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Betting’s Billion-Dollar War: Industry Leaders Face Double Challenge in Nigeria

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

sports betting has progressed substantially in Nigeria from conventional forms like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, 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.

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Despite financial challenges such as inflation, sports betting Nigeria’s sports betting sector has thrived, attracting millions, especially among the vibrant group dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates a projected 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 handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of difficulties in enforcement. Issues such as insufficient age verification and advertising rule breaches show market regulatory spaces.

Regardless of these difficulties, sports betting companies continue to prosper through effective business models and sports betting aggressive marketing techniques, leveraging the developer influencer industry.

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

Sheriff 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 career covers various functions in the gaming and show business, including working at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he served as the 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 company in the wagering and gaming sector, sports betting operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has considering that expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that combines appropriate sports betting content, engaging features, and a first-rate sportsbook.

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

Sam’s management and tactical vision have propelled LiveScore Group’s success and assisted shape the industry’s direction. LiveScoreBet has achieved significant user engagement, sports betting 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 previously functioned as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has been in the online gaming industry given that 2000, holding various effective roles, including General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has actually amassed significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her proficiency covers the gaming, property, sports betting and credit lending industries, where he has actually developed himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually functioned as Managing Director and has actually managed the company’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s functional strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer academic background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting wagering 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 global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and sports betting the world. The company runs in more than 50 nations, sports betting including Nigeria, where it is totally certified.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a large range of sports betting 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 institutions and federal governments to create developmental policies aimed at empowering youths. In 2015, sports betting 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, sports betting 2018, by Byron Petzer and sports betting Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has quickly grown its existence in Nigeria, sports betting 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 tasks, the number of which is increasing yearly. 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 founder, 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 sports betting site and has given that turned into among the world’s largest online sports betting companies.

By 2016, Bet365 generated $2 billion in profits and sports betting helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered 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 businessman Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that produces investment returns and offers distinct investment insights and solutions to both individual and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, 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 market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been acting 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, service method, and new company advancement.

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

His profession started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also acted 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 sports betting platform that offers sports betting wagering, casino games, and live dealership video games. It was introduced 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 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 a worldwide sports betting wagering and real-money video gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually become a considerable player in the market, 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 a strong supporter for the growing African internet community. His financial investments show his commitment to promoting innovation and advancement within the area.

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

The company is set to interrupt the sports wagering 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 intends to take advantage of cutting-edge innovation and a dedication to responsible gambling to revolutionise the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile use, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and expert group will allow it to scale and dominate the market quickly.

Islamic cops raid wagering stores in northern Nigeria

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

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

Grievances from neighborhood leaders and parents prompted the crackdown, fretted about the growing number of sports betting addicts, he said.

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

However Mr Aminudeen cautioned that now that the general public knew 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 – along with secular law.

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

However, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Most have tv screens, and customers view the result of global football matches or horse races on which they have staked cash.

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

“They don’t have licences to operate as they were permitted to run video games centres, which they later transformed to sports betting stores,” he said.

The sports betting industry has broadened dramatically across West Africa recently. The region is roughly divided between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and groups.

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

However this had resulted in prevalent dependency, and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.

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

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 encouraging those running those sports betting stores to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

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It is uncertain what penalty they would face – often, such violations carry a fine.

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

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