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

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

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

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting sector has grown, bring in millions, particularly amongst the youthful market dealing with high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that generates an estimated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory procedures like import tax 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 fair operations regardless of obstacles in enforcement. Problems such as inadequate age verification and marketing rule breaches reveal industry regulative gaps.

In spite of these obstacles, sports betting business continue to prosper through efficient service designs and aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have significantly added to Nigeria’s $2 billion gambling empire through their extensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers different roles in the gaming and sports betting show business, including working at one of the United Kingdom’s biggest 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, has actually turned into a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, sports betting and has actually given that 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 sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated environment that integrates pertinent sports betting content, engaging features, sports betting and a world-class sportsbook.

Since taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The business’s employee headcount has increased by 29%, and yearly revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has actually 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 previously acted as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and sports betting has actually remained in the online gaming industry since 2000, holding various effective functions, consisting of General Manager of an information analytics team and sports betting Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and improve 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 differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her expertise spans the gaming, realty, and credit loaning markets, where he has actually established himself as a tactical and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has acted as Managing Director and has supervised the company’s growth and operations in Lagos, sports betting Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s operational strategies and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. 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 founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the first to introduce a totally functional website, setting a standard in the industry.

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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of sports betting alternatives and 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic organizations 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, founded and 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 and entertainment business has rapidly 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing yearly. In the very 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 founder, bulk 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 considering that grown into one of the world’s largest online sports betting companies.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 wagering company in Nigeria, established together with business owner 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 produces investment returns and provides special financial investment insights and services to both individual 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 substantial gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the company’s development through collaborations, organization strategy, and brand-new business advancement.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held various digital marketing functions at Laclic Services and Betty Bingo.

His career 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 video games, and live dealer games. It was launched 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 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, sports betting a company 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 controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a significant 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 web community. His financial investments show his commitment to fostering innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani bought 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 stated it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company aims to utilize cutting-edge technology and a dedication to accountable gaming to change the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and expert group will allow it to scale and control the market rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun closing down sports betting wagering stores, sports betting which they state are operating illegally.

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

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

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

But Mr Aminudeen warned that now that the general 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, sports betting which has a bulk Muslim population and operates the Islamic legal system – Sharia – alongside 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.

However, the existing crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

sports betting wagering shops can be found all over the city. Most have television screens, and customers watch the result of worldwide football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookmakers had 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 computer game centres, which they later on transformed to wagering shops,” he stated.

The sports betting industry has broadened significantly across West Africa over the last few years. The area is approximately divided in between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to delight in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of occasions and groups.

Nigeria’s debilitating recession has actually likewise implied individuals want to risk a percentage in the hope of winning huge.

But this had actually caused extensive addiction, and sports betting moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.

“These economic concerns we are facing in Nigeria is God telling us to alter our ways 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 wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would deal with – often, such violations bring a fine.

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