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

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

Gambling has actually developed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

Slowly, with increased internet access came virtual sports betting, which parallels global 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 challenges such as inflation, Nigeria’s sports betting wagering sector has flourished, bring in millions, specifically amongst the youthful demographic dealing with high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates a projected annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory measures like import tax tasks and VAT boosts to handle the sector.

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

Despite these obstacles, sports betting business continue to thrive through efficient service models and aggressive marketing methods, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have significantly added to Nigeria’s $2 billion gambling empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans numerous functions in the video gaming and show business, including operating at one of the United Kingdom’s biggest video gaming centres, sports betting The Palace Bingo Club, where he functioned as the Lead Engineer in a Bingo and sports betting 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 become a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and has considering that expanded its presence, sports betting achieving 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 fully incorporated environment that combines relevant sports betting content, engaging features, sports betting and a world-class sportsbook.

Since taking the helm just before the pandemic, Sam has driven significant growth for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and yearly revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has actually 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 actually formerly served as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry given that 2000, holding various successful roles, consisting of General Manager of a data analytics group and sports betting Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and boost its offerings. The company’s app has actually gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her know-how covers the gaming, realty, and credit loaning markets, where he has actually established himself as a tactical and operational leader.

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

Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, sports betting pivotal in the business’s operational methods and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN provides frHer educational background includes 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 business, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the very first to introduce a fully functional website, 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 global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a wide range of sports betting options 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, sports betting Managing Director of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic institutions and federal governments to develop developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

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

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing every year. In the exact 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, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually because grown into among the world’s largest online sports betting business.

By 2016, Bet365 produced $2 billion in incomes and assisted in $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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 alongside business person 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 company that generates investment returns and provides special financial investment insights and options to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company’s growth through collaborations, sports betting service technique, and brand-new company advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, sports betting and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and sports betting Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned 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 sports betting platform that offers sports betting wagering, casino video games, and live dealership games. It was launched in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, sports betting a company signed up in Cyprus and sports betting 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 business he developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator known for sports betting delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has ended up being a considerable player in the market, with over 1 million downloads on the Google Play Store.

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

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

The company is set to interrupt the sports wagering market.

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

Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce 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 representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, sports betting and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and specialist team will enable it to scale and control the market quickly.

Islamic authorities raid betting shops in northern Nigeria

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

“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.

Complaints from community leaders and parents triggered the crackdown, worried about the growing variety of gambling addicts, sports betting he stated.

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

However Mr Aminudeen cautioned that now that the public understood 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 runs the Islamic legal system – Sharia – together with nonreligious law.

Bookies and to be allowed to operate in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

However, the current crackdown is focused on Muslim locations of Kano, a sprawling city and sports betting the financial hub of northern Nigeria.

Sports betting shops can be discovered all over the city. A lot of have tv screens, and clients see the outcome of international football matches or horse races on which they have staked money.

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

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

The sports betting industry has actually broadened significantly across West Africa in the last few years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.

Many individuals go to bookmakers to enjoy the sociability of other bettors, though mobile apps are likewise popular for wagering on the result of events and groups.

Nigeria’s crippling recession has likewise implied individuals are willing to run the risk of a small amount in the hope of winning huge.

However this had actually resulted in prevalent dependency, and moms and sports betting dads were even complaining that children were leaving of school to gamble, Mr Aminudeen said.

“These economic concerns we are facing in Nigeria is God informing us to change our methods by stopping sins,” he stated.

The raids on Tuesday focused on Munjibir, sports betting considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those sports betting 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 deal with – frequently, such infringements carry a fine.

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