Disrupting the House: Fresh Firm Confronts Status Quo as Religious Police Raid Betting Shops

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

sports betting has progressed substantially in Nigeria from standard kinds like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

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

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected annual profits of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory measures like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Issues such as insufficient age confirmation and marketing rule breaches reveal industry regulative gaps.

Regardless of these obstacles, sports betting business continue to flourish through efficient service designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have actually considerably contributed to Nigeria’s $2 billion gaming 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 diverse career covers numerous functions in the gaming and entertainment industry, including working at among the United Kingdom’s largest 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has actually 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, 2006, sports betting and has actually since 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated community that combines appropriate sports betting material, sports betting engaging features, and a first-rate sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual revenue has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and sports betting tactical vision have moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has attained 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 formerly acted as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market since 2000, holding numerous effective functions, including General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market presence and enhance its offerings. The company’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 actually distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized services. Her know-how spans the gaming, realty, and credit financing industries, where he has established himself as a strategic and operational 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 has actually managed the business’s growth and operations in Lagos, .

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s functional techniques and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a completely practical 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 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 business operates in more than 50 countries, including Nigeria, sports betting where it is totally certified.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering choices and an user-friendly 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and federal governments to develop developmental policies aimed at empowering youths. 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, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number 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 has actually since turned into one of the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 alongside business person 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 generates investment returns and provides special financial investment insights and services to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this function, sports betting he has actually contributed to the business’s growth through collaborations, organization method, and brand-new company development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and client experience, and Country Manager at 22BET, concentrating on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he operated 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 Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting 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 business signed up 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, a business he established in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a significant player in the market, 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 the growing African web ecosystem. His investments show his commitment to promoting 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 interfere with the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In an industry 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, the firm intends to take advantage of innovative technology and a commitment to accountable gambling to change the sector.

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

At a press rundown, the company’s spokesperson, sports betting Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and specialist group will enable it to scale and control the marketplace rapidly.

Islamic police raid betting shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting wagering shops, which they state are running unlawfully.

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

Grievances from community leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he said.

On the first day of raids, 30 shops were closed in one suburb alone, sports betting and their owners were sent out home with a caution, the Sharia officer stated.

However Mr Aminudeen warned that now that the general public was aware 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 runs the Islamic legal system – Sharia – together with nonreligious law.

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

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

Sports betting shops can be found all over the city. Most have television screens, and consumers enjoy the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretences.

“They do not have licences to run as they were permitted to run video games centres, which they later on transformed to sports betting shops,” he stated.

The sports betting market has actually broadened drastically across West Africa in the last few years. The region is roughly divided between a mainly Muslim north and sports betting a primarily Christian south.

Many individuals go to bookies to delight in the camaraderie of other gamblers, sports betting though mobile apps are also popular for sports betting on the result of occasions and groups.

Nigeria’s debilitating economic crisis has actually also suggested individuals want to run the risk of a small amount in the hope of winning huge.

But this had actually resulted in prevalent dependency, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

“These financial concerns 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 recommending those running those sports betting shops to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – often, such infringements 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.