a fully integrated community that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and helped form the industry’s instructions. LiveScoreBet has actually accomplished 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 served as the business’s Marketing and Operations Director sports betting since 2015. He joined Betway in 2013 and has actually been in the online video gaming market since 2000, holding numerous effective functions, consisting of General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has actually amassed substantial 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 changing start-ups into institutionalized services. Her know-how spans the gaming, property, and credit financing markets, where he has actually developed himself as a tactical and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually served as Managing Director and has actually supervised the company’s growth and operations in Lagos, Nigeria.

Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s functional strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer instructional background consists of 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 business, sports betting established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to launch a fully functional site, setting a criteria 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is totally accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of sports betting choices and an user-friendly 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 worked together with African socio-economic organizations and governments to design 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, established and introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business 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 collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing every 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 creator, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually because become among the world’s biggest online gaming companies.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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, sports betting a leading sports betting wagering business in Nigeria, established along 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, sports betting an independent Nigerian possession management company that produces financial investment returns and provides distinct investment insights and options to both specific and institutional clients.

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 leadership, Bet9ja has ended up being a substantial player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been acting as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this function, he has contributed to the company’s growth through partnerships, organization strategy, and brand-new business advancement.

Fikayo’s experience includes functions 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 method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also worked as a Human Resource 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, casino games, and live dealer video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company 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 business he developed in 2013.

SportyBet is a worldwide sports betting and sports betting real-money video gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has 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, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments reflect his commitment to promoting development and development within the area.

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

The company is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry 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 firm intends to take advantage of cutting-edge technology and a commitment to accountable sports betting to revolutionise the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and sports betting the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and sports betting specialist team will allow it to scale and control the market quickly.

Islamic authorities raid betting shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually begun closing down sports betting wagering stores, which they state are operating illegally.

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

Problems from neighborhood leaders and parents prompted the crackdown, fretted about the growing number of gambling addicts, he said.

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

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

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

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

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

Sports betting stores can be found all over the city. Many have tv screens, and clients view the outcome of worldwide football matches or horse races on which they have actually staked money.

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

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

The sports betting industry has expanded considerably across West Africa in the last few years. The area is approximately divided in between a primarily Muslim north and a primarily Christian south.

Many individuals go to bookies to take pleasure in the camaraderie of other gamblers, sports betting though mobile apps are likewise popular for sports betting wagering on the outcome of occasions and teams.

Nigeria’s crippling economic crisis has also implied individuals are willing to run the risk of a small amount in the hope of winning big.

But this had actually led to widespread dependency, sports betting and parents were even grumbling that children were leaving of school to bet, sports betting Mr Aminudeen stated.

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

It is uncertain what punishment they would face – typically, such infringements carry a fine.

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