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.

sports betting has developed significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting sector has actually thrived, attracting millions, specifically amongst the younger demographic facing high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces an approximated annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory steps like excise tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of challenges in enforcement. Concerns such as inadequate age confirmation and marketing rule breaches show market regulative gaps.

Regardless of these difficulties, sports betting wagering business continue to grow through efficient organization designs and sports betting aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in broadening audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting wagering business who have actually substantially added to Nigeria’s $2 billion gambling empire through their substantial 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 diverse profession spans different roles in the gaming and show business, including working at one of the United Kingdom’s biggest 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce service in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually because broadened its existence, achieving 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 totally integrated community that integrates relevant sports betting material, engaging features, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and annual revenue has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has actually achieved 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 functioned as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market since 2000, holding numerous successful roles, sports betting consisting of 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 presence and enhance its offerings. The company’s app has garnered significant 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 track record of changing start-ups into institutionalized businesses. Her proficiency spans the gaming, real estate, sports betting and credit lending industries, where he has established himself as a tactical and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has functioned as Managing Director sports betting and has managed the company’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s operational techniques and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN offers frHer instructional background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a totally functional website, setting a benchmark 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 sports betting the world. The company runs in more than 50 countries, consisting of Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of wagering 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 institutions and governments to create developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has quickly 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 variety of which is increasing annually. In the 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, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually given that grown into one of the world’s biggest online sports betting companies.

By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 wagering company in Nigeria, established alongside business owner 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 possession management company that creates financial investment returns and provides special financial investment insights and 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 leadership, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has added to the business’s development through collaborations, company strategy, and new company development.

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

His profession started at Jumia Group, where he worked 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 Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that provides sports betting, gambling establishment games, and live dealer games. It was launched 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 likewise the owners of Betwinner and a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

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

SportyBet is a worldwide sports betting wagering and real-money gaming operator known for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a considerable gamer in the market, 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 community. His investments show his dedication to fostering innovation and sports betting advancement within the region.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.

The firm is set to disrupt the sports wagering industry.

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, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize cutting-edge technology and a dedication to accountable gaming to revolutionise the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, 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 sponsorship and professional group will allow it to scale and dominate the market quickly.

Islamic authorities raid wagering stores in northern Nigeria

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

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

Grievances from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of sports betting addicts, he said.

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

However Mr Aminudeen cautioned that now that the public understood 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 runs the Islamic legal system – Sharia – along with secular law.

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

However, the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering stores can be found all over the city. The majority of have tv screens, and customers see the result of global football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookmakers had been able to run under the radar as they had actually opened under false pretences.

“They do not have licences to operate as they were permitted to run video games centres, which they later on converted to sports betting shops,” he stated.

The sports betting market has actually expanded significantly across West Africa in recent years. The region is roughly divided in between a primarily Muslim north and a mainly Christian south.

Many people go to bookmakers to take pleasure in the of other bettors, though mobile apps are also popular for sports betting wagering on the result of events and sports betting teams.

Nigeria’s crippling economic crisis has likewise indicated individuals want to run the risk of a percentage in the hope of winning huge.

However this had caused widespread dependency, and moms and dads were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.

“These economic problems we are facing in Nigeria is God informing us to alter 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 sports betting stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would deal with – typically, such infringements bring a fine.

Sharia was presented 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.