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

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

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

Gradually, with increased web gain access to came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

Regardless of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has actually grown, attracting millions, especially amongst the younger group dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that creates an approximated yearly revenue of N730 billion. The federal government has not gone unnoticed by this development, sports betting which is thinking about regulatory steps like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of difficulties in enforcement. Issues such as insufficient age confirmation and advertising rule breaches show market regulative gaps.

Regardless of these obstacles, sports betting wagering business continue to grow through efficient company models and aggressive marketing methods, leveraging the developer influencer industry.

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

Constable 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 spans various functions in the video gaming and entertainment industry, including working at one of the United Kingdom’s biggest video 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 actually become a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually considering that expanded its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated ecosystem that integrates appropriate sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted form 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 selected CEO of Betway in November 2017, having formerly functioned as the company’s Marketing and sports betting Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming market because 2000, holding numerous successful roles, consisting of General Manager of an information analytics group and sports betting Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market existence and sports betting boost its offerings. The company’s app has amassed considerable user engagement, 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 track record of changing start-ups into institutionalized businesses. Her know-how covers the gaming, real estate, and credit loaning industries, where he has actually established himself as a tactical and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually acted as Managing Director and has managed the business’s growth 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 founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed 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 wagering platform in Nigeria, it was the very first to release a fully practical site, setting a criteria in the market.

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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and sports betting the world. The business runs in more than 50 countries, consisting of Nigeria, where it is totally certified.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a wide range 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic organizations and governments to develop developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

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

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing each year. In the exact same year, sports betting 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 founder, bulk investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and sports betting has actually given that grown into among the world’s largest online gaming business.

By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed significant user engagement, sports betting 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, established together with business owner 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 asset management business that generates investment returns and provides distinct financial investment insights and services to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

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

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

His career began at Jumia Group, sports betting where he worked in SEO, CRM, and content management. Fikayo also functioned as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and sports betting Accounting from Ladoke Akintola University of Technology and sports betting 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 provides sports betting, gambling establishment video games, and live dealer video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up 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, a company he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a significant player in the industry, 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 sports betting the growing African web environment. His financial investments reflect his commitment to cultivating development and advancement within the region.

On April 30, 2024, Sudeep Ramnani purchased 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 stated it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development 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 advanced innovation and a commitment to responsible sports betting to change the sector.

Backed by the financial power of 4 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 instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, 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 company’s robust financial backing and expert group will allow it to scale and control the marketplace quickly.

Islamic cops raid betting shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun shutting down sports betting wagering stores, which they state are operating unlawfully.

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

Complaints from community leaders and moms and dads prompted the crackdown, stressed over the growing number of sports betting addicts, he stated.

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

However Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on sports betting, 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 – together with nonreligious law.

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

Nevertheless, the current crackdown is focused on Muslim locations of Kano, sports betting a vast city and the economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Most have television screens, and customers see the result of international football matches or sports betting horse races on which they have staked cash.

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

“They don’t have licences to run as they were permitted to run computer game centres, which they later on converted to wagering shops,” he said.

The sports betting wagering market has broadened considerably throughout West Africa in recent years. The area is roughly divided in between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to take pleasure in the sociability of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.

Nigeria’s debilitating economic crisis has likewise meant people are willing to run the risk of a small amount in the hope of winning big.

But this had resulted in widespread addiction, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.

“These financial concerns we are dealing with in Nigeria is God telling us to change our methods 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 shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would face – typically, 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 usage of alcohol were banned.