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The N2 Billion Gamble: Meet the CEOs Transforming Nigeria’s Betting Industry Despite Religious Resistance

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

Gaming has actually evolved substantially in Nigeria from standard kinds 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 as low as N50-N200 on matches.

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

In spite of financial obstacles such as inflation, Nigeria’s sports betting sector has thrived, bring in millions, particularly among the vibrant market dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates an estimated annual profits of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory steps like import tax duties and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Problems such as inadequate age confirmation and marketing rule breaches show industry regulative spaces.

Regardless of these difficulties, sports betting wagering companies continue to grow through reliable company models and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually substantially contributed to Nigeria’s $2 billion sports betting empire through their extensive 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 profession spans various roles in the gaming and sports betting entertainment industry, 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 actually turned into a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has actually because expanded 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 wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.

Since taking the helm prior to the pandemic, sports betting Sam has driven significant development for LiveScore Group. The company’s employee headcount has increased by 29%, and annual revenue has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has actually achieved significant 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 actually formerly acted as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has remained in the online gaming industry because 2000, holding various successful functions, sports betting including General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market existence and improve its offerings. The business’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 actually differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her proficiency covers the gaming, real estate, and credit loaning markets, where he has established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has worked as Managing Director and sports betting has actually managed the company’s development 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 market growth.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a totally functional site, setting a standard 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 business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, sports betting has actually established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, including Nigeria, sports betting where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering choices 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and sports betting federal governments to develop developmental policies aimed at empowering young people. 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, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has quickly grown its existence 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, developing over 100,000 tasks, the number of which is increasing annually. In the exact same year, MultiChoice broadcaster purchased 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 investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has considering that become among the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 sports betting co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, developed together with 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 possession management business that creates financial investment returns and provides special financial investment insights and services to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually ended up being a considerable player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, sports betting he has actually contributed to the company’s growth through collaborations, service technique, and brand-new service development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and sports betting client experience, and Country Manager at 22BET, concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different 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 functioned 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting, casino video games, and live dealer games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are also 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 a worldwide sports betting and sports betting real-money video gaming operator known for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually ended up being a considerable 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 a strong supporter for the growing African web ecosystem. His financial investments show his commitment to promoting innovation and advancement within the region.

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

The company is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of 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 PwC, sports betting the company intends to take advantage of advanced innovation and a commitment to accountable gambling to change the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting wagering platform.

At a press briefing, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and professional team will enable it to scale and dominate the marketplace rapidly.

Islamic authorities raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing down sports betting shops, which they state are running illegally.

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

Problems from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of sports betting addicts, he said.

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

However Mr Aminudeen alerted that now that the public understood 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 operates the Islamic legal system – Sharia – along with nonreligious law.

Bookies and sports betting bars tend to be permitted to operate in areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

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

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

Mr Aminudeen said such bookies had actually been able to run under the radar as they had actually opened under false pretences.

“They do not have licences to operate as they were permitted to run video games centres, which they later converted to sports betting shops,” he stated.

The sports betting wagering industry has expanded significantly across West Africa recently. The region is approximately divided between a primarily Muslim north and a primarily Christian south.

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

Nigeria’s debilitating recession has likewise meant individuals are willing to risk a percentage in the hope of winning big.

However this had resulted in prevalent addiction, and parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.

“These financial problems we are facing in Nigeria is God telling us to alter our ways 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 advising those running those sports betting stores to either closed down or we’ll apprehend 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 presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gambling and the intake of alcohol were prohibited.