Disrupting the House: Fresh Firm Confronts Status Quo as Islamic Police Target Betting Shops
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
sports betting has actually progressed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Slowly, with increased web gain access to came virtual sports betting, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is forecasted to almost double to $182.02 billion by 2030.
Regardless of financial obstacles such as inflation, Nigeria’s sports betting wagering sector has actually flourished, attracting millions, sports betting particularly amongst the younger market dealing with high joblessness rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates a projected yearly revenue of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative procedures like excise duties and VAT increases to manage the sector.
The Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of challenges in enforcement. Concerns such as inadequate age verification and marketing rule breaches show market regulative gaps.
Despite these obstacles, sports betting business continue to prosper through effective organization designs and aggressive marketing techniques, leveraging the developer influencer market.
These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have actually substantially added to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous functions in the gaming and show business, consisting of working at one of the United Kingdom’s largest 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 grown into a leading e-commerce organization in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has given that 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 wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated environment that combines relevant sports betting content, engaging features, and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company’s worker headcount has increased by 29%, and sports betting yearly revenue has risen from around ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have actually moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has actually achieved significant 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 actually formerly served as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually remained in the online gaming industry because 2000, holding various successful functions, including General Manager of an information analytics group and Director of a digital marketing agency.
Under Werkman’s management, Betway has continued to grow its market presence and improve its offerings. The company’s app has actually garnered significant 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 performance history of changing start-ups into institutionalized companies. Her expertise covers the video gaming, property, and credit lending markets, where he has actually developed himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Given that June 2019, she has actually acted as Managing Director and has managed the business’s growth and sports betting operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s operational methods and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a fully functional site, setting a benchmark in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is completely licensed.
Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of wagering options and an easy to use 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 endeavors, Ukanwoke has actually worked together with African socio-economic institutions and federal governments to develop developmental policies focused on empowering youths. In 2015, 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 brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, the variety of which is increasing every 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, the creator, sports betting majority shareholder, sports betting and sports betting joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually considering that become among the world’s biggest online sports betting business.
By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered significant 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, sports betting established along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian asset management company that creates investment returns and offers distinct financial investment insights and sports betting services to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a substantial player in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has actually been working as the Country Director sports betting for 22BET in Nigeria because June 2021. In this function, sports betting he has actually added to the company’s growth through collaborations, business strategy, and brand-new organization development.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and client experience, and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, sports betting 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 sports betting 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 uses sports betting wagering, gambling establishment games, and live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of casinos worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed in 2013.
SportyBet is a worldwide sports betting wagering and real-money gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial 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 the growing African web ecosystem. His investments reflect his commitment to fostering innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, sports betting with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize advanced technology and a dedication to responsible gambling to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, sports betting intends to be the continent’s biggest and most ingenious sports betting wagering platform.
At a press briefing, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and professional group will enable it to scale and dominate the market rapidly.
Islamic police raid wagering shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have started shutting down sports betting wagering stores, which they say are running unlawfully.
« As you understand, sports betting is forbidden in Islam, » Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.
Grievances from community leaders and moms and dads prompted the crackdown, stressed over the growing number of sports betting addicts, he said.
On the very first day of raids, 30 stores were closed in one suburban area alone, and sports betting their owners were sent home with a warning, the Sharia officer stated.
However Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on sports betting, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – along with secular law.
Bookmakers and bars tend to be enabled to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is concentrated on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have tv screens, sports betting and consumers view the result of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had actually 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 wagering stores, » he said.
The sports betting market has actually expanded dramatically across West Africa recently. The area is approximately divided in between a mainly Muslim north and a predominantly Christian south.
Many individuals go to bookmakers to delight in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the result of events and groups.
Nigeria’s debilitating economic crisis has actually likewise indicated individuals want to risk a percentage in the hope of winning big.
However this had actually led to prevalent addiction, and parents were even complaining that kids were leaving of school to bet, sports betting Mr Aminudeen said.
« These financial concerns we are dealing with in Nigeria is God informing us to alter 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 encouraging those running those wagering shops to either shut down or we’ll detain them and take them to [a Sharia] court, » Mr Aminudeen said.
It is unclear what punishment they would deal with – 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 the intake of alcohol were banned.
