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The $2 Billion Gamble: Meet the Leaders Transforming Nigeria’s Betting Scene Despite Religious Resistance

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

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

Gradually, with increased web access came virtual wagering, sports betting which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.

In spite of financial obstacles such as inflation, Nigeria’s sports betting wagering sector has actually prospered, bring in millions, specifically among the youthful market facing high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an estimated yearly income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory steps like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite challenges in enforcement. Problems such as inadequate age verification and sports betting marketing rule breaches show industry regulatory gaps.

Regardless of these challenges, sports betting business continue to grow through reliable business models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have added to Nigeria’s robust $2 billion gambling sector, sports betting with CEOs playing important functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually considerably added to Nigeria’s $2 billion gambling 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 diverse career spans various roles in the video gaming and entertainment industry, sports betting including working at among the United Kingdom’s largest video 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, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce organization in the sports betting and sports betting gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, sports betting 2006, and sports betting has considering that expanded its presence, accomplishing over 5,000 downloads on the Google Play 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, sports betting a completely integrated community that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly profits has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has actually attained 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 formerly acted as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market because 2000, holding numerous successful functions, consisting of General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and sports betting improve its offerings. The company’s app has amassed significant 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 track record of transforming start-ups into institutionalized companies. Her proficiency spans the gaming, real estate, sports betting and credit loaning industries, where he has actually developed himself as a tactical and functional leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. 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 founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a totally 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is completely accredited.

Under Babalola’s management, 1XBET Nigeria has broadened 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, Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and governments to develop developmental policies focused on 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 Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing yearly. In the 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, bulk investor, and joint Chief Executive of Bet365, sports betting an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually given that grown into among the world’s biggest online gambling companies.

By 2016, Bet365 generated $2 billion in profits and helped with $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed considerable 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 also the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates financial investment returns and offers special financial investment insights and options to both specific and sports betting institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually added to the business’s development through partnerships, service technique, and brand-new organization advancement.

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

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also worked 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, sports betting Benin Republic.

22Bet is an online sports betting platform that offers sports betting wagering, sports betting gambling establishment video games, and live dealership games. It was launched in 2017 and sports betting is owned and run 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 sports betting CEO of SportyBet, a company he developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial 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 investor in fintech and mobile payments and a strong advocate for the growing African web environment. His financial investments show his commitment to cultivating innovation and advancement within the area.

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

The company is set to interfere with the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the firm intends to leverage cutting-edge technology and sports betting a dedication to responsible sports betting to change the sector.

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

At a press rundown, sports betting the company’s representative, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile use, and sports betting the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and sports betting specialist group will enable it to scale and dominate the market rapidly.

Islamic police raid wagering stores in northern Nigeria

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

“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police, known as the Hisbah, informed the BBC.

Grievances from community leaders and parents prompted the crackdown, stressed over the growing variety of sports betting addicts, he stated.

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 stated.

However Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on gaming, those flouting the rules would be apprehended.

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

However, the existing crackdown is focused on Muslim areas of Kano, a sprawling city and sports betting the economic center of northern Nigeria.

Sports betting stores can be found all over the city. The majority of have television screens, and consumers see the result of international football matches or horse races on which they have actually staked money.

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

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

The sports betting market has broadened considerably across West Africa in the last few years. The area is approximately divided in between a mainly Muslim north and a mainly Christian south.

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

Nigeria’s crippling recession has also meant individuals want to risk a small amount in the hope of winning big.

However this had actually caused extensive dependency, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.

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

It is unclear what penalty they would deal with – often, such infringements carry a fine.

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