The $2 Billion Gamble: Meet the CEOs Reshaping Nigeria’s Betting Industry Despite Islamic Pushback

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

sports betting has evolved significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting sector has actually prospered, sports betting drawing in millions, particularly among the younger market dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates a projected yearly profits of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulative procedures like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite challenges in enforcement. Problems such as inadequate age verification and advertising rule breaches show market regulatory spaces.

Regardless of these challenges, sports betting wagering companies continue to grow through effective company designs and aggressive marketing techniques, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have substantially added to Nigeria’s $2 billion sports betting empire through their extensive 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 varied profession covers numerous roles in the gaming and entertainment industry, consisting of working at among the United Kingdom’s largest video gaming centres, sports betting 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 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 company was incorporated in Nigeria on November 7, sports betting 2006, and has actually given 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 relevant sports betting material, engaging functions, and a world-class sportsbook.

Because taking the helm prior to the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s worker headcount has actually increased by 29%, and yearly profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has actually attained 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, having actually formerly acted as the business’s Marketing and Operations Director sports betting since 2015. He joined Betway in 2013 and has actually been in the online gaming market because 2000, holding various effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and boost its offerings. The business’s app has garnered considerable 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 performance history of changing start-ups into institutionalized organizations. Her competence spans the video gaming, property, and credit financing markets, where he has established himself as a strategic and sports betting functional leader.

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

She DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, sports betting established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a totally practical site, 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting using a wide range of wagering alternatives and sports betting 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and governments to create developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has quickly 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, sports betting creating over 100,000 tasks, the variety of which is increasing yearly. In the very same year, MultiChoice broadcaster bought 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 creator, majority investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and sports betting has given that become one of the world’s largest online gaming companies.

By 2016, Bet365 produced $2 billion in profits and facilitated $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has garnered 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 company in Nigeria, established together 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 asset management business that generates investment returns and sports betting offers special financial investment insights and solutions to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, sports betting Bet9ja has actually ended up being a substantial player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this role, he has added to the company’s growth through collaborations, sports betting service technique, and new company advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product development and client experience, and Country Manager at 22BET, sports betting 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 sports betting Betty Bingo.

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also worked 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 offers sports betting wagering, gambling establishment video games, and live dealer video games. It was introduced 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 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 business he developed in 2013.

SportyBet is an international sports betting and sports betting real-money video gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial player in the industry, with over 1 million downloads on the Google Play Store.

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

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

The company is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative technology and a dedication to responsible gaming to change the sector.

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

At a press briefing, the business’s representative, sports betting Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, sports betting specifically football, has actually set the stage for Sunbet’s ambitious entry. He added that the firm’s robust sponsorship and professional group will enable it to scale and dominate the market quickly.

Islamic police raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting wagering stores, which they say are running unlawfully.

“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, sports betting referred to as the Hisbah, informed the BBC.

Problems from community leaders and sports betting parents prompted the crackdown, fretted about the growing variety of sports betting addicts, he said.

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

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

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

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

Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and sports betting the economic center of northern Nigeria.

Sports betting shops can be discovered all over the city. Many have tv screens, and consumers watch the result of worldwide football matches or horse races on which they have staked cash.

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

“They don’t have licences to run as they were allowed to run video games centres, which they later converted to sports betting shops,” he stated.

The sports betting industry has actually broadened considerably across West Africa over the last few years. The region is approximately divided between a generally Muslim north and a primarily Christian south.

Many people go to bookmakers to take pleasure in the sociability of other bettors, sports betting though mobile apps are likewise popular for sports betting on the result of events and sports betting groups.

Nigeria’s crippling recession has likewise indicated individuals want to risk a percentage in the hope of winning big.

However this had actually led to widespread dependency, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.

“These economic concerns we are dealing with in Nigeria is God telling us to change our methods 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 recommending those running those sports betting shops to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would face – 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 the intake of alcohol were prohibited.