The N2 Billion Bet: Meet the CEOs Transforming Nigeria’s Betting Industry Despite Islamic Pushback

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

sports betting has developed substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, which parallels worldwide 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 economic challenges such as inflation, Nigeria’s sports betting sector has actually flourished, drawing in millions, particularly amongst the younger demographic facing high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting, sports betting driving an industry that produces an approximated annual profits of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory procedures like excise responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of obstacles in enforcement. Concerns such as inadequate age confirmation and advertising rule breaches show market regulatory spaces.

In spite of these difficulties, sports betting companies continue to flourish through reliable organization models and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have actually 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 business who have actually considerably added to Nigeria’s $2 billion gaming 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 profession spans various functions in the gaming and show business, including operating at among the United Kingdom’s largest 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, founded in August 2011, has actually grown into a leading e-commerce service in the wagering and gaming sector, running through online, sports betting mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has given that broadened its existence, attaining 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 ended up being the CEO of LiveScore Group, a completely integrated community that integrates relevant sports betting content, engaging functions, and a first-rate sportsbook.

Considering that taking the helm just before the pandemic, sports betting Sam has driven considerable growth for LiveScore Group. The business’s employee headcount has increased by 29%, and yearly profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and assisted shape the market’s instructions. LiveScoreBet has attained significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having formerly acted as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has remained in the online gaming industry considering that 2000, holding different successful roles, including General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market existence and boost its offerings. The company’s app has garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her expertise covers the video gaming, real estate, and credit loaning industries, where he has actually established himself as a tactical and sports betting functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has served as Managing Director and has actually managed 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 company’s operational techniques and market growth.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a completely practical website, setting a standard 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is totally certified.

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

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

In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing each year. 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 investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has given that turned into among the world’s biggest online gambling companies.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered considerable 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 business in Nigeria, developed alongside businessman 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 company that produces investment returns and provides unique financial investment insights and solutions to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly 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 wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the company’s growth through partnerships, business strategy, and brand-new business development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also worked 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 offers sports betting wagering, gambling establishment video games, and games. It was introduced in 2017 and is owned and run 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 casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.

SportyBet is a worldwide 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 actually ended up being a significant 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 financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments show his commitment to cultivating development and advancement within the area.

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

The company is set to interrupt 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 annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage advanced innovation and a dedication to accountable sports betting to revolutionise the sector.

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

At a press instruction, the business’s representative, sports betting Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and specialist group will enable it to scale and control the marketplace quickly.

Islamic authorities raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting wagering shops, which they say are running illegally.

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, sports betting informed the BBC.

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

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

But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

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

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

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

sports betting wagering shops can be discovered all over the city. The majority of have tv screens, and customers watch the result of worldwide football matches or horse races on which they have staked money.

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

“They don’t have licences to operate as they were permitted to run video games centres, which they later transformed to sports betting stores,” he said.

The sports betting industry has expanded dramatically across West Africa recently. The region is roughly divided between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to enjoy the friendship of other bettors, sports betting though mobile apps are also popular for sports betting on the result of occasions and teams.

Nigeria’s debilitating economic crisis has actually also meant individuals want to risk a percentage in the hope of winning big.

But this had actually caused extensive addiction, and sports betting moms and dads were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.

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

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

“I am advising those running those wagering stores 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 – typically, sports betting such violations carry a fine.

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