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The N2 Billion Bet: Meet the CEOs Reshaping Nigeria’s Betting Industry Despite Islamic Pushback

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

Gaming has evolved substantially in Nigeria from conventional 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 typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

Slowly, with increased web access came virtual wagering, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.

Regardless of economic obstacles such as inflation, Nigeria’s sports betting wagering sector sports betting has flourished, attracting millions, specifically amongst the younger group dealing with high unemployment rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates an estimated annual income of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative procedures like import tax responsibilities and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite difficulties in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches reveal market regulative spaces.

In spite of these obstacles, sports betting business continue to flourish through efficient company models and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually significantly added to Nigeria’s $2 billion gaming empire through their extensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans different functions in the gaming and entertainment industry, including operating at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he worked 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 become a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually considering that expanded its existence, sports betting attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that combines pertinent sports betting content, engaging functions, sports betting and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has driven significant development for LiveScore Group. The business’s employee headcount has increased by 29%, and annual profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have moved LiveScore Group’s success and assisted form the market’s direction. 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 selected CEO of Betway in November 2017, having previously worked as the business’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming market because 2000, holding different successful roles, consisting of 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 improve its offerings. The company’s app has actually 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 transforming start-ups into companies. Her proficiency covers the video gaming, sports betting property, and credit financing markets, where he has developed himself as a tactical and operational leader.

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

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer instructional background consists of 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 first to introduce a completely functional site, setting a benchmark 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 worldwide 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 company runs in more than 50 countries, consisting of Nigeria, where it is completely licensed.

Under Babalola’s management, sports betting 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, sports betting providing a vast array of wagering options and an easy to use 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 endeavors, Ukanwoke has actually worked together with African socio-economic organizations and federal governments to develop 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, established and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, sports betting the variety of which is increasing each year. 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 creator, majority investor, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has actually since grown into among the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in incomes and sports betting helped with $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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 company in Nigeria, established alongside entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that produces financial investment returns and sports betting offers unique financial investment insights and options to both private 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 leadership, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting market. He has actually been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, he has added to the company’s development through collaborations, company method, and brand-new business advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing method and budget 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 operated in SEO, CRM, and sports betting content management. Fikayo also worked as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting, casino video games, sports betting and live dealer video games. It was released in 2017 and sports betting is owned and sports betting run by Marikit Holdings Ltd, a company registered in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise 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 an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, sports betting SportyBet has become a substantial gamer in the market, sports betting 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 sports betting a strong supporter for sports betting the growing African internet community. His investments show his dedication to cultivating innovation and advancement within the area.

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

The firm is set to interrupt the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm aims to utilize advanced innovation and a dedication to responsible gaming to change the sector.

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

At a press briefing, the company’s spokesperson, sports betting Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, sports betting has set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and expert group will enable it to scale and control the market 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 say are operating illegally.

“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.

Complaints from neighborhood leaders and parents triggered the crackdown, fretted about the growing variety of gambling addicts, he said.

On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer said.

But Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gaming, 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 – together with secular law.

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

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

sports betting wagering shops can be discovered all over the city. Most have television screens, and consumers view the result of worldwide football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookmakers had had the ability to run under the radar as they had opened under false pretenses.

“They don’t have licences to run as they were permitted to run computer game centres, which they later converted to sports betting shops,” he said.

The sports betting market has actually broadened dramatically throughout West Africa in recent years. The region is approximately divided in between a mainly Muslim north and a predominantly Christian south.

Many individuals go to bookies to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and teams.

Nigeria’s debilitating recession has actually also suggested people are willing to run the risk of a percentage in the hope of winning huge.

However this had actually resulted in extensive addiction, sports betting and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen stated.

“These economic concerns we are dealing with in Nigeria is God telling us to change our ways 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 recommending those running those sports betting shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – often, such infringements bring a fine.

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