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The $2 Billion Sports Betting War: CEOs Face Religious Clampdown as Fresh Challenger Surfaces

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

sports betting has actually evolved considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

In spite of financial difficulties such as inflation, Nigeria’s sports betting sector has actually flourished, drawing in millions, specifically among the youthful market facing high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an estimated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative steps like import tax duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of difficulties in enforcement. Problems such as inadequate age verification and advertising guideline breaches reveal industry regulatory spaces.

Regardless of these difficulties, sports betting business continue to thrive through effective service designs and aggressive marketing methods, leveraging the creator influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers numerous roles in the video gaming and show business, including working at among the United Kingdom’s biggest video 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 grown into a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, sports betting 2006, sports betting and sports betting has since expanded its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that combines relevant sports betting content, engaging functions, and a first-rate sportsbook.

Since taking the helm right before the pandemic, Sam has driven considerable growth for sports betting LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual revenue has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and helped form the industry’s instructions. 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 appointed CEO of Betway in November 2017, having formerly worked 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 since 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market existence and enhance 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 identified herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her competence covers the video gaming, property, and sports betting credit loaning markets, sports betting where he has actually developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has worked as Managing Director and has overseen 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 business’s functional strategies and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN supplies frHer instructional 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 company, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to introduce a totally functional website, setting a criteria in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting 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 actually developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, sports betting consisting of Nigeria, sports betting where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a large range of sports betting alternatives and an user-friendly 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 endeavors, sports betting Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to design 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 introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business 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, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing every year. In the same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the creator, bulk investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has since turned into one of the world’s biggest online gambling business.

By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered 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 company in Nigeria, established along with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management company that produces investment returns and uses unique investment insights and sports betting options to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly 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 professional in the sports betting industry. He has 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 collaborations, sports betting business method, and new business advancement.

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

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also served 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 uses sports betting wagering, casino video games, and live dealer video games. It was released 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 developed in 2013.

SportyBet is a global sports betting and real-money gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial 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 financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His financial investments reflect his dedication to promoting 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 company is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has stated 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 growth projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company intends to take advantage of innovative innovation and a dedication to responsible sports betting to change the sector.

Backed by the financial power of four prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s largest and most ingenious sports betting platform.

At a press briefing, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, sports betting has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and professional team will enable it to scale and control the market rapidly.

Islamic cops raid betting shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting stores, which they say are running unlawfully.

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

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

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

But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gambling, sports betting those flouting the rules would be arrested.

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 enabled to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

Nevertheless, sports betting the existing crackdown is concentrated on Muslim areas of Kano, a sprawling 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 view the result of worldwide football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookmakers had had the ability to operate under the radar as they had actually opened under false pretences.

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

The sports betting wagering industry has actually expanded dramatically throughout West Africa over the last few years. The area is roughly divided in between a primarily Muslim north and a predominantly Christian south.

Many people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are also popular for sports betting on the result of events and groups.

Nigeria’s crippling economic crisis has actually also suggested people want to run the risk of a small amount in the hope of winning huge.

However this had caused widespread addiction, and parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.

“These financial issues we are dealing with in Nigeria is God informing us to alter our ways by stopping sins,” he said.

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

“I am advising those running those wagering shops to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would deal with – typically, 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 consumption of alcohol were banned.