Game Changers: How Islamic Raids and Digital Innovation are Transforming Nigeria’s Betting Landscape
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting market.
Gambling has actually evolved significantly in Nigeria from traditional kinds like pool staking and sports betting Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
Slowly, sports betting with increased internet gain access to came virtual wagering, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, Nigeria’s sports betting sector has actually thrived, attracting millions, specifically among the younger market dealing with high joblessness rates.
Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an estimated annual profits of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative measures like excise duties and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations despite difficulties in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal market regulatory spaces.
Despite these difficulties, sports betting business continue to prosper through effective business models and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria’s $2 billion sports betting empire through their substantial audience reach.
Constable Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various functions in the video gaming and show business, consisting of working at one of the United Kingdom’s largest video 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, sports betting founded in August 2011, sports betting has actually turned into a leading e-commerce organization in the wagering and gaming sector, operating through online, sports betting mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has considering 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated environment that combines pertinent sports betting material, engaging functions, and a first-rate sportsbook.
Since taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The company’s employee headcount has increased by 29%, and annual income has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have moved LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has actually achieved major user engagement, sports betting 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 because 2015. He signed up with Betway in 2013 and sports betting has remained in the online video gaming industry given that 2000, holding numerous effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman’s management, Betway has actually continued to grow its market presence and improve its offerings. The company’s app has amassed 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 executive with a track record of changing start-ups into institutionalized businesses. Her know-how spans the video gaming, real estate, sports betting and credit loaning markets, where he has actually established himself as a strategic and functional leader.
Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has acted as Managing Director and has actually supervised the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s operational methods and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. 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 company, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, sports betting it was the very first to release 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is completely licensed.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a vast array of wagering 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 actually teamed up with African socio-economic institutions and federal governments to create developmental policies focused on empowering young people. 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has quickly 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, creating over 100,000 jobs, the variety of which is increasing every 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, bulk shareholder, and joint Chief Executive of Bet365, sports betting an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has because become among the world’s biggest online gambling companies.
By 2016, Bet365 generated $2 billion in incomes and assisted in $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has 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 sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, developed together with business person 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 possession management company that creates financial investment returns and offers unique investment insights and services to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a substantial gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually contributed to the company’s growth through partnerships, company 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 client experience, and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and sports betting Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also 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 sports betting 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 uses sports betting wagering, casino video games, and live dealer games. It was launched in 2017 and is owned and sports betting run by Marikit Holdings Ltd, sports betting a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and 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 worldwide sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has become a significant 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 financier in fintech and mobile payments and a strong advocate for sports betting the growing African internet ecosystem. His financial investments reflect his dedication to cultivating development and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of 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 aims to utilize advanced technology and a dedication to accountable sports betting to revolutionise the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, sports betting aims to be the continent’s biggest and most ingenious sports betting platform.
At a press rundown, sports betting the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and professional team will enable it to scale and dominate the market quickly.
Islamic police raid betting stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have actually started shutting down sports betting stores, which they say are running unlawfully.
“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Complaints from community leaders and moms and dads prompted the crackdown, fretted about the growing number of sports betting addicts, he said.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent home with a warning, the Sharia officer stated.
However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the system – Sharia – together with nonreligious law.
Bookmakers and bars tend to be enabled to operate in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and sports betting the financial center of northern Nigeria.
Sports betting stores can be found all over the city. Many have television screens, and clients watch the result of global football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookies had had the ability to run under the radar as they had actually opened under false pretences.
“They don’t have licences to operate as they were permitted to run video games centres, which they later on converted to wagering shops,” he said.
The sports betting wagering market has actually expanded dramatically throughout West Africa over the last few years. The region is approximately divided between a primarily Muslim north and a mainly Christian south.
Many individuals go to bookmakers to enjoy the sociability of other bettors, though mobile apps are likewise popular for wagering on the result of events and teams.
Nigeria’s debilitating recession has actually also implied people want to risk a small amount in the hope of winning big.
But this had actually caused widespread dependency, and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen said.
“These financial issues we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he said.
The raids on Tuesday concentrated on Munjibir, sports betting considered a resort area in the northeast of the city– visitors flock there at weekends.
“I am recommending those running those wagering stores to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what punishment they would face – typically, such infringements carry a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gambling and the consumption of alcohol were banned.
