The $2 Billion Sports Betting Battle: Industry Leaders Face Religious Crackdown as New Disruptor Surfaces
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
Gambling has progressed substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor sports betting parks and kiosks, where lovers would bet just N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, sports betting which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria’s sports betting sector sports betting has prospered, attracting millions, especially among the younger demographic facing high joblessness rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates an approximated annual income of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative procedures like import tax duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of difficulties in enforcement. Problems such as insufficient age confirmation and sports betting advertising rule breaches reveal industry regulative spaces.
Regardless of these difficulties, sports betting business 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 gambling sector, with CEOs playing vital functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have considerably added to Nigeria’s $2 billion sports betting empire through their extensive 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 spans different roles in the video gaming and show business, sports betting consisting of working at one of the United Kingdom’s largest video gaming centres, 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has become a leading e-commerce service in the sports betting and gaming sector, sports betting running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually because broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated environment that combines appropriate sports betting content, engaging features, and a first-rate sportsbook.
Considering that taking the helm just before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual revenue has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have actually propelled LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has 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 previously worked as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market given that 2000, holding different effective roles, including General Manager of a data analytics group and Director sports betting of a digital marketing company.
Under Werkman’s leadership, Betway has continued to grow its market presence and improve its offerings. The company’s app has actually gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her competence covers the video gaming, realty, and credit loaning markets, where he has developed himself as a tactical and sports betting functional leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has served as Managing Director and has supervised the company’s development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s functional techniques and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer academic background consists of 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, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a totally practical website, sports betting 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 global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is totally licensed.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of wagering 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, 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 young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, established 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 wagering and entertainment business has rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing each year. 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, bulk investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually because become one of the world’s biggest online sports betting business.
By 2016, Bet365 created $2 billion in earnings and sports betting helped with $45 billion in annual bets. The business also holds a bulk 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 wagering business in Nigeria, developed together with business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management company that generates financial investment returns and uses special investment insights and options to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually 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 significant gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has contributed to the company’s growth through collaborations, organization strategy, and brand-new business development.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, sports betting focusing on marketing technique and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked 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 gambling platform that provides sports betting, casino games, and live dealer 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 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 company he established in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a substantial 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 internet environment. His financial investments reflect his dedication to promoting innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting market.
Sunbet Sporting International Limited has said it is focused on changing how countless 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 firm intends to utilize cutting-edge innovation and a dedication to accountable sports betting to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting wagering platform.
At a press rundown, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, sports betting and the continent’s deep enthusiasm for sports betting, sports betting particularly 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 rapidly.
Islamic cops raid betting shops in northern Nigeria
Islamic cops in northern city of Kano have actually started closing down sports betting wagering stores, which they state are running unlawfully.
“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, sports betting known as the Hisbah, informed the BBC.
Grievances from neighborhood leaders and parents triggered the crackdown, fretted about the growing number of gambling addicts, he stated.
On the very first day of raids, 30 stores were closed in one residential area alone, sports betting and their owners were sent out home with a warning, sports betting the Sharia officer said.
But Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gaming, 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 – along with nonreligious law.
Bookmakers and bars tend to be allowed to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the current crackdown is focused on Muslim locations of Kano, sports betting a vast city and the financial center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. Many have tv screens, sports betting and clients see the result of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had been able 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 video games centres, which they later transformed to sports betting shops,” he said.
The sports betting wagering industry has expanded drastically across West Africa in the last few years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.
Many people go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the outcome of events and groups.
Nigeria’s debilitating recession has actually also meant people want to risk a percentage in the hope of winning big.
However this had caused widespread addiction, and parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen stated.
“These financial problems 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 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 uncertain what punishment they would deal with – often, such infringements carry 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 intake of alcohol were banned.
