Disrupting the House: New Firm Challenges Status Quo as Religious Police Target Betting Shops

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

sports betting has actually progressed significantly in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

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

In spite of financial obstacles such as inflation, Nigeria’s sports betting sector has grown, bring in millions, particularly among the vibrant market dealing with high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates a projected yearly earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory procedures like import tax responsibilities 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 despite difficulties in enforcement. Concerns such as insufficient age verification and marketing rule breaches show spaces.

Regardless of these obstacles, sports betting companies continue to prosper through effective service designs and aggressive marketing methods, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have substantially added to Nigeria’s $2 billion gaming 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 profession spans various functions in the gaming and show business, including working at one of the United Kingdom’s biggest 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has actually turned into a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has since expanded its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

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

Because taking the helm prior to the pandemic, sports betting Sam has driven considerable development for LiveScore Group. The business’s staff member headcount has increased by 29%, and annual earnings has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and sports betting tactical vision have actually moved LiveScore Group’s success and helped form the industry’s instructions. 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 selected CEO of Betway in November 2017, having actually formerly served as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online gaming market since 2000, holding various effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market presence and improve its offerings. The business’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 actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her proficiency spans the video gaming, sports betting property, and credit lending industries, where he has actually developed himself as a tactical and functional leader.

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

Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, sports betting critical in the business’s operational methods and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the founder of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the first to launch a completely functional website, setting a criteria 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 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 bookmakers in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a large range of wagering alternatives and sports betting 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 collaborated with African socio-economic institutions and governments to create developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

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

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing yearly. In the very 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 investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was released in 2001 as an online wagering site and has because become among the world’s largest online gambling business.

By 2016, sports betting Bet365 generated $2 billion in revenues and facilitated $45 billion in yearly bets. The business likewise 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 business in Nigeria, developed along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates investment returns and offers special investment insights and solutions to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually ended up being a significant gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering industry. He has actually been functioning as the Country Director sports betting for 22BET in Nigeria given that June 2021. In this role, sports betting he has actually added to the company’s development through collaborations, company technique, and sports betting new service development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product development and consumer experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, CRM, 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, sports betting Benin Republic.

22Bet is an online gaming platform that offers sports betting wagering, gambling establishment games, and live dealer games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also 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, sports betting a company he developed in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator sports betting known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable 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 investor in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments show his commitment to cultivating development and development within the area.

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

The company is set to interfere with the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative technology and a dedication to responsible gaming to revolutionise the sector.

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

At a press briefing, the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, sports betting especially football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and professional team will enable it to scale and sports betting dominate the marketplace quickly.

Islamic police raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting shops, which they say are operating illegally.

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

Grievances from neighborhood leaders and moms and sports betting dads triggered the crackdown, worried about the growing number of gambling addicts, he stated.

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

However Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be apprehended.

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

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

However, the existing crackdown is concentrated on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.

Sports betting shops can be discovered all over the city. Many have television screens, and clients watch the result of international football matches or sports betting horse races on which they have actually staked cash.

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

“They do not have licences to run as they were permitted to run computer game centres, which they later converted to wagering stores,” he stated.

The sports betting industry has actually broadened dramatically across West Africa recently. The region is approximately divided in between a generally Muslim north and sports betting a predominantly 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 result of occasions and teams.

Nigeria’s debilitating economic crisis has actually likewise indicated individuals are willing to risk a percentage in the hope of winning huge.

But this had led to prevalent dependency, and sports betting parents were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.

“These economic issues we are facing in Nigeria is God informing us to alter our ways by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, sports betting thought about 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 apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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