The $2 Billion Bet: Meet the Leaders Reshaping Nigeria’s Betting Industry Despite Islamic Resistance
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.
Gambling has evolved considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.
Gradually, sports betting with increased internet access came virtual wagering, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
In spite of economic challenges such as inflation, Nigeria’s sports betting sector has actually prospered, bring in millions, specifically amongst the younger demographic dealing with high joblessness rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that generates an approximated annual income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative procedures like excise duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Problems such as insufficient age confirmation and marketing rule breaches reveal industry regulative spaces.
Despite these difficulties, sports betting wagering companies continue to flourish through effective company models and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have actually significantly contributed 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 varied profession spans numerous roles in the video gaming and show business, sports betting including operating at among the United Kingdom’s largest video 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 wagering and sports betting gaming sector, running through online, mobile, and sports betting 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 more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a fully incorporated community that integrates relevant sports betting material, engaging functions, and a world-class sportsbook.
Because taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly revenue has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and have actually propelled LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has actually accomplished 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 formerly acted as the business’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online gaming market considering that 2000, sports betting holding various successful roles, consisting of General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman’s leadership, sports betting Betway has actually continued to grow its market presence and improve its offerings. The company’s app has actually garnered substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her knowledge covers the gaming, real estate, and sports betting credit loaning industries, sports betting where he has actually established himself as a tactical and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has actually served as Managing Director and has actually managed the business’s growth and operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s operational techniques and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer educational background includes 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 business, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a totally functional site, 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 worldwide sports betting wagering company based in Cyprus. 1XBET, sports betting 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 operates in more than 50 nations, consisting of Nigeria, where it is totally certified.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting options and 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 sports betting 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 develop developmental policies targeted at empowering youths. In 2015, sports betting 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, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually rapidly grown its existence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing each year. In the very same year, 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, sports betting the creator, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has considering that turned into one of the world’s largest online sports betting business.
By 2016, sports betting Bet365 generated $2 billion in incomes and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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, established together with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates investment returns and offers unique investment insights and options to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually contributed to the company’s development through partnerships, service method, and brand-new service development.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His career began 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, sports betting Benin Republic.
22Bet is an online gambling platform that offers sports betting, casino games, and live dealership video games. It was released in 2017 and is owned and sports betting run by Marikit Holdings Ltd, sports betting a business signed up 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 an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial player 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 internet ecosystem. His investments reflect his commitment to cultivating development and development within the region.
On April 30, 2024, Sudeep Ramnani bought 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 stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize innovative innovation and a dedication to accountable gambling to change the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent’s largest and most innovative sports betting platform.
At a press rundown, sports betting the company’s representative, sports betting Akin Babatunde, said that the increase in Internet penetration, mobile usage, sports betting and the continent’s deep passion for sports betting, particularly football, sports betting has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and professional team will allow it to scale and dominate the market rapidly.
Islamic cops raid wagering stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have actually begun closing down sports betting stores, which they state are running unlawfully.
“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Complaints from community leaders and moms and dads triggered the crackdown, fretted about the growing number of gambling addicts, he stated.
On the very first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gambling, those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – along with nonreligious law.
Bookies and bars tend to be permitted to operate 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 sprawling city and the financial hub of northern Nigeria.
Sports betting stores can be discovered all over the city. A lot of have tv screens, and customers view the result of global football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had had the ability to run under the radar as they had actually opened under false pretenses.
“They don’t have licences to operate as they were permitted to run video games centres, which they later converted to wagering stores,” he stated.
The sports betting wagering market has actually broadened drastically throughout West Africa recently. The area is approximately divided in between a generally Muslim north and a predominantly Christian south.
Many individuals go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the result of events and groups.
Nigeria’s debilitating economic crisis has also suggested people are willing to risk a small amount in the hope of winning big.
However this had resulted in prevalent dependency, and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen said.
“These economic problems we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he said.
The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.
“I am encouraging those running those wagering stores to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what penalty they would face – typically, sports betting such infringements carry 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 intake of alcohol were banned.
