Betting Wars: Islamic Police Crackdown Escalate as Innovation Startup Challenges Nigeria’s Gaming Giants
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
Gaming has evolved substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.
Slowly, with increased web gain access to came virtual 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.
Despite financial difficulties such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, particularly among the vibrant market dealing with high joblessness rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates a projected yearly income of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative measures like excise duties and VAT increases to handle 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. Problems such as inadequate age verification and advertising guideline breaches show market regulatory gaps.
Despite these difficulties, sports betting companies continue to flourish through effective business designs and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have considerably contributed to Nigeria’s $2 billion sports betting empire through their extensive 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 career covers different roles in the gaming and entertainment industry, consisting of operating at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he acted 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 gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has since broadened its existence, 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 totally incorporated environment that integrates appropriate sports betting content, engaging functions, and a first-rate sportsbook.
Since taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s employee headcount has increased by 29%, and yearly profits has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have propelled LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has actually accomplished 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 previously worked as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online gaming industry given that 2000, holding different successful roles, including General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman’s management, Betway has actually continued to grow its market existence and boost its offerings. The company’s app has actually gathered 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 transforming start-ups into institutionalized companies. Her know-how covers the gaming, property, and credit lending industries, where he has actually established himself as a strategic and functional leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has served as Managing Director and has supervised the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s functional techniques and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN supplies frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully functional site, setting a benchmark 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 international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is fully licensed.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a wide variety 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 ventures, Ukanwoke has worked together with African socio-economic institutions and federal governments to create 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, founded and launched 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 wagering and 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 participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing annually. In the very 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 founder, bulk investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually since grown into one of the world’s biggest online gaming companies.
By 2016, Bet365 created $2 billion in earnings and assisted in $45 billion in annual bets. The company also 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 co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, established along with business owner 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 asset management business that creates financial investment returns and uses unique 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 ended up being a considerable player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the company’s development through collaborations, organization technique, and new service advancement.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and sports betting 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 sports betting platform that offers sports betting, casino games, and live dealer 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 a chain of gambling establishments 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 gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, has become a considerable 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 advocate for the growing African internet community. His investments show his dedication to fostering innovation and development 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 concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of innovative innovation and a commitment to accountable sports betting to change the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting platform.
At a press rundown, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and expert group will allow it to scale and control the market rapidly.
Islamic authorities raid wagering shops in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting stores, which they state are running unlawfully.
“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents triggered the crackdown, fretted about the growing number of sports betting addicts, he said.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – together with nonreligious law.
Bookies and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
However, the existing crackdown is focused on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting shops can be discovered all over the city. A lot of have tv screens, and clients watch the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had actually opened under false pretenses.
“They do not have licences to operate as they were allowed to run video games centres, which they later on converted to sports betting stores,” he stated.
The sports betting wagering industry has broadened significantly across West Africa in recent years. The area is roughly divided between a generally Muslim north and a mainly Christian south.
Lots of people go to bookies to delight in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of occasions and teams.
Nigeria’s crippling economic crisis has likewise implied individuals are willing to run the risk of a percentage in the hope of winning big.
But this had led to extensive addiction, and parents were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.
“These financial concerns we are dealing with in Nigeria is God informing us to change 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 advising 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 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, gaming and the intake of alcohol were prohibited.
