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The $2 Billion Sports Betting War: Industry Leaders Face Islamic Crackdown as New Disruptor Surfaces

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

sports betting has developed substantially in Nigeria from standard forms like pool staking and sports betting Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, sports betting where enthusiasts would wager as little as N50-N200 on matches.

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

In spite of financial obstacles such as inflation, Nigeria’s sports betting wagering sector has actually flourished, bring in millions, especially among the youthful market dealing with high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an approximated annual income of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative steps like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite difficulties in enforcement. Issues such as inadequate age confirmation and marketing rule breaches show market regulative spaces.

In spite of these difficulties, sports betting wagering companies continue to thrive through efficient company models and aggressive marketing strategies, sports betting leveraging the creator influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting 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, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans various functions in the gaming and entertainment industry, including working at one of the United Kingdom’s largest gaming centres, sports betting The Palace Bingo Club, where he served 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 grown into a leading e-commerce company in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has considering that broadened its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 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 appropriate sports betting material, sports betting engaging features, sports betting and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and annual profits has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and vision have propelled LiveScore Group’s success and sports betting helped shape the industry’s instructions. LiveScoreBet has actually achieved major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having actually formerly acted as the company’s Marketing and Operations Director sports betting considering that 2015. He joined Betway in 2013 and has actually been in the online gaming industry given that 2000, holding various successful functions, including General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and improve its offerings. The business’s app has gathered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her proficiency spans the video gaming, property, and credit loaning markets, sports betting 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. Because June 2019, sports betting she has actually acted as Managing Director and sports betting has overseen the company’s development and operations in Lagos, 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 expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN supplies 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, it was the first to release a totally functional site, setting a criteria in the market.

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, sports betting has actually established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of wagering choices and an easy to use 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, sports betting Managing Director of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic organizations and federal governments to develop 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 sports betting 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 sports betting entertainment business has rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, sports betting producing over 100,000 tasks, the number of which is increasing each 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, sports betting the founder, bulk shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was released in 2001 as an online wagering site and has actually because grown into one of the world’s largest online sports betting business.

By 2016, Bet365 produced $2 billion in revenues and sports betting facilitated $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 company in Nigeria, developed together with entrepreneur Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that produces financial investment returns and sports betting offers unique investment insights and solutions to both specific and 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 management, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the company’s development through collaborations, service technique, and brand-new organization advancement.

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 method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also acted 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 provides sports betting wagering, casino video games, and live dealer games. It was released 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 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 established in 2013.

SportyBet is a global sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being 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 ecosystem. His financial investments reflect his commitment to cultivating innovation and development within the region.

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize advanced technology and a dedication to accountable gaming to revolutionise the sector.

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

At a press instruction, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and specialist group will enable it to scale and control the marketplace quickly.

Islamic cops raid wagering stores in northern Nigeria

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

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

Complaints from community leaders and moms and dads triggered the crackdown, stressed over the growing number of gambling addicts, sports betting 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 warning, sports betting the Sharia officer stated.

However Mr Aminudeen cautioned 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, sports betting which has a bulk 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 areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

However, sports betting the present crackdown is focused on Muslim locations of Kano, a vast city and the economic center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. The majority of have tv screens, and consumers watch the outcome of worldwide football matches or horse races on which they have actually staked money.

Mr Aminudeen said such bookmakers had 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 permitted to run computer game centres, which they later transformed to wagering shops,” he stated.

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

Many people go to bookies to take pleasure in the sociability of other gamblers, though mobile apps are also popular for sports betting on the result of occasions and groups.

Nigeria’s debilitating economic crisis has actually likewise indicated individuals are willing to run the risk of a percentage in the hope of winning huge.

But this had actually led to prevalent addiction, and sports betting parents were even complaining that children were leaving of school to gamble, Mr Aminudeen stated.

“These economic issues we are facing in Nigeria is God informing us to alter our ways by stopping sins,” he stated.

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 shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would deal with – often, such violations carry a fine.

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