Disrupting the House: New Firm Challenges Status Quo as Islamic Police Target Betting Shops
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
Gambling has actually progressed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, sports betting which parallels worldwide trends. 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.
Despite economic obstacles such as inflation, sports betting Nigeria’s sports betting wagering sector has actually thrived, sports betting drawing in millions, particularly amongst the younger group dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates a projected annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory procedures like excise duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of challenges in enforcement. Issues such as inadequate age confirmation and advertising guideline breaches show market regulatory spaces.
Regardless of these obstacles, sports betting companies continue to prosper through reliable organization models and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have actually substantially contributed to Nigeria’s $2 billion gaming empire through their extensive audience reach.
Sheriff 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 entertainment industry, consisting of operating at one of the United Kingdom’s biggest 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 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 service in the sports betting and sports betting video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, sports betting 2006, and has actually considering that expanded 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 completely integrated ecosystem that integrates pertinent sports betting material, engaging functions, and a world-class sportsbook.
Considering that taking the helm right before the pandemic, Sam has driven substantial growth for LiveScore Group. The company’s employee headcount has increased by 29%, and annual revenue has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually achieved significant 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, having formerly worked as the company’s Marketing and Operations Director sports betting since 2015. He signed up with Betway in 2013 and sports betting has been in the online video gaming industry because 2000, holding various successful roles, sports betting consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve its . The business’s app has garnered considerable 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 performance history of transforming start-ups into institutionalized companies. Her know-how covers the video gaming, sports betting property, sports betting and credit financing markets, where he has actually established himself as a tactical and operational leader.
Damilare has contributed in NairaBET’s success for sports betting over 14 years. Given that June 2019, she has served as Managing Director and has actually supervised the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting pivotal in the business’s functional strategies and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a fully functional site, 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is fully certified.
Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, sports betting providing a wide range of wagering choices and an easy to use platform. The 1XBET app has more than 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, sports betting Ukanwoke has teamed up with African socio-economic institutions and governments to design developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, sports betting established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually quickly grown its presence 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 tasks, the variety 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 creator, sports betting majority shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has considering that become one of the world’s largest online sports betting companies.
By 2016, Bet365 generated $2 billion in incomes and facilitated $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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 business in Nigeria, established together with 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 asset management business that produces investment returns and uses special investment insights and services to both individual and sports betting institutional customers.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, sports betting Bet9ja has ended up being a significant gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually contributed to the company’s development through partnerships, business method, and new service development.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and customer experience, and Country Manager at 22BET, focusing on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and sports betting Betty Bingo.
His career began at Jumia Group, sports betting where he operated in SEO, CRM, sports betting and sports betting 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 offers sports betting wagering, gambling establishment video games, sports betting and live dealership 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 sports betting a chain of gambling establishments worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.
SportyBet is a global sports betting and real-money video gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a considerable gamer in the market, sports betting with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for sports betting the growing African web ecosystem. His financial investments reflect his commitment to cultivating innovation and advancement within the area.
On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to disrupt the sports betting market.
Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage cutting-edge technology and a dedication to responsible gaming to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent’s largest and most ingenious sports betting wagering platform.
At a press briefing, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust sponsorship and professional team will allow it to scale and control the marketplace rapidly.
Islamic authorities raid betting shops in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting wagering shops, which they say are operating illegally.
“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, worried 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 their owners were sent out home with a warning, the Sharia officer said.
But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting operates the Islamic legal system – Sharia – alongside nonreligious law.
Bookies and sports betting bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, sports betting the present crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
Sports betting stores can be found all over the city. Many have tv screens, and clients enjoy the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had actually been able to run under the radar as they had opened under false pretenses.
“They do not have licences to run as they were permitted to run computer game centres, which they later converted to wagering stores,” he said.
The sports betting wagering market has expanded drastically throughout West Africa over the last few years. The area is approximately divided between a primarily Muslim north and a mainly Christian south.
Lots of people go to bookmakers to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of events and groups.
Nigeria’s crippling recession has also implied people are willing to run the risk of a percentage in the hope of winning big.
But this had actually caused prevalent dependency, and parents were even grumbling that children were leaving of school to bet, Mr Aminudeen said.
“These financial problems we are dealing with in Nigeria is God telling us to change 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 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 said.
It is unclear what punishment they would face – frequently, such infringements carry a fine.
Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gambling and the consumption of alcohol were banned.
