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

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

sports betting has actually progressed significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting sector has thrived, bring in millions, specifically among the younger demographic facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates an estimated yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative procedures like excise responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Concerns such as insufficient age confirmation and marketing guideline breaches show market regulatory gaps.

Despite these challenges, sports betting business continue to prosper through reliable service designs and aggressive marketing methods, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually significantly added to Nigeria’s $2 billion sports betting empire through their comprehensive 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 career covers different roles in the video gaming and entertainment industry, consisting of working at among the United Kingdom’s largest gaming centres, sports betting 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 actually grown into a leading e-commerce organization in the wagering and gaming sector, sports betting running through online, mobile, and sports betting retail channels. The company was incorporated in Nigeria on November 7, 2006, and has given 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 wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated ecosystem that integrates appropriate sports betting material, engaging functions, and a world-class sportsbook.

Given that taking the helm prior sports betting to the pandemic, Sam has driven substantial development for LiveScore Group. The company’s employee headcount has actually increased by 29%, sports betting and annual income has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and helped form the market’s instructions. LiveScoreBet has 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 formerly acted as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online gaming industry since 2000, holding numerous effective functions, consisting of General Manager of a data analytics team and Director sports betting of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and sports betting boost its offerings. The business’s app has actually amassed 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 organizations. Her know-how spans the gaming, realty, and sports betting credit loaning markets, where he has developed himself as a strategic and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has acted as Managing Director sports betting and has managed the business’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 expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN supplies frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a completely functional website, sports betting setting a benchmark in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is totally licensed.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting offering a wide variety 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 ventures, Ukanwoke has collaborated with African socio-economic institutions and governments to design developmental policies focused on empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, sports betting producing over 100,000 jobs, the number of which is increasing each year. 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, sports betting and sports betting joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually since grown into one of the world’s largest online gaming companies.

By 2016, Bet365 created $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 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 company in Nigeria, established together with entrepreneur Kunle Soname, who also 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 produces investment returns and uses special investment insights and services to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, sports betting he has added to the company’s development through partnerships, organization technique, and sports betting new organization advancement.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and consumer experience, and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he operated in SEO, CRM, sports betting 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 gaming platform that provides sports betting wagering, casino games, and live dealer video 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 gambling establishments .

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

SportyBet is an international sports betting and real-money gaming operator known for sports betting providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a considerable gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African internet community. His investments reflect his commitment to fostering development and advancement within the area.

On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.

The company is set to interrupt the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing how millions of 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 leverage cutting-edge innovation and a commitment to responsible sports betting to revolutionise the sector.

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

At a press instruction, the company’s spokesperson, 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 enthusiastic entry. He included that the firm’s robust sponsorship and professional team will enable it to scale and dominate the marketplace rapidly.

Islamic cops raid betting shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started closing down sports betting wagering stores, which they say are operating unlawfully.

« As you understand, wagering is prohibited in Islam, » Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.

Problems from community leaders and moms and sports betting dads prompted the crackdown, sports betting fretted about the growing variety of sports betting addicts, he stated.

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

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.

Kano city is the capital of Kano state, which has a majority Muslim population and sports betting operates the Islamic legal system – Sharia – along with nonreligious law.

Bookmakers and bars tend to be allowed to operate in Kano’s Christian areas, sports betting though they too can face 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 financial hub of northern Nigeria.

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

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 allowed to run video games centres, which they later on converted to sports betting stores, » he stated.

The sports betting market has expanded significantly across West Africa in recent years. The region is roughly divided between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and groups.

Nigeria’s crippling recession has actually also meant individuals want to risk a percentage in the hope of winning huge.

But this had actually resulted in extensive addiction, sports betting and moms and dads were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen stated.

« These economic problems we are facing in Nigeria is God informing us to change our methods by stopping sins, » he said.

The raids on Tuesday concentrated 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 jail them and take them to [a Sharia] court, » Mr Aminudeen said.

It is uncertain what penalty they would face – frequently, such violations bring a fine.

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