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The $2 Billion Bet: Meet the Leaders Transforming Nigeria’s Betting Industry Despite Islamic Pushback

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

sports betting has actually evolved significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor sports betting parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, Nigeria’s sports betting sector has actually flourished, drawing in millions, especially amongst the younger group facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates an estimated yearly revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative measures like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Issues such as insufficient age verification and advertising guideline breaches show industry regulative gaps.

Despite these obstacles, sports betting business continue to prosper through reliable business designs and aggressive marketing strategies, leveraging the developer influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans numerous roles in the gaming and entertainment industry, consisting of working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he served 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 video gaming sector, operating through online, mobile, and sports betting retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually considering that broadened its existence, sports betting accomplishing over 5,000 downloads on the Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a completely incorporated ecosystem that combines relevant sports betting content, engaging features, and a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven significant growth for LiveScore Group. The business’s employee headcount has increased by 29%, and sports betting yearly profits has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and helped form the market’s instructions. LiveScoreBet has accomplished 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 previously acted as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming market considering that 2000, holding numerous effective roles, sports betting consisting of General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and improve its offerings. The business’s app has actually garnered substantial 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 covers the video gaming, real estate, and credit lending markets, where he has developed himself as a tactical and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has actually served as Managing Director and has actually supervised the business’s growth 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 company’s functional methods and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer educational 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 business, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a fully practical website, setting a criteria in the industry.

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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually established itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide range of wagering options and sports betting 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 teamed up with African socio-economic organizations and governments to design 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 trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting home entertainment business has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing yearly. In the exact same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, sports betting the creator, bulk investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online wagering site and has actually considering that grown into one of the world’s biggest online gambling business.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered considerable 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 company in Nigeria, developed together with 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 property management business that generates financial investment returns and uses special financial investment insights and options to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has contributed to the business’s growth through collaborations, sports betting business method, and brand-new service advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client 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 numerous digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he worked in SEO, CRM, 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, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides sports betting wagering, gambling establishment games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a significant gamer in the market, 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 a strong advocate for the growing African internet community. His investments reflect his commitment to cultivating innovation and development within the region.

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

The firm is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage cutting-edge technology and a dedication to responsible gambling to revolutionise the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, sports betting has actually set the stage for sports betting Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and specialist team will enable it to scale and control the marketplace rapidly.

Islamic cops raid betting shops in northern Nigeria

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

« As you understand, sports betting is forbidden in Islam, » Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.

Complaints from community leaders and moms and dads triggered the crackdown, worried about the growing number of gambling addicts, he stated.

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

But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – alongside secular 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 thinks Muslims are frequenting them.

However, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.

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

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

« They do not have licences to run as they were allowed to run video games centres, which they later converted to wagering stores, » he stated.

The sports betting wagering industry has broadened considerably throughout West Africa in the last few years. The region is roughly divided between a primarily Muslim north and a mainly Christian south.

Many people go to bookmakers to delight in the friendship of other bettors, though mobile apps are likewise popular for sports betting on the outcome of occasions and teams.

Nigeria’s crippling economic crisis has likewise meant individuals are willing to run the risk of a percentage in the hope of winning huge.

However this had led to widespread dependency, and moms and dads were even grumbling that kids were leaving of school to gamble, sports betting 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 concentrated on Munjibir, thought about 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 detain them and take them to [a Sharia] court, » Mr Aminudeen said.

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It is uncertain what punishment they would deal with – often, such infringements bring a fine.

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