About Me

The N2 Billion Sports Betting Battle: Industry Leaders Face Islamic Crackdown as New Disruptor Emerges

Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting market.

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

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

In spite of financial difficulties such as inflation, Nigeria's sports betting wagering sector has actually thrived, attracting millions, sports betting especially amongst the vibrant group dealing with high unemployment rates.

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

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of difficulties in enforcement. Problems such as insufficient age verification and marketing rule breaches show industry regulative spaces.

Regardless of these difficulties, sports betting business continue to grow through efficient business designs and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing vital functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have actually considerably added to Nigeria's $2 billion gaming empire through their substantial audience reach.

Sheriff Olaniyan - CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with in 2011. His diverse career covers various roles in the gaming and show business, sports betting 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 a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has grown into a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, sports betting and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually considering that expanded its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated environment that integrates appropriate sports betting material, sports betting engaging features, and a world-class sportsbook.

Given that taking the helm prior to the pandemic, sports betting Sam has driven considerable development for LiveScore Group. The company's employee headcount has actually increased by 29%, and yearly profits has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have propelled LiveScore Group's success and assisted form the market's direction. LiveScoreBet has accomplished 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 previously functioned as the business's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and sports betting has actually remained in the online gaming market because 2000, holding different effective roles, consisting of General Manager of an information 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 actually garnered significant user engagement, sports betting 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 performance history of changing start-ups into institutionalized services. Her knowledge spans the video gaming, real estate, and credit financing industries, 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 actually worked as Managing Director and has managed the company's growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's operational strategies and market expansion.

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

Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a completely functional website, setting a benchmark in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting 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 largest bookmakers in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is totally licensed.

Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting alternatives 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic institutions and federal governments to develop 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, founded and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand 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, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing each year. In the same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates - CEO Bet 365

Denise Coates is a British billionaire businesswoman, the founder, majority shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually since grown into among the world's biggest online gaming 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 garnered considerable 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 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 generates financial investment returns and provides unique financial investment insights and options to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a substantial gamer in the Nigerian sports betting market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the business's growth through partnerships, service technique, and brand-new company advancement.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, and Country Manager at 22BET, focusing on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different 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 likewise 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 sports betting Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online sports betting platform that uses sports betting, gambling establishment games, and live dealership video games. It was launched in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, a company 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 company he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator sports betting known for providing an omni-channel home 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 advocate for the growing African web environment. His financial investments show his dedication to cultivating innovation and advancement within the region.

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

The firm is set to disrupt the sports betting industry.

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

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting wagering platform.

At a press rundown, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, especially 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 authorities raid betting stores in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have begun shutting down sports betting shops, which they say are running illegally.

"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.

Complaints from neighborhood leaders and sports betting moms and dads triggered the crackdown, worried about the growing variety of sports betting addicts, he said.

On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a caution, the Sharia officer said.

But Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on gambling, sports betting those flouting the guidelines would be detained.

Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - together with secular law.

Bookies and sports betting bars tend to be permitted to run in Kano's Christian areas, 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 economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. The majority of have tv screens, and customers enjoy the outcome of international football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had been able to run under the radar as they had opened under false pretenses.

"They do not have licences to operate as they were permitted to run computer game centres, which they later converted to sports betting stores," he stated.

The sports betting wagering market has broadened considerably across West Africa recently. The area is approximately divided in between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookies to delight in the sociability of other bettors, though mobile apps are also popular for wagering on the result of events and sports betting groups.

Nigeria's crippling economic crisis has likewise suggested people are willing to run the risk of a percentage in the hope of winning huge.

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

"These economic problems we are facing in Nigeria is God informing us to change 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 encouraging those running those wagering stores to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.

It is unclear what penalty they would face - frequently, such infringements bring a fine.

Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the consumption of alcohol were prohibited.