Breaking the House: Fresh Firm Challenges Status Quo as Islamic Police Target Betting Shops
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering market.
Gaming has actually progressed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, sports betting where lovers would wager just N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
Despite economic obstacles such as inflation, Nigeria’s sports betting wagering sector has prospered, sports betting bring in millions, particularly among the younger group facing high unemployment rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates a projected yearly income of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory steps like excise duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite difficulties in enforcement. Problems such as insufficient age verification and advertising rule breaches show industry regulatory gaps.
Regardless of these difficulties, sports betting wagering companies continue to thrive through reliable organization designs and aggressive marketing methods, sports betting leveraging the developer influencer market.
These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have actually considerably added to Nigeria’s $2 billion gambling empire through their substantial 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 profession spans different roles in the gaming and show business, including 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 sports betting 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 service in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated 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 wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated community that integrates relevant sports betting material, engaging functions, and a first-rate sportsbook.
Because taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly income has risen from approximately ₤ 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 attained major sports betting 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 previously served as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming industry because 2000, holding numerous effective roles, including General Manager of a data analytics team and Director sports betting of a digital marketing agency.
Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The business’s app has actually garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her competence covers the video gaming, real estate, and credit loaning markets, where he has actually developed himself as a strategic and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has worked as Managing Director and has actually managed the company’s growth and operations in Lagos, sports betting Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s functional strategies and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer instructional background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the 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 criteria in the industry.
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 business 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 runs in more than 50 countries, including Nigeria, where it is fully certified.
Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting alternatives 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 worked together with African socio-economic organizations and 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, sports betting founded and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand 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 major sports betting cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, sports betting creating over 100,000 jobs, sports betting the number of which is increasing every year. In the very 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, bulk shareholder, and sports betting joint Chief Executive of Bet365, an online sports betting company she in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually considering that grown into one of the world’s largest online gambling business.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered substantial 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 together 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, an independent Nigerian property management business that generates financial investment returns and offers special investment insights and services to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, sports betting 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 industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, sports betting he has added to the company’s growth through collaborations, business technique, and new service development.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and client experience, and Country Manager at 22BET, focusing on marketing method and budget 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 career 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 gambling platform that provides sports betting wagering, gambling establishment games, and live dealership video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of casinos 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 a global sports betting wagering and real-money video gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has 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 financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His financial investments show his dedication to cultivating innovation and development within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the company intends to take advantage of advanced innovation and a dedication to accountable sports betting to change the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting platform.
At a press rundown, the business’s representative, Akin Babatunde, said 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 enthusiastic entry. He added that the firm’s robust financial backing and sports betting expert group will allow it to scale and control the market quickly.
Islamic police raid betting stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting shops, which they say are running illegally.
“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Problems from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of gambling addicts, he said.
On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.
But Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on gaming, those flouting the rules would be detained.
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.
Bookies and bars tend to be allowed to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting shops can be found all over the city. Many have tv screens, and customers enjoy the outcome of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookmakers had actually had the ability to run 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 transformed to wagering stores,” he stated.
The sports betting industry has actually expanded drastically across West Africa in recent years. The region is roughly divided in between a generally Muslim north and a mainly Christian south.
Many people go to bookmakers to delight in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of events and teams.
Nigeria’s crippling recession has actually likewise suggested people are willing to run the risk of a percentage in the hope of winning huge.
However this had actually led to extensive dependency, and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.
“These financial issues we are facing in Nigeria is God informing us to alter our ways 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 advising those running those wagering stores to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what penalty they would deal with – frequently, such violations bring a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and the intake of alcohol were banned.
