Nigeria's $2 Billion Sports Betting War: Industry Leaders Face Islamic…

Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.

Gaming has developed significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

In spite of financial difficulties such as inflation, Nigeria's sports betting wagering sector has grown, bring in millions, specifically among the younger market dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces an approximated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is considering regulative procedures like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Issues such as inadequate age confirmation and advertising rule breaches reveal industry regulative spaces.

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

These efforts have actually contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing vital roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have significantly added to Nigeria's $2 billion sports betting empire through their extensive 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 profession spans various roles in the gaming and show business, consisting of operating at among the United Kingdom's largest gaming centres, The Palace Bingo Club, where he worked 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 turned into a leading e-commerce service in the wagering and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has since expanded its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated community that combines appropriate sports betting content, engaging features, and a first-rate sportsbook.

Given that taking the helm right before the pandemic, Sam has driven considerable development for LiveScore Group. The business's staff member headcount has increased by 29%, and annual revenue has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam's leadership and tactical vision have actually propelled LiveScore Group's success and assisted shape the market's instructions. LiveScoreBet has actually accomplished significant 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 acted as the company's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online gaming market considering that 2000, holding numerous successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman's leadership, Betway has actually continued to grow its market presence and boost its offerings. The business's app has amassed significant user engagement, 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 track record of transforming start-ups into institutionalized companies. Her expertise covers the video gaming, realty, and credit financing industries, where he has actually developed himself as a strategic and functional leader.

Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has served as Managing Director and has overseen the company's development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's operational strategies and market growth.

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. 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 founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a fully practical site, setting a benchmark 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is completely licensed.

Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide range 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic organizations and governments to design 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 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 home entertainment business has actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing yearly. In the 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 shareholder, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that grown into one of the world's biggest online gambling companies.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in annual bets. The business likewise 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 company in Nigeria, developed 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 generates investment returns and provides special financial investment insights and options to both individual and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the business's growth through partnerships, organization technique, and brand-new business advancement.

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, concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, casino video games, and live dealership 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 also 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 developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator understood for providing an omni-channel home entertainment experience in controlled . Under Ramnani's management, SportyBet has become a significant player in the market, 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 investments reflect his dedication to fostering 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 company is set to interfere with the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In a market 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 company aims to take advantage of cutting-edge technology and a commitment to accountable gaming to revolutionise the sector.

Backed by the financial power of four popular African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent's largest and most innovative sports betting platform.

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

Islamic authorities raid wagering stores in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have started closing down sports betting shops, which they say are operating unlawfully.

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

Grievances from community leaders and moms and dads triggered the crackdown, stressed over the growing variety of gambling addicts, he said.

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

However Mr Aminudeen warned that now that the 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 operates the Islamic legal system - Sharia - alongside secular law.

Bookmakers and bars tend to be permitted to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

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

sports betting wagering shops can be discovered all over the city. Many have tv screens, and customers enjoy the result of international football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookies had actually had the ability to operate under the radar as they had actually opened under false pretenses.

"They don't have licences to operate as they were permitted to run video games centres, which they later converted to wagering stores," he stated.

The sports betting wagering market has broadened significantly throughout West Africa over the last few years. The region is roughly divided between a mainly Muslim north and sports betting a mainly Christian south.

Lots of people go to bookmakers to enjoy the friendship of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.

Nigeria's crippling recession has actually likewise indicated people want to risk a percentage in the hope of winning big.

However this had actually led to prevalent addiction, and moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.

"These financial problems we are dealing with 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 advising those running those sports betting shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.

It is uncertain what punishment they would face - typically, such infringements bring a fine.

Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and the intake of alcohol were banned.