The $2 Billion Bet: Meet the Leaders Reshaping Nigeria’s Betting Scene Despite Religious Resistance

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

sports betting has actually progressed significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, sports betting pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

Gradually, sports betting with increased internet gain access to came virtual sports betting, which parallels worldwide trends. 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.

Regardless of economic challenges such as inflation, Nigeria’s sports betting wagering sector has thrived, attracting millions, particularly amongst the youthful market facing high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, sports betting driving an industry that creates a projected annual profits of N730 billion. The federal government has not gone unnoticed by this development, which is considering 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 make sure fair operations regardless of obstacles in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches reveal industry regulative gaps.

Despite these challenges, sports betting companies continue to prosper through efficient service models and sports betting aggressive marketing techniques, 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 market growth. Here are the CEOs of leading sports betting business who have actually significantly contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Constable 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 covers various roles in the gaming and entertainment industry, consisting of operating at among the United Kingdom’s largest video gaming centres, sports betting The Palace Bingo Club, where he served 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, sports betting founded in August 2011, has 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, sports betting and has because expanded its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that integrates pertinent sports betting content, engaging functions, and sports betting a first-rate sportsbook.

Since taking the helm prior to the pandemic, Sam has actually driven significant development for sports betting LiveScore Group. The business’s staff member headcount has increased by 29%, sports betting and annual profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has accomplished major 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 actually previously worked as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online gaming market since 2000, holding numerous effective functions, consisting of General Manager of a data analytics team and sports betting Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and improve its offerings. The company’s app has garnered significant user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a track record of changing start-ups into institutionalized organizations. Her expertise spans the gaming, property, and credit loaning markets, where he has established himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has actually served as Managing Director and has supervised the company’s development and sports betting operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s operational techniques and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer educational 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, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a fully functional website, 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a large range of sports betting options 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to develop 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, established and released in Nigeria on February 22, sports betting 2018, by Byron Petzer and sports betting Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing yearly. 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, the founder, majority investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has considering that grown into among the world’s largest online sports betting companies.

By 2016, sports betting Bet365 generated $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 actually amassed substantial user engagement, with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, sports betting established alongside entrepreneur 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 creates investment returns and uses distinct investment insights and sports betting services 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 leadership, Bet9ja has become a substantial gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting market. He has been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the business’s growth through collaborations, business technique, and new company advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed 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 numerous digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he worked in SEO, CRM, and sports betting content management. Fikayo also 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that provides sports betting, casino games, and live dealership games. It was introduced 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 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 global sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a considerable gamer in the market, 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 advocate for sports betting the growing African web community. His investments show his commitment to promoting innovation and development within the region.

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

The firm is set to interfere with the sports betting market.

Sunbet Sporting International Limited has said it is focused on revolutionising 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 company aims to take advantage of cutting-edge innovation and a commitment to accountable gambling to revolutionise the sector.

Backed by the financial 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 ingenious sports betting wagering platform.

At a press rundown, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and expert group will allow it to scale and dominate the market rapidly.

Islamic authorities raid wagering stores in northern Nigeria

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

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

Problems from community leaders and parents prompted the crackdown, worried about the growing variety of sports betting addicts, he stated.

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

However Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.

Kano city is the capital of Kano state, sports betting which has a bulk Muslim population and runs the Islamic legal system – Sharia – alongside secular law.

Bookies and bars tend to be enabled to operate in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. The majority of have television screens, and consumers watch the outcome of global football matches or horse races on which they have staked cash.

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

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

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

Many people go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria’s crippling economic crisis has actually likewise meant people want to run the risk of a percentage in the hope of winning huge.

But this had actually resulted in prevalent dependency, and moms and dads were even grumbling that children were leaving of school to gamble, Mr Aminudeen said.

“These economic concerns we are dealing with in Nigeria is God informing us to change our methods by stopping sins,” he said.

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

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

It is uncertain what punishment they would face – often, such infringements carry a fine.

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