The $2 Billion Sports Betting Battle: Industry Leaders Face Islamic Clampdown as New Challenger Emerges

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

Gaming has evolved substantially in Nigeria from conventional types like pool staking and sports betting Baba Ijebu to a growing sports betting wagering market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

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

Despite financial obstacles such as inflation, Nigeria’s sports betting wagering sector has grown, sports betting attracting millions, especially among the youthful demographic dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates an estimated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory steps like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of difficulties in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches reveal market regulatory spaces.

Regardless of these obstacles, sports betting companies continue to flourish through efficient service designs and aggressive marketing strategies, leveraging the developer influencer industry.

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

Sheriff 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 covers different functions in the gaming and sports betting entertainment industry, including working at among the United Kingdom’s largest 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, sports betting has grown into a leading e-commerce service in the sports betting and gaming sector, sports betting operating through online, mobile, and retail channels. The company was in Nigeria on November 7, 2006, and has actually because broadened 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 sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated ecosystem that integrates relevant sports betting content, engaging features, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and annual profits has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and assisted form the market’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 designated CEO of Betway in November 2017, sports betting having formerly functioned as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online video gaming industry since 2000, holding different successful functions, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has actually amassed 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 executive with a track record of transforming start-ups into institutionalized services. Her proficiency spans the video gaming, realty, and credit lending markets, where he has developed himself as a tactical and sports betting operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has acted as Managing Director and sports betting has overseen the company’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 business’s functional strategies and market growth.

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

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of sports betting choices 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic organizations and federal 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 launched 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 home entertainment business has quickly grown its existence in Nigeria, sports betting 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, developing over 100,000 tasks, the variety of which is increasing each year. In the same year, MultiChoice broadcaster purchased 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, sports betting bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has because become one of the world’s biggest online sports betting companies.

By 2016, Bet365 created $2 billion in earnings and helped with $45 billion in annual bets. The business also holds a majority 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 business in Nigeria, established along with 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 management company that generates investment returns and provides distinct financial investment insights and options to both specific and 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 management, Bet9ja has actually ended up being a significant gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the company’s growth through collaborations, service technique, and brand-new business advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, sports betting focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise functioned 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, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that uses sports betting wagering, casino games, and live dealer games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

SportyBet is a global sports betting wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has become a considerable player in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active financier in fintech and sports betting mobile payments and a strong supporter for sports betting the growing African web ecosystem. His investments reflect his commitment to cultivating innovation and advancement within the area.

On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, sports betting participating 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 focused on changing how countless Africans engage with sports betting. In a market 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 intends to take advantage of advanced technology and sports betting a dedication to accountable gambling to revolutionise the sector.

Backed by the monetary power of 4 prominent African billionaires, sports betting Sunbet, which will launch in the very first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting platform.

At a press instruction, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and sports betting the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and professional team will allow it to scale and dominate the market rapidly.

Islamic police raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun shutting 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, told the BBC.

Problems from community leaders and parents triggered the crackdown, sports betting worried about the growing number of gambling addicts, he said.

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

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

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

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

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

sports betting wagering shops can be found all over the city. The majority of have tv screens, and clients watch the result of international football matches or horse races on which they have actually staked cash.

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

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

The sports betting market has expanded drastically throughout West Africa over the last few years. The area is approximately divided in between a generally Muslim north and a mainly Christian south.

Many individuals go to bookies to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and groups.

Nigeria’s debilitating economic crisis has actually also implied people want to risk a percentage in the hope of winning big.

However this had actually caused prevalent dependency, and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen stated.

“These financial concerns we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he stated.

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

“I am recommending those running those sports betting shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would deal with – typically, such infringements carry a fine.

Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and sports betting the intake of alcohol were prohibited.