The $2 Billion Gamble: Meet the CEOs Reshaping Nigeria’s Betting Industry Despite Islamic Pushback

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

Gambling has progressed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where lovers would bet just N50-N200 on matches.

Slowly, with increased web access came virtual sports betting, which parallels international patterns. 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.

Regardless of economic difficulties such as inflation, Nigeria’s sports betting wagering sector has flourished, sports betting drawing in millions, specifically among the youthful group facing high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates an approximated annual profits of N730 billion. The federal government has not gone undetected by this growth, which is considering regulative procedures like excise duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of challenges in enforcement. Issues such as inadequate age confirmation and marketing rule breaches reveal market regulative gaps.

Despite these difficulties, sports betting wagering companies continue to flourish through effective business designs and aggressive marketing methods, leveraging the developer influencer industry.

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

Constable 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 career spans different roles in the gaming and show business, including working at one of the United Kingdom’s largest 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, Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce company in the sports betting and sports betting video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually because expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand sports betting names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated community that combines pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm just before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly profits has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and sports betting tactical vision have actually propelled LiveScore Group’s success and helped shape the industry’s instructions. LiveScoreBet has achieved 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, sports betting having actually formerly served as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online gaming industry given that 2000, sports betting holding different successful roles, consisting of General Manager of a data analytics group and Director sports betting of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market presence and enhance its offerings. The business’s app has actually garnered 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 organizations. Her proficiency covers the video gaming, realty, and credit loaning industries, where he has developed himself as a tactical and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Since June 2019, sports betting she has actually functioned as Managing Director and has supervised 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 functional techniques and market expansion.

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, completed in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a totally functional site, setting a criteria in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting 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 business runs in more than 50 countries, consisting of Nigeria, where it is totally accredited.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting options 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 ventures, Ukanwoke has teamed up with African socio-economic organizations and sports betting governments to create 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 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 wagering and home entertainment company has actually quickly grown its presence in Nigeria, sports betting with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing yearly. In the 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 shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has because turned into one of the world’s largest online gambling companies.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has amassed 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 company in Nigeria, developed together with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that creates financial investment returns and offers unique financial investment insights and options to both specific and institutional customers.

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 actually ended up being a significant gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has been serving as the Country Director sports betting for 22BET in Nigeria given that June 2021. In this role, he has added to the business’s growth through collaborations, service technique, and new business advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he worked in SEO, CRM, sports betting and content management. Fikayo likewise acted as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of (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 gaming platform that offers sports betting wagering, sports betting gambling establishment games, and live dealership games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and sports betting 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 sports betting CEO of SportyBet, a company he developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a significant player 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 financial investments reflect his commitment to cultivating innovation and advancement within the area.

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

The firm is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of innovative technology and a commitment to responsible gaming to change the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile usage, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will allow it to scale and dominate the market quickly.

Islamic cops raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started shutting down sports betting wagering shops, sports betting which they state are running unlawfully.

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

Complaints from community leaders and sports betting moms and dads triggered the crackdown, sports betting stressed over the growing variety of gambling addicts, he stated.

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

However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – along with nonreligious law.

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

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

Sports betting shops can be found all over the city. A lot of have television screens, and clients enjoy the outcome of international football matches or horse races on which they have staked money.

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

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

The sports betting wagering industry has broadened drastically across West Africa in the last few years. The area is approximately divided in between a mainly Muslim north and sports betting a mainly Christian south.

Many individuals go to bookmakers to take pleasure in the friendship of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and teams.

Nigeria’s debilitating recession has actually likewise indicated people want to run the risk of a small amount in the hope of winning big.

But this had led to prevalent addiction, sports betting and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.

“These economic issues we are dealing with 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 recommending those running those sports betting stores to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – frequently, such infringements bring a fine.

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