Breaking the House: Fresh Firm Confronts Status Quo as Islamic Police Raid Betting Shops

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

Gaming has actually developed substantially in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing 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 as low as N50-N200 on matches.

Slowly, 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 predicted to almost double to $182.02 billion by 2030.

Regardless of financial obstacles such as inflation, Nigeria’s sports betting wagering sector has thrived, bring in millions, specifically amongst the younger group facing high joblessness 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 actually not gone unnoticed by this development, which is thinking about regulatory measures like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite difficulties in enforcement. Concerns such as inadequate age verification and marketing rule breaches show industry regulatory spaces.

Regardless of these obstacles, sports betting business continue to grow through efficient company models and aggressive marketing strategies, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have significantly added to Nigeria’s $2 billion gaming empire through their extensive audience reach.

Sheriff 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 different functions in the gaming and show business, including operating at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, sports betting 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 grown into a leading e-commerce company in the wagering and video gaming sector, sports betting running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has since broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated environment that combines pertinent sports betting material, engaging features, and a first-rate sportsbook.

Given that taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The company’s worker headcount has increased by 29%, and annual earnings has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and helped shape the industry’s instructions. 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 functioned as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online gaming industry because 2000, holding different effective roles, consisting of General Manager of a team and Director sports betting of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The company’s app has actually garnered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a track record of changing start-ups into institutionalized services. Her knowledge spans the gaming, real estate, and credit lending markets, where he has developed himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has actually worked as Managing Director and has actually supervised 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 functional strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. 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, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a completely functional site, setting a standard in the market.

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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering alternatives 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic organizations and governments to develop developmental policies aimed at empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing every year. In the exact 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, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has since turned into one of the world’s largest online gaming companies.

By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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, developed together with business owner 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 property management company that produces financial investment returns and sports betting offers distinct investment insights and services to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has been working as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business’s development through collaborations, sports betting organization technique, and new business advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and consumer experience, and Country Manager at 22BET, focusing on marketing method and budget plan 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, sports betting and 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, sports betting Benin Republic.

22Bet is an online sports betting platform that provides sports betting wagering, casino video games, and live dealership video games. It was released in 2017 and is owned and operated 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 established in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually 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, sports betting Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments show his dedication to promoting innovation and advancement within the region.

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 interrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on changing how countless 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 firm intends to leverage advanced innovation and a dedication to accountable sports betting to change the sector.

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

At a press briefing, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and professional group will allow it to scale and control the marketplace quickly.

Islamic cops raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they say are operating illegally.

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

Complaints from community leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he said.

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

However Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.

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

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

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

Sports betting stores can be discovered all over the city. Many have tv screens, and clients enjoy the result of international football matches or horse races on which they have actually staked money.

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

“They don’t have licences to run as they were allowed to run computer game centres, which they later on converted to wagering shops,” he said.

The sports betting industry has expanded dramatically throughout West Africa recently. The area is approximately divided between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookmakers to delight in the friendship of other bettors, though mobile apps are likewise popular for wagering on the outcome of events and groups.

Nigeria’s debilitating recession has likewise meant people are willing to run the risk of a small amount in the hope of winning huge.

But this had actually led to prevalent dependency, and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen said.

“These economic issues we are dealing with in Nigeria is God informing us to alter our methods by stopping sins,” he stated.

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 recommending those running those wagering stores to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would face – typically, 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.