The $2 Billion Gamble: Meet the Leaders Transforming Nigeria’s Betting Industry Despite Islamic Resistance

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

Gaming has actually evolved significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and sports betting kiosks, where enthusiasts would bet just N50-N200 on matches.

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

In spite of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually thrived, bring in millions, particularly amongst the vibrant group dealing with high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates a projected yearly income of N730 billion. The federal government has not gone undetected by this growth, which is considering regulative steps like import tax responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Concerns such as insufficient age confirmation and advertising rule breaches show industry regulatory gaps.

Despite these obstacles, sports betting wagering business continue to grow through reliable service models and aggressive marketing methods, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have significantly added to Nigeria’s $2 billion sports betting empire through their extensive audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous roles in the video gaming and show business, including operating at among the United Kingdom’s largest 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 actually become a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, sports betting and has given that expanded its presence, achieving 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 fully incorporated ecosystem that combines pertinent sports betting material, engaging functions, sports betting and a first-rate sportsbook.

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

Sam’s management and strategic vision have actually moved LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has actually attained significant 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 business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry considering that 2000, sports betting holding various successful functions, consisting of General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market presence and boost its offerings. The business’s app has actually gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her expertise covers the gaming, sports betting property, and credit loaning industries, where he has actually established himself as a tactical and sports betting functional leader.

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

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

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

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a fully functional site, setting a standard 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 global sports betting business 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 totally licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a vast array of sports betting options and sports betting 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic institutions and federal governments to develop developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

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

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing annually. 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 founder, sports betting bulk investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and sports betting has given that turned into one of the world’s biggest online sports betting companies.

By 2016, sports betting Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered significant user engagement, sports betting 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 company in Nigeria, sports betting developed alongside businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces financial investment returns and offers distinct financial investment insights and sports betting options to both private 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 leadership, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the company’s growth through collaborations, service technique, and new service development.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, sports betting and Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and sports betting Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that uses sports betting, casino games, and live dealership video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise 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 global sports betting and real-money video gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a considerable gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web environment. His investments show his commitment to promoting innovation and sports betting development within the area.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the to take advantage of cutting-edge innovation and a commitment to responsible gaming to change the sector.

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

At a press rundown, sports betting the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and expert group will allow it to scale and control the marketplace rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started closing down sports betting shops, which they state are running unlawfully.

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

Problems from neighborhood leaders and parents prompted the crackdown, stressed over the growing number of sports betting addicts, he stated.

On the first day of raids, 30 stores were closed in one suburb alone, and sports betting their owners were sent home with a caution, sports betting the Sharia officer said.

However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be detained.

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

Bookmakers and bars tend to be enabled to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

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

Sports betting shops can be found all over the city. The majority of have television screens, and sports betting clients enjoy the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies had been able to operate under the radar as they had actually opened under false pretenses.

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

The sports betting wagering market has expanded significantly across West Africa over the last few years. The area is roughly divided between a mainly Muslim north and a predominantly Christian south.

Lots of people go to bookies to enjoy the friendship of other gamblers, though mobile apps are also popular for wagering on the outcome of events and teams.

Nigeria’s crippling recession has actually likewise indicated people are willing to risk a percentage in the hope of winning huge.

But this had caused prevalent dependency, and parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

“These economic issues we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he said.

The raids on Tuesday concentrated on Munjibir, sports betting considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending those running those wagering shops to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – often, such infringements bring a fine.

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