The N2 Billion Bet: Meet the CEOs Transforming Nigeria’s Betting Industry Despite Islamic Pushback

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

Gambling has developed significantly in Nigeria from conventional forms like pool staking and sports betting Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and sports betting kiosks, where enthusiasts would bet as little as N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting wagering sector has flourished, bring in millions, especially amongst the vibrant group dealing with high joblessness rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an estimated annual profits of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory steps like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Problems such as inadequate age verification and marketing guideline breaches reveal market regulatory gaps.

In spite of these challenges, sports betting wagering business continue to thrive through reliable company designs and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in broadening audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria’s $2 billion gambling empire through their comprehensive audience reach.

Constable 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 career spans numerous roles in the video gaming and show business, sports betting consisting of working at one of the United Kingdom’s largest video gaming centres, sports betting 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 become a leading e-commerce organization in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, 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 sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that integrates relevant sports betting material, engaging functions, and a first-rate sportsbook.

Given that taking the helm prior sports betting to the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s worker headcount has increased by 29%, and yearly profits has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has accomplished 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 previously worked as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and sports betting has actually been in the online video gaming market because 2000, holding numerous successful functions, consisting of General Manager of an information analytics team and sports betting Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has amassed 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 distinguished herself as a senior sports betting executive with a track record of changing start-ups into institutionalized services. Her competence spans the video gaming, property, and credit lending industries, where he has actually established himself as a tactical and functional leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. 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 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 first to release a fully functional 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is completely accredited.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting providing a wide range of sports betting choices and an user-friendly 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 ventures, Ukanwoke has actually collaborated with African socio-economic institutions and federal governments to design developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and introduced in Nigeria on February 22, 2018, by and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing each year. In the same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the founder, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually considering that turned into among the world’s largest online sports betting companies.

By 2016, Bet365 generated $2 billion in revenues and facilitated $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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, sports betting a leading sports betting company in Nigeria, sports betting developed alongside business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that generates investment returns and offers special investment insights and services to both individual and sports betting institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has become a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually contributed to the business’s growth through collaborations, organization strategy, and new business development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing method and budget 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 began at Jumia Group, where he operated in SEO, CRM, and sports betting 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 gambling platform that provides sports betting wagering, gambling establishment video games, and sports betting live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company registered 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, a company he established in 2013.

SportyBet is an international sports betting and real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become a significant gamer 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 sports betting in fintech and mobile payments and a strong supporter for the growing African internet community. His investments show his commitment to promoting innovation and advancement within the area.

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

The firm is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development 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 sports betting to revolutionise the sector.

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

At a press rundown, the company’s spokesperson, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and professional team will allow it to scale and sports betting dominate the marketplace rapidly.

Islamic authorities raid betting shops in northern Nigeria

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

«As you understand, sports betting is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.

Complaints from community leaders and moms and dads triggered the crackdown, fretted about the growing number of gambling addicts, he said.

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

However Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.

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

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

Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Many have tv screens, and consumers see the result of global football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookies had actually been able to operate under the radar as they had opened under false pretences.

«They don’t 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 industry has expanded significantly throughout West Africa recently. The area is approximately divided in between a primarily Muslim north and a primarily Christian south.

Many people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of events and groups.

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

However this had actually resulted in prevalent dependency, and moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.

«These economic 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, thought about 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 closed down or we’ll jail them and take them to [a Sharia] court,» Mr Aminudeen stated.

It is unclear what punishment they would face – typically, such violations carry a fine.

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