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Betting’s Multi-Billion War: Industry Leaders Face Dual Challenge in Nigeria

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

Gaming has developed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting wagering 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.

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

Regardless of economic challenges such as inflation, Nigeria’s sports betting sector has prospered, attracting millions, sports betting especially amongst the younger group facing high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces a projected yearly profits of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative procedures like import tax responsibilities and to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite difficulties in enforcement. Problems such as inadequate age verification and advertising rule breaches show industry regulative gaps.

In spite of these challenges, sports betting wagering business continue to grow through efficient service designs and aggressive marketing strategies, leveraging the developer influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans numerous functions in the gaming and show business, including operating at among the United Kingdom’s biggest 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 become a leading e-commerce organization in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has because broadened its presence, achieving 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a fully incorporated environment that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Since taking the helm right before the pandemic, Sam has driven substantial growth for LiveScore Group. The company’s staff member headcount has increased by 29%, and sports betting annual earnings has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have propelled LiveScore Group’s success and helped form the market’s instructions. LiveScoreBet has actually achieved major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having actually formerly functioned as the business’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has been in the online video gaming industry since 2000, holding different successful roles, including General Manager of a data analytics team and Director of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a track record of changing start-ups into institutionalized services. Her competence covers the gaming, real estate, and credit financing markets, where he has developed himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, sports betting she has actually served as Managing Director and has actually supervised the company’s development and operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer instructional background consists of 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 business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to launch a completely practical site, sports betting setting a criteria 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 business 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 sports betting the world. The company operates in more than 50 countries, consisting of Nigeria, sports betting where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of sports betting 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 ventures, Ukanwoke has actually collaborated with African socio-economic institutions and governments to design 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, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has 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, developing over 100,000 tasks, the number of which is increasing yearly. In the exact same year, MultiChoice broadcaster bought 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 shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually since become one of the world’s largest online gaming business.

By 2016, Bet365 created $2 billion in incomes and helped with $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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, sports betting a leading sports betting wagering company in Nigeria, developed along with business person Kunle Soname, sports betting who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates investment returns and provides distinct investment insights and solutions to both specific and sports betting institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering industry. He has actually been functioning as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this role, he has contributed to the business’s growth through collaborations, service method, and brand-new company development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and consumer experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan 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, sports betting where he worked 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 sports betting 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 provides sports betting wagering, gambling establishment video games, and live dealer video games. It was introduced in 2017 and sports betting is owned and sports betting 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 casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a business he established in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator sports betting known for sports betting providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become 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 sports betting mobile payments and a strong advocate for the growing African web environment. His investments reflect his dedication to promoting innovation and advancement within the region.

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

The firm is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, sports betting with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative technology and a commitment to accountable gaming to revolutionise the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, sports betting and the continent’s deep passion for sports betting, particularly football, sports betting has 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 dominate the marketplace quickly.

Islamic cops raid betting shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually begun shutting 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 force, known as the Hisbah, informed the BBC.

Grievances from community leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he stated.

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

But Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

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

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

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

Sports betting stores can be found all over the city. Most have tv screens, and clients watch the outcome of global football matches or horse races on which they have actually staked money.

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

“They do not have licences to operate as they were allowed to run computer game centres, which they later converted to sports betting stores,” he said.

The sports betting wagering industry has actually expanded considerably throughout West Africa over the last few years. The region is roughly divided in between a mainly Muslim north and a predominantly Christian south.

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

Nigeria’s debilitating recession has actually likewise meant individuals want to run the risk of a small amount in the hope of winning huge.

But this had actually resulted in prevalent dependency, and sports betting parents were even complaining that kids were dropping out of school to bet, Mr Aminudeen stated.

“These financial concerns we are dealing with in Nigeria is God telling us to change our ways 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 wagering shops to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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