Disrupting the House: New Firm Challenges Status Quo as Islamic Police Target Betting Outlets
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.
Gambling has evolved significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels global 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 challenges such as inflation, Nigeria’s sports betting sector has actually prospered, drawing in millions, sports betting especially amongst the vibrant group dealing with high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates an estimated annual income of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative steps like excise duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of difficulties in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show industry regulatory gaps.
Regardless of these obstacles, sports betting wagering companies continue to grow through efficient service models and aggressive marketing techniques, sports betting leveraging the creator influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have substantially added to Nigeria’s $2 billion gaming empire through their extensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans numerous roles in the gaming and show business, consisting of working 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, sports betting Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce organization in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and sports betting has actually because broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated community that combines relevant sports betting material, engaging features, and sports betting a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly profits has surged from around ₤ 10 million to over ₤ 80 million.
Sam’s management and sports betting strategic vision have propelled LiveScore Group’s success and assisted shape the industry’s direction. 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 selected CEO of Betway in November 2017, having previously functioned as the business’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and sports betting has been in the online gaming industry given that 2000, holding various successful roles, consisting of General Manager of an information analytics team and sports betting Director of a digital marketing firm.
Under Werkman’s management, Betway has continued to grow its market presence and enhance its offerings. The business’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 identified herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her know-how spans the video gaming, property, and credit lending industries, where he has established himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has functioned as Managing Director and has overseen the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s operational techniques and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides 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, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a completely functional site, 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 countries, sports betting including Nigeria, where it is completely licensed.
Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a large range of sports betting alternatives and an user-friendly 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 actually collaborated with African socio-economic institutions and federal governments to design developmental policies targeted at empowering young people. 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, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually rapidly grown its existence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing yearly. In the exact same year, sports betting 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, bulk shareholder, and joint Chief Executive of Bet365, sports betting an online gaming business she established in 2000. Bet365.com was launched in 2001 as an online wagering site and sports betting has actually because become among the world’s biggest online gaming companies.
By 2016, Bet365 created $2 billion in earnings and assisted in $45 billion in annual bets. The company 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, established alongside businessman 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 creates investment returns and uses unique financial investment insights and options to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a substantial gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has contributed to the business’s growth through collaborations, company technique, and new organization development.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, and sports betting Country Manager at 22BET, sports betting concentrating on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held different digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise 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, Benin Republic.
22Bet is an online gaming platform that provides sports betting wagering, gambling establishment video games, and live dealership video games. It was released 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 company he developed in 2013.
SportyBet is a global sports betting and real-money video gaming operator known for delivering an experience in controlled 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 role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments show his dedication to fostering 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 focused 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 intends to leverage advanced innovation and a dedication to accountable gambling to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent’s largest and most innovative sports betting platform.
At a press briefing, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and expert group will enable it to scale and dominate the market quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have started closing down sports betting wagering shops, which they state are operating unlawfully.
“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, sports betting fretted about the growing variety of gambling addicts, sports betting he said.
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 said.
However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and runs the Islamic legal system – Sharia – alongside nonreligious law.
Bookmakers and bars tend to be allowed to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, the current crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
Sports betting shops can be found all over the city. A lot of have tv screens, and sports betting consumers see the result of international football matches or horse races on which they have staked money.
Mr Aminudeen said such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretences.
“They do not have licences to run as they were permitted to run video games centres, which they later transformed to sports betting shops,” he said.
The sports betting wagering market has broadened significantly across West Africa in recent years. The region is approximately divided between a generally Muslim north and a predominantly Christian south.
Lots of people go to bookies to take pleasure in the sociability of other gamblers, sports betting though mobile apps are also popular for sports betting on the outcome of events and teams.
Nigeria’s debilitating economic crisis has likewise indicated people are willing to run the risk of a small amount in the hope of winning huge.
But this had resulted in extensive dependency, and moms and dads were even complaining 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 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 shops 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 – often, such violations carry a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, sports betting and the usage of alcohol were prohibited.