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Betting’s Multi-Billion War: Industry Leaders Face Double Threat in Nigeria

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

sports betting has actually developed substantially in Nigeria from traditional forms like pool staking and sports betting Baba Ijebu to a successful 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 web access came virtual sports betting, 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.

Despite economic obstacles such as inflation, Nigeria’s sports betting sector has actually prospered, drawing in millions, sports betting specifically among the younger demographic dealing with high unemployment rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates a projected yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative measures like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Concerns such as inadequate age verification and sports betting advertising guideline breaches show industry regulatory gaps.

In spite of these challenges, sports betting wagering business continue to flourish through efficient company designs and aggressive marketing techniques, sports betting leveraging the creator influencer market.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting wagering companies who have substantially contributed to Nigeria’s $2 billion gambling empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans various functions in the video gaming and show business, including working at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he functioned 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, sports betting Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce service in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually given 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated environment that integrates appropriate sports betting content, engaging functions, sports betting and a first-rate sportsbook.

Given that taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company’s worker headcount has increased by 29%, and annual earnings has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and sports betting assisted shape the industry’s direction. LiveScoreBet has accomplished significant 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 acted 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 video gaming market given that 2000, holding various effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and boost its offerings. The business’s app has gathered considerable user engagement, sports betting 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 organizations. Her know-how spans the video gaming, property, and credit lending industries, where he has developed himself as a tactical and sports betting operational leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN supplies frHer educational background includes 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 first sports betting platform in Nigeria, it was the first to release a completely functional website, setting a criteria in the market.

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 wagering company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a large range of wagering alternatives 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 endeavors, Ukanwoke has actually teamed up with African socio-economic organizations 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, sports betting established and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has rapidly grown its presence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing each year. In the very 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 joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually because become one of the world’s largest online gaming business.

By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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 company in Nigeria, established together with business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management company that produces financial investment returns and uses special investment insights and services to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has actually been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the business’s development through collaborations, business 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, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated 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, Benin Republic.

22Bet is an online sports betting platform that uses sports betting wagering, casino video games, and live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company registered 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 business he developed in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, 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 role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the web community. His investments reflect his commitment to promoting development and advancement within the area.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, sports betting 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 said it is focused on revolutionising how millions of Africans engage with sports betting. In a market 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, the company intends to take advantage of innovative technology and a commitment to responsible gambling to revolutionise the sector.

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

At a press briefing, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and professional team will enable it to scale and control the marketplace rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually started closing down sports betting shops, sports betting which they say are running illegally.

“As you understand, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.

Complaints from community leaders and moms and dads prompted the crackdown, fretted about the growing variety of gambling addicts, he said.

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

However Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on sports betting, sports betting those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.

Bookies and bars tend to be enabled to run in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the current crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.

Sports betting shops can be discovered all over the city. Many have television screens, and customers enjoy the outcome of worldwide football matches or horse races on which they have staked cash.

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

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

The sports betting wagering market has actually expanded significantly across West Africa recently. The area is roughly divided in between a primarily Muslim north and sports betting a predominantly Christian south.

Many people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of events and teams.

Nigeria’s crippling recession has actually likewise meant people are willing to risk a small amount in the hope of winning huge.

But this had actually resulted in widespread addiction, and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen said.

“These financial concerns we are facing in Nigeria is God telling us to change our methods by stopping sins,” he said.

The raids on Tuesday concentrated on Munjibir, considered 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 shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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