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The $2 Billion Gamble: Meet the Leaders Reshaping Nigeria’s Betting Industry Despite Religious Resistance
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting market.
sports betting has actually developed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Despite economic obstacles such as inflation, Nigeria’s sports betting sector has flourished, drawing in millions, particularly amongst the younger market facing high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an approximated yearly profits of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory procedures like excise duties 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 in spite of obstacles in enforcement. Concerns such as insufficient age verification and sports betting marketing guideline breaches reveal market regulative gaps.
Despite these obstacles, sports betting companies continue to thrive through efficient service models and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually considerably added to Nigeria’s $2 billion sports betting 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 career covers various roles in the video gaming and show business, including working at among the United Kingdom’s biggest 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, sports betting has actually become a leading e-commerce service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually considering that broadened its existence, 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated ecosystem that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.
Because taking the helm prior to the pandemic, sports betting Sam has actually driven substantial growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual earnings has surged from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have actually propelled LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has actually 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 actually formerly worked as the business’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online gaming market because 2000, holding various effective functions, consisting of General Manager of an information analytics team and sports betting Director of a digital marketing company.
Under Werkman’s leadership, sports betting Betway has continued to grow its market presence and sports betting enhance its offerings. The company’s app has actually garnered 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 know-how covers the gaming, realty, and sports betting credit lending industries, 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 overseen the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s functional methods and sports betting market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer educational 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, sports betting established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a fully 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 developed itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is fully licensed.
Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to create developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, founded and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually quickly grown its existence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing annually. In the exact same year, MultiChoice broadcaster purchased 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 sports betting joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually because become one of the world’s biggest online gaming business.
By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 wagering business in Nigeria, established alongside business person 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 business that generates financial investment returns and uses unique financial investment insights and services to both individual and institutional customers.
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 ended up being a significant gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the business’s development through collaborations, service method, and brand-new company advancement.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, focusing on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held various digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, sports betting 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, Benin Republic.
22Bet is an online sports betting platform that uses sports betting wagering, casino games, and live dealership video games. It was launched 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 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 an international sports betting wagering and real-money gaming operator known for sports betting delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has become a considerable gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong supporter for the growing African web environment. His financial investments show his commitment to cultivating development and sports betting advancement within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of advanced technology and a dedication to responsible gaming to change the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will launch 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, sports betting and the continent’s deep passion for sports betting, sports betting specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and specialist group will enable it to scale and control the market quickly.
Islamic authorities raid wagering shops in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have begun closing down sports betting stores, which they say are operating illegally.
“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Problems from community leaders and parents triggered the crackdown, fretted about the growing number of sports betting addicts, he said.
On the first day of raids, 30 shops were closed in one residential area alone, sports betting and their owners were sent home with a warning, the Sharia officer said.
However Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be jailed.
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 permitted to run in neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim areas of Kano, sports betting a sprawling city and the economic center of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have television screens, and clients view the outcome of global football matches or horse races on which they have staked money.
Mr Aminudeen said such bookmakers had 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 allowed to run video games centres, which they later on converted to sports betting stores,” he stated.
The sports betting market has actually expanded considerably across West Africa recently. The region is roughly divided in between a generally Muslim north and a primarily Christian south.
Many individuals go to bookies to enjoy the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and teams.
Nigeria’s debilitating recession has likewise implied people want to risk a small amount in the hope of winning big.
But this had resulted in widespread addiction, and moms and dads were even complaining that children were leaving of school to gamble, Mr Aminudeen said.
“These financial problems we are facing in Nigeria is God informing us to change our methods by stopping sins,” he said.
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 closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what punishment they would face – frequently, sports betting such violations carry a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, sports betting gaming and the intake of alcohol were prohibited.