The $2 Billion Sports Betting War: Industry Leaders Face Religious Clampdown as New Disruptor Emerges

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

Gambling has progressed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would wager as low as 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 sports betting is projected to nearly double to $182.02 billion by 2030.

Despite economic obstacles such as inflation, Nigeria’s sports betting sector has actually thrived, attracting millions, specifically among the younger group facing high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an estimated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory measures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal market regulative spaces.

Regardless of these difficulties, sports betting wagering companies continue to prosper through effective service models and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually significantly contributed to Nigeria’s $2 billion gaming empire through their substantial 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 varied profession spans different roles in the video gaming and show business, sports betting including operating at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he functioned as the Lead Engineer in a Bingo and Bowling Club.

Olaniyan holds a BSc in Geography from the University of Ilorin and sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce company in the wagering and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has since broadened its existence, attaining 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 became the CEO of LiveScore Group, sports betting a totally incorporated community that integrates appropriate sports betting material, engaging functions, and a world-class sportsbook.

Considering that taking the helm just before the pandemic, Sam has actually driven substantial growth for sports betting LiveScore Group. The company’s worker headcount has increased by 29%, and sports betting yearly earnings has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and sports betting strategic vision have propelled LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has achieved 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, sports betting having formerly worked as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and sports betting has actually been in the online gaming industry given that 2000, holding different effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market existence and boost its offerings. The business’s app has actually gathered substantial user engagement, 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 sports betting executive with a track record of transforming start-ups into institutionalized organizations. Her competence spans the gaming, realty, and credit financing markets, where he has actually established himself as a strategic and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical 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 provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully practical website, setting a standard in the industry.

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

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of wagering alternatives 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and governments to design 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 sports betting launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing annually. 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, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually given that grown into one of the world’s biggest online gaming companies.

By 2016, Bet365 generated $2 billion in incomes and helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed considerable 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, established alongside entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property that generates investment returns and uses special financial investment insights and solutions to both specific and sports betting institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually ended up being a significant gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has contributed to the business’s development through partnerships, service strategy, and brand-new business advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing method and sports betting 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 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 sports betting 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 gaming platform that provides sports betting wagering, gambling establishment video games, and live dealer games. It was released in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are also 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 established in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator sports betting understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a significant player in the market, sports betting 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 sports betting a strong advocate for the growing African internet community. His investments reflect his dedication to fostering innovation and development within the region.

On April 30, 2024, sports betting Sudeep Ramnani purchased 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 concentrated on changing how countless 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 PwC, the firm aims to take advantage of advanced innovation and a dedication to responsible gambling to revolutionise the sector.

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

At a press briefing, the business’s spokesperson, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has actually 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 marketplace rapidly.

Islamic police raid betting stores in northern Nigeria

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

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

Problems from community leaders and parents triggered the crackdown, fretted about the growing number of sports betting addicts, he stated.

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

But Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, sports betting those flouting the guidelines would be apprehended.

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

Bookmakers and bars tend to be enabled to operate in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

However, the existing crackdown is focused on Muslim areas of Kano, a sprawling city and sports betting the economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. A lot of have tv screens, and clients enjoy the outcome of global football matches or sports betting horse races on which they have staked money.

Mr Aminudeen stated such bookies had actually had the ability to run under the radar as they had actually opened under false pretenses.

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

The sports betting wagering market has expanded drastically throughout West Africa in recent years. The area is approximately divided in between a mainly Muslim north and a primarily Christian south.

Many individuals go to bookies to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for wagering on the outcome of occasions and teams.

Nigeria’s crippling recession has likewise suggested individuals want to risk a small amount in the hope of winning big.

But this had actually resulted in prevalent dependency, sports betting and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.

“These financial issues we are facing in Nigeria is God telling us to change our methods by stopping sins,” he stated.

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 wagering shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would deal with – typically, such violations bring a fine.

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