Betting Leaders Under Scrutiny: Fresh Player Emerges as Northern Nigeria Intensifies Betting Restrictions

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

Gaming has evolved substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

Slowly, with increased internet access came virtual wagering, sports betting which parallels worldwide trends. 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.

In spite of financial difficulties such as inflation, Nigeria’s sports betting sector has actually prospered, drawing in millions, particularly amongst the vibrant group facing high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an approximated annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulative steps like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of obstacles in enforcement. Problems such as inadequate age confirmation and advertising rule breaches reveal market regulatory gaps.

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

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have considerably contributed to $2 billion gambling empire through their substantial audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans different roles in the video gaming and entertainment industry, sports betting consisting of working at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, sports betting 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, Wales. Surebet247, founded in August 2011, sports betting has grown into a leading e-commerce organization in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 2006, and sports betting has because expanded its presence, achieving 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, sports betting a completely incorporated ecosystem that integrates pertinent sports betting content, engaging functions, and a first-rate sportsbook.

Because taking the helm prior to the pandemic, sports betting Sam has driven substantial growth for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and annual income has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and assisted shape the market’s instructions. 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 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 various effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s management, sports betting Betway has continued to grow its market presence and boost its offerings. The company’s app has amassed considerable 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 performance history of changing start-ups into institutionalized businesses. Her know-how covers the gaming, real estate, and credit lending markets, where he has developed himself as a strategic and sports betting functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has acted 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 business’s functional methods and market growth.

She established 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, finished in 2005.

Akin Alabi, the founder of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a totally practical website, setting a benchmark 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a wide variety of wagering choices 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 Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and federal governments to develop developmental policies focused on 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, sports betting 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 actually rapidly grown its presence in Nigeria, sports betting with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing annually. 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 founder, majority investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has since become one of the world’s largest online gambling business.

By 2016, Bet365 produced $2 billion in revenues and helped with $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered significant user engagement, with over 1 million downloads on the Google Play Store.

Ayo Ojuroye – CEO/Cofounder Bet9ja

Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, established along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian asset management business that creates financial investment returns and provides unique financial investment insights and solutions to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has contributed to the company’s development through collaborations, company technique, and new business development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and consumer experience, and sports betting Country Manager at 22BET, concentrating on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 gaming platform that offers sports betting, sports betting gambling establishment games, sports betting and live dealership games. It was introduced 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 sports betting 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 and sports betting real-money video gaming operator sports betting understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has become a considerable player 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 advocate for the growing African web community. His financial investments reflect his dedication to cultivating development 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 interfere with the sports wagering industry.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative innovation and a dedication to accountable gaming to revolutionise the sector.

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

At a press briefing, the company’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, sports betting and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert group will enable it to scale and dominate the market rapidly.

Islamic police raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun shutting down sports betting stores, which they say are running unlawfully.

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

Problems from community leaders and parents prompted the crackdown, worried about the growing number of sports betting addicts, he stated.

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

However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

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

Bookies and bars tend to be permitted to operate in Kano’s Christian neighbourhoods, sports betting though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a vast city and sports betting the financial center of northern Nigeria.

Sports betting shops can be found all over the city. The majority of have tv screens, and sports betting consumers see the result of international football matches or horse races on which they have actually staked money.

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

“They do not have licences to operate as they were permitted to run video games centres, which they later on converted to wagering stores,” he stated.

The sports betting wagering industry has broadened drastically across West Africa over the last few years. The region is roughly divided in between a mainly Muslim north and a predominantly Christian south.

Lots of people go to bookies to delight in the friendship of other gamblers, though mobile apps are also popular for sports betting on the outcome of occasions and groups.

Nigeria’s debilitating economic crisis has actually also suggested people are willing to run the risk of a small amount in the hope of winning huge.

But this had resulted in extensive dependency, and sports betting parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.

“These financial issues we are dealing with in Nigeria is God informing us to change our methods by stopping sins,” he said.

The raids on Tuesday concentrated on Munjibir, sports betting thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending 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 – often, such violations bring a fine.

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