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Betting’s Multi-Billion Battleground: Industry Leaders Face Double Threat in Nigeria

Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.

sports betting has actually progressed 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 lovers would wager as low as N50-N200 on matches.

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

Despite economic obstacles such as inflation, Nigeria’s sports betting wagering sector has prospered, bring in millions, especially among the younger demographic dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that creates an approximated yearly revenue of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory steps like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of difficulties in enforcement. Problems such as insufficient age verification and marketing guideline breaches reveal market regulative gaps.

Regardless of these obstacles, sports betting wagering business continue to grow through effective service models and aggressive marketing techniques, leveraging the developer influencer market.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have substantially added to Nigeria’s $2 billion gaming empire through their extensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers different roles in the video gaming and show business, including working at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, sports betting 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, sports betting Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually given that expanded its existence, sports betting achieving 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, sports betting he became the CEO of LiveScore Group, a fully incorporated environment that integrates pertinent sports betting content, engaging functions, and a first-rate sportsbook.

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

Sam’s leadership and strategic vision have moved LiveScore Group’s success and assisted shape the market’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 designated CEO of Betway in November 2017, having actually previously acted as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online gaming market considering that 2000, holding different successful roles, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market existence and sports betting improve its offerings. The business’s app has amassed considerable 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 businesses. Her proficiency spans the gaming, real estate, and sports betting credit financing markets, where he has established himself as a tactical and sports betting operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has worked as Managing Director sports betting and sports betting has supervised the business’s growth and operations in Lagos, sports betting Nigeria.

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

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

Akin Alabi, the creator sports betting of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a completely functional website, setting a standard 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering 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 worked together with African socio-economic institutions and governments to create developmental policies focused on empowering young people. In 2015, 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, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting home entertainment company has rapidly grown its existence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, sports betting the number of which is increasing annually. In the 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, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and sports betting has since grown into among the world’s biggest online gambling companies.

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

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates financial investment returns and offers special financial investment insights and sports betting services to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business’s growth through partnerships, organization method, sports betting and new service development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer experience, and Country Manager at 22BET, focusing on marketing technique 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 profession began at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise served 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that provides sports betting wagering, casino video games, and live dealer video games. It was launched 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, sports betting a business he developed in 2013.

SportyBet is a worldwide 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 actually become a considerable player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and sports betting a strong supporter for the growing African web ecosystem. His investments show his dedication to fostering development 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 firm is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In a market 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 company intends to take advantage of advanced technology and sports betting a commitment to responsible gambling to change the sector.

Backed by the financial power of four popular African billionaires, Sunbet, sports betting which will in the very first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting wagering platform.

At a press instruction, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, sports betting and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and expert group will allow it to scale and dominate the marketplace rapidly.

Islamic police raid betting shops in northern Nigeria

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

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

Problems from community leaders and moms and dads prompted the crackdown, stressed over the growing number of sports betting addicts, he stated.

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

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

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

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

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

Sports betting stores can be discovered all over the city. Many have tv screens, and consumers view the outcome of worldwide football matches or sports betting horse races on which they have staked cash.

Mr Aminudeen stated such bookmakers had actually been able to operate under the radar as they had actually opened under false pretenses.

“They do not have licences to operate as they were permitted to run computer game centres, which they later converted to wagering shops,” he stated.

The sports betting market has expanded dramatically throughout West Africa over the last few years. The area is approximately divided between a generally Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the outcome of events and teams.

Nigeria’s debilitating economic crisis has actually also implied people are willing to risk a percentage in the hope of winning big.

But this had led to prevalent dependency, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“These economic problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,” he said.

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

“I am recommending those running those wagering shops to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would face – frequently, sports betting such infringements carry a fine.

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