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Betting's Multi-Billion Battleground: Industry Leaders Face Double Threat in Nigeria

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

Gaming has developed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, sports betting which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.

Despite financial challenges such as inflation, Nigeria's sports betting sector has grown, drawing in millions, specifically among the youthful demographic dealing with high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, sports betting driving a market that creates an estimated annual revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory steps like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of obstacles in enforcement. Concerns such as inadequate age verification and advertising rule breaches reveal industry regulative gaps.

Despite these difficulties, sports betting companies continue to thrive through effective organization designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually added to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have considerably contributed to Nigeria's $2 billion gaming empire through their extensive audience reach.

Sheriff Olaniyan - CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans different roles in the gaming and entertainment industry, including working at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he served 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 from the University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has actually grown into a leading e-commerce company in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually considering that broadened its presence, attaining 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, a totally integrated ecosystem that combines appropriate sports betting content, engaging features, and a first-rate sportsbook.

Since taking the helm right before the pandemic, Sam has driven considerable development for LiveScore Group. The company's staff member headcount has increased by 29%, and annual profits has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have actually propelled LiveScore Group's success and assisted form the market's instructions. LiveScoreBet has actually attained significant user engagement, sports betting 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, sports betting having previously acted as the company's Marketing and Operations Director sports betting considering that 2015. He signed up with Betway in 2013 and has actually been in the online gaming market considering that 2000, holding different successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman's leadership, sports betting Betway has actually continued to grow its market existence and boost its offerings. The business's app has garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior sports betting executive with a performance history of changing start-ups into institutionalized businesses. Her know-how spans the gaming, real estate, and credit loaning markets, where he has established himself as a tactical and operational leader.

Damilare has been instrumental in NairaBET's success for sports betting over 14 years. Considering that June 2019, she has 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, pivotal in the business's operational methods and market growth.

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer instructional 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, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a completely functional website, sports betting 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 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 business runs in more than 50 countries, including Nigeria, where it is totally licensed.

Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering choices 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic organizations and federal governments to create developmental policies targeted 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, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually quickly grown its presence in Nigeria, with outlets in major 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 every year. In the 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, sports betting the founder, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has considering that turned into one of the world's biggest online gaming business.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in yearly bets. The company likewise holds a bulk 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 co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, developed alongside 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, an independent Nigerian possession management business that generates financial investment returns and provides special financial investment insights and solutions to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a significant gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company's development through collaborations, company strategy, and brand-new service development.

Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, sports betting and Country Manager at 22BET, focusing on marketing technique and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise served 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that uses sports betting wagering, gambling establishment games, and live dealer games. It was launched in 2017 and is owned and sports betting run by Marikit Holdings Ltd, a company signed up 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 CEO of SportyBet, a company he established in 2013.

SportyBet is a global sports betting and real-money video gaming operator known for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually ended up being a considerable gamer in the market, sports betting 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 ecosystem. His investments reflect his dedication to fostering innovation and advancement within the region.

On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to interfere with the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing 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 sports betting PwC, the company aims to leverage cutting-edge innovation and a dedication to responsible sports betting to change the sector.

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

At a press instruction, the business's spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, especially football, has set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and sports betting expert group will enable it to scale and dominate the marketplace quickly.

Islamic authorities raid betting stores in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have actually started shutting down sports betting shops, which they state are operating unlawfully.

"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.

Problems from community leaders and sports betting moms and dads prompted the crackdown, fretted about the growing number of gambling addicts, he said.

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

But Mr Aminudeen alerted that now that the general 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.

Bookmakers and bars tend to be allowed to operate in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

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

sports betting wagering shops can be found all over the city. Many have television screens, and clients watch the outcome of international football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookmakers had been able to run under the radar as they had opened under false pretences.

"They don't have licences to operate as they were allowed to run computer game centres, which they later converted to wagering shops," he said.

The sports betting wagering market has actually broadened considerably across West Africa over the last few years. The region is approximately divided between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for sports betting wagering on the result of occasions and teams.

Nigeria's crippling recession has actually also implied individuals want to risk a percentage in the hope of winning huge.

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

"These economic issues we are dealing with in Nigeria is God informing us to change our methods by stopping sins," he stated.

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 encouraging those running those wagering shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.

It is uncertain what penalty they would deal with - typically, such infringements carry a fine.

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