The N2 Billion Gamble: Meet the Leaders Reshaping Nigeria’s Betting Scene Despite Religious Pushback

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

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

Slowly, with increased web access came virtual sports betting, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.

Regardless of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually grown, attracting millions, especially among the youthful group facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates a projected yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like import tax responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of difficulties in enforcement. Concerns such as insufficient age confirmation and advertising rule breaches reveal industry regulatory spaces.

Despite these obstacles, sports betting companies continue to flourish through reliable service models and aggressive marketing techniques, leveraging the developer influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans different functions in the gaming and show business, including working at among the United Kingdom’s largest 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 turned into a leading e-commerce organization in the wagering and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has actually given that 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated environment that integrates appropriate sports betting content, engaging features, and sports betting a world-class sportsbook.

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

Sam’s leadership and tactical vision have moved LiveScore Group’s success and helped shape the market’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 selected CEO of Betway in November 2017, having actually formerly acted as the company’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry because 2000, holding various successful roles, including General Manager of a data analytics team and sports betting Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market existence and sports betting enhance its offerings. The company’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 distinguished herself as a senior sports betting executive with a performance history of changing start-ups into institutionalized companies. Her knowledge covers the video gaming, realty, and sports betting credit loaning industries, where he has actually developed himself as a tactical and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and sports betting has actually overseen 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 company’s operational techniques and market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a totally practical website, setting a benchmark 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 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, including Nigeria, where it is completely certified.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of sports betting alternatives 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and federal governments to develop developmental policies targeted at 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, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company 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 number of which is increasing every year. In the 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, bulk investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online wagering website and has since grown into among the world’s largest online gaming business.

By 2016, Bet365 created $2 billion in revenues and in $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 company in Nigeria, sports betting established together with business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates investment returns and provides unique investment insights and solutions to both specific and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting industry. He has actually been acting as the Country Director sports betting for 22BET in Nigeria because June 2021. In this role, he has added to the business’s development through collaborations, company technique, and new business advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, focusing 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 started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also worked 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, casino video games, and sports betting live dealership 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, sports betting a business he established in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a substantial 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 sports betting a strong advocate for sports betting the growing African web ecosystem. His financial investments reflect his commitment to promoting development and development within the region.

On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.

The firm is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the firm aims to take advantage of cutting-edge innovation and a commitment to accountable gaming to change the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting wagering platform.

At a press instruction, the company’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 actually set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and professional team will enable it to scale and dominate the market rapidly.

Islamic authorities raid betting stores in northern Nigeria

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

“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, sports betting told the BBC.

Grievances from neighborhood leaders and sports betting parents prompted the crackdown, stressed over the growing variety of sports betting addicts, he stated.

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

However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

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

Bookies and bars tend to be permitted to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

However, the current crackdown is focused on Muslim locations of Kano, sports betting a sprawling city and the financial center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Most have tv screens, and customers watch the outcome of global football matches or horse races on which they have staked money.

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

“They do not have licences to run as they were allowed to run computer game centres, which they later on converted to sports betting shops,” he stated.

The sports betting wagering industry has actually broadened drastically throughout West Africa in recent years. The region is approximately divided between a mainly Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.

Nigeria’s debilitating recession has likewise implied people want to risk a small amount in the hope of winning huge.

But this had led to prevalent dependency, and parents were even grumbling that children were dropping out of school to bet, sports betting Mr Aminudeen said.

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

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 stores to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gaming and the consumption of alcohol were prohibited.