Game Changers: How Islamic Raids and Tech Innovation are Transforming Nigeria’s Betting Landscape

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

sports betting has progressed substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

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

Despite economic challenges such as inflation, Nigeria’s sports betting sector sports betting has actually prospered, attracting millions, especially amongst the vibrant group facing high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates an approximated annual income of N730 billion. The federal government has actually not gone unnoticed by this development, sports betting which is thinking about regulatory steps like excise tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite obstacles in enforcement. Concerns such as inadequate age confirmation and marketing guideline breaches reveal market regulatory gaps.

In spite of these obstacles, sports betting wagering companies continue to thrive through effective service designs and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have considerably added 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 company he co-founded with Badmos Olasupo in 2011. His diverse profession covers numerous functions in the gaming and show business, including working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he functioned 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 become a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, sports betting 2006, and has actually considering that broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that integrates appropriate sports betting material, engaging features, and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly profits has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have 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 designated CEO of Betway in November 2017, having formerly acted as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online gaming market because 2000, holding numerous effective roles, including General Manager of a data analytics group and sports betting Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve its offerings. The company’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 actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her competence spans the gaming, realty, and credit loaning industries, where he has established himself as a tactical and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational methods and market growth.

She established 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 creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a totally functional site, setting a criteria in the market.

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

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering a wide range of wagering choices 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 teamed up 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, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, sports betting producing over 100,000 jobs, the number of which is increasing annually. 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, majority investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and sports betting has actually since turned into one of the world’s biggest online gambling business.

By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has 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 co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, established alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that generates returns and sports betting uses unique investment insights and services to both private and sports betting institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, sports betting and Country Manager at 22BET, focusing on marketing method 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 worked 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that offers sports betting wagering, gambling establishment games, and sports betting live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 an international sports betting wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial gamer 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 web ecosystem. His financial investments show 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 firm is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage advanced technology and a commitment to responsible sports betting to change the sector.

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

At a press briefing, sports betting the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert team will enable it to scale and control the market rapidly.

Islamic cops raid betting shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting wagering stores, which they state are running illegally.

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, called the Hisbah, informed the BBC.

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

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

But 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 detained.

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

Bookmakers and bars tend to be permitted to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the current crackdown is focused on Muslim locations of Kano, a vast city and sports betting the economic center of northern Nigeria.

Sports betting shops can be discovered all over the city. The majority of have tv screens, and clients see the result of international football matches or horse races on which they have staked cash.

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

“They don’t have licences to run as they were permitted to run video games centres, which they later on transformed to sports betting shops,” he said.

The sports betting wagering market has broadened considerably across West Africa in the last few years. The region is approximately divided between a generally Muslim north and a predominantly Christian south.

Many people go to bookmakers to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of events and groups.

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

However this had actually caused prevalent addiction, and parents were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.

“These economic issues we are dealing with in Nigeria is God telling us to change 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 closed down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what penalty they would deal with – frequently, 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 sports betting the usage of alcohol were banned.