The N2 Billion Gamble: Meet the CEOs Transforming Nigeria’s Betting Industry Despite Islamic Resistance

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

Gambling has progressed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, sports betting where enthusiasts would wager as low as N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, Nigeria’s sports betting sector has prospered, drawing in millions, especially amongst the younger group dealing with high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates a projected yearly profits of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative measures like excise tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of difficulties in enforcement. Concerns such as inadequate age confirmation and sports betting advertising rule breaches reveal market regulative spaces.

Despite these challenges, sports betting wagering companies continue to thrive through reliable company models and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion gaming 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

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers different functions in the video gaming and show business, 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 a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, sports betting has actually grown into a leading e-commerce service 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 has actually since broadened 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 sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that combines appropriate sports betting content, engaging features, and a first-rate sportsbook.

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

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and assisted form the industry’s instructions. 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 selected CEO of Betway in November 2017, sports betting having actually previously worked as the business’s Marketing and sports betting Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming market because 2000, holding different successful roles, including General Manager of a data analytics team and Director of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her expertise covers the gaming, realty, sports betting and credit loaning industries, sports betting where he has established himself as a tactical and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, sports betting she has functioned as Managing Director and has actually supervised the company’s development and operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer educational 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 company, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a fully functional site, setting a criteria 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 wagering company 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 operates in more than 50 countries, consisting of Nigeria, where it is completely licensed.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a large range of wagering choices 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to create 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 and home entertainment company has quickly grown its presence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is . In the 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, the creator, majority shareholder, sports betting and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually since grown into among the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered substantial user engagement, sports betting 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, sports betting a leading sports betting business in Nigeria, established alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that creates financial investment returns and offers special financial investment insights and solutions to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has actually been serving as the Country Director for sports betting 22BET in Nigeria given that June 2021. In this function, he has actually contributed to the company’s development through partnerships, service technique, and new service advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer experience, and Country Manager at 22BET, sports betting focusing on marketing strategy and spending plan management. Before 22BET, sports betting 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, sports betting CRM, and content management. Fikayo likewise served as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting 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 uses sports betting wagering, casino games, and live dealer video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 developed in 2013.

SportyBet is a global sports betting and real-money gaming operator sports betting understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial 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 supporter for the growing African internet ecosystem. His financial investments reflect his commitment to promoting innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.

The company is set to interrupt the sports betting industry.

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

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

At a press briefing, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, sports betting has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and expert team will allow it to scale and control the marketplace quickly.

Islamic cops raid wagering stores in northern Nigeria

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

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

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

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

But Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on gambling, those flouting the rules would be arrested.

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

Bookmakers 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, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.

Sports betting stores can be discovered all over the city. A lot of have television screens, and consumers watch the outcome of international football matches or horse races on which they have actually staked cash.

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

“They do not have licences to run 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 actually broadened drastically across West Africa recently. The region is approximately divided between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the result of events and teams.

Nigeria’s crippling economic crisis has likewise suggested individuals want to risk a percentage in the hope of winning big.

But this had led to widespread addiction, and moms and dads were even grumbling that children were leaving of school to bet, sports betting Mr Aminudeen stated.

“These financial concerns we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,” he said.

The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those sports betting stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would face – frequently, such violations carry a fine.

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