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The N2 Billion Gamble: Meet the Leaders Reshaping Nigeria’s Betting Scene Despite Islamic Resistance
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting industry.
sports betting has actually progressed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels worldwide 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.
In spite of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, especially amongst the youthful market dealing with high unemployment rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an estimated yearly profits of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory steps like import tax responsibilities and sports betting VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of challenges in enforcement. Issues such as inadequate age confirmation and advertising rule breaches show industry regulative spaces.
In spite of these obstacles, sports betting wagering business continue to prosper through efficient company models and aggressive marketing strategies, leveraging the developer influencer industry.
These efforts have added to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing essential functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria’s $2 billion gaming empire through their substantial audience reach.
Sheriff 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, consisting of working at among the United Kingdom’s largest 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 turned into a leading e-commerce service in the wagering and gaming sector, sports betting operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has since broadened its presence, attaining 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 integrated ecosystem that combines appropriate sports betting content, engaging functions, and a world-class sportsbook.
Considering that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s staff member headcount has increased by 29%, sports betting and yearly revenue has surged from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have moved LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has achieved major 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 actually formerly functioned as the business’s Marketing and Operations Director since 2015. He joined Betway in 2013 and sports betting has actually been in the online video gaming market since 2000, holding numerous successful roles, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has actually continued to grow its market existence and boost its offerings. The company’s app has gathered 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 performance history of changing start-ups into institutionalized organizations. Her knowledge covers the gaming, realty, and credit loaning markets, where he has actually developed himself as a strategic and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has served as Managing Director and has managed the business’s development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s operational techniques and sports betting market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a totally practical site, setting a criteria in the industry.
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 largest bookies in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is completely certified.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, sports betting using a large range of sports betting alternatives and an user-friendly platform. The 1XBET app has more than 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 collaborated with African socio-economic organizations and sports betting governments to create developmental policies targeted at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, established and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has rapidly grown its presence in Nigeria, 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, producing over 100,000 jobs, the number of which is increasing each year. In the very 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, the founder, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and sports betting has actually because become one of the world’s largest online sports betting companies.
By 2016, Bet365 generated $2 billion in profits and facilitated $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 business in Nigeria, established together with entrepreneur 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 possession management business that produces financial investment returns and offers distinct financial investment insights and solutions to both individual and institutional clients.
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 management, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting industry. He has actually been working as the Country Director sports betting for 22BET in Nigeria since June 2021. In this role, sports betting he has actually added to the company’s growth through collaborations, company strategy, and new business advancement.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and client experience, and Country Manager at 22BET, focusing on marketing technique and budget 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 began at Jumia Group, where he operated 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 gaming platform that offers sports betting wagering, gambling establishment video games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business registered 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, sports betting a company he established in 2013.
SportyBet is a worldwide sports betting wagering and sports betting 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 become a substantial 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 investor in fintech and mobile payments and sports betting a strong supporter for the growing African web community. His financial investments show his dedication to fostering development and sports betting development within the area.
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 disrupt the sports betting industry.
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 annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize advanced innovation and a commitment to responsible gambling to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent’s biggest and most innovative sports betting platform.
At a press instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and sports betting the continent’s deep passion for sports betting, especially football, has actually set the stage for sports betting Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and expert team will allow it to scale and dominate the market rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting wagering stores, which they state are running unlawfully.
“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.
Complaints from community leaders and moms and dads triggered the crackdown, stressed over the growing variety of sports betting addicts, he said.
On the first day of raids, sports betting 30 shops were closed in one suburb alone, sports betting and their owners were sent out home with a warning, the Sharia officer said.
But Mr Aminudeen warned that now that the public knew 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 secular law.
Bookies and bars tend to be allowed to run in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim areas of Kano, a vast city and sports betting the financial hub of northern Nigeria.
Sports betting shops can be found all over the city. A lot of have tv screens, and customers view the result of global football or horse races on which they have staked cash.
Mr Aminudeen said such bookmakers had been able to run under the radar as they had opened under false pretences.
“They don’t have licences to run as they were permitted to run video games centres, which they later converted to wagering stores,” he stated.
The sports betting market has actually broadened dramatically throughout West Africa in recent years. The area is approximately divided between a generally Muslim north and a primarily Christian south.
Many people go to bookies to delight in the sociability of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.
Nigeria’s debilitating economic crisis has actually likewise indicated people are willing to risk a percentage in the hope of winning big.
However this had actually resulted in widespread addiction, and parents were even complaining that children were dropping out of school to bet, sports betting Mr Aminudeen stated.
“These financial problems we are facing in Nigeria is God telling us to change our ways 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 apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what punishment they would face – frequently, such infringements bring a fine.
Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and sports betting prostitution, sports betting and the consumption of alcohol were banned.