The $2 Billion Sports Betting War: CEOs Face Religious Crackdown as New Challenger Emerges

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering industry.

Gaming has actually evolved significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

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

In spite of financial obstacles such as inflation, Nigeria’s sports betting wagering sector sports betting has thrived, bring in millions, particularly amongst the younger group dealing with high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an estimated yearly earnings of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory measures like excise tasks 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 fair operations in spite of obstacles in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches show industry regulative gaps.

In spite of these difficulties, sports betting companies continue to flourish through effective company designs and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have significantly added to Nigeria’s $2 billion gaming empire through their extensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans various roles in the gaming and show business, consisting of working at one of the United Kingdom’s biggest 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 grown into a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually given that expanded its existence, accomplishing 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, a totally integrated environment that combines appropriate sports betting material, engaging functions, and a .

Given that taking the helm prior to the pandemic, Sam has driven significant development for LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual profits has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually accomplished major 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 sports betting considering that 2015. He signed up with Betway in 2013 and has been in the online video gaming industry given that 2000, holding numerous effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of changing start-ups into institutionalized services. Her knowledge spans the video gaming, property, and credit loaning markets, sports betting where he has established himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has acted as Managing Director and sports betting has actually overseen the company’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s functional strategies and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN supplies 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, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a totally practical site, setting a benchmark in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting business 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 runs in more than 50 countries, including Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting 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, sports betting Ukanwoke has actually collaborated with African socio-economic institutions and federal governments to design 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, established and released in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting 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 entered into a partnership with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, the variety of which is increasing annually. 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 founder, majority shareholder, 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 considering that grown into among the world’s largest online sports betting business.

By 2016, Bet365 generated $2 billion in profits and facilitated $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has gathered substantial 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, developed along with business person 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 property management company that creates financial investment returns and uses special financial investment insights and solutions to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a substantial gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting market. 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 partnerships, business technique, sports betting and sports betting brand-new service advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development 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 various digital marketing functions at Laclic Services and sports betting Betty Bingo.

His career began at Jumia Group, where he operated 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 gambling platform that offers sports betting wagering, casino video games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and sports betting 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, a business he developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has become a substantial gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for sports betting the growing African internet community. His investments show his dedication to promoting development and advancement within the area.

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

The firm is set to disrupt the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative technology and sports betting a commitment to accountable gambling to change the sector.

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

At a press briefing, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, sports betting mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and specialist team will enable it to scale and dominate the market quickly.

Islamic police raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they state are running illegally.

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

Grievances from community leaders and moms and dads triggered the crackdown, fretted about the growing variety of sports betting addicts, he stated.

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

However Mr Aminudeen warned that now that the public was aware 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 – together with secular 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 believes Muslims are frequenting them.

Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, sports betting a sprawling city and the financial hub of northern Nigeria.

sports betting wagering shops can be discovered all over the city. A lot of have television screens, and clients view the result of global football matches or sports betting horse races on which they have staked money.

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

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

The sports betting market has actually expanded considerably across West Africa in recent years. The area is approximately divided in between a mainly Muslim north and a mainly Christian south.

Many individuals go to bookies to enjoy the friendship of other gamblers, sports betting though mobile apps are likewise popular for sports betting on the result of occasions and teams.

Nigeria’s crippling recession has likewise implied individuals are willing to risk a percentage in the hope of winning big.

However this had resulted in extensive addiction, and sports betting parents were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.

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

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

“I am encouraging those running those sports betting shops to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would face – frequently, sports betting 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 gaming and the usage of alcohol were prohibited.