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The $2 Billion Gamble: Meet the CEOs Reshaping Nigeria’s Betting Scene Despite Islamic Resistance

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

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

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually thrived, attracting millions, particularly amongst the youthful demographic dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, sports betting driving a market that generates an approximated yearly income of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative steps 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 ensure fair operations regardless of difficulties in enforcement. Problems such as inadequate age confirmation and marketing rule breaches show industry regulatory gaps.

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

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have actually significantly 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 business he co-founded with Badmos Olasupo in 2011. His varied career spans different roles in the gaming and show business, including operating at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he worked 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 turned into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, sports betting 2006, and has considering that 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 became the CEO of LiveScore Group, a fully incorporated environment that combines pertinent sports betting material, engaging functions, and a first-rate sportsbook.

Since taking the helm prior to the pandemic, Sam has driven considerable development for Group. The company’s worker headcount has increased by 29%, and yearly earnings has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and helped form the market’s instructions. LiveScoreBet has actually accomplished 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 worked as the company’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 since 2000, holding various successful roles, consisting of General Manager of an information analytics group and sports betting Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market existence and boost 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 differentiated herself as a senior executive with a track record of changing start-ups into institutionalized organizations. Her expertise spans the video gaming, real estate, and credit financing markets, where he has established himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually functioned as Managing Director and has actually overseen the business’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s operational strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer academic 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 company, sports betting established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully practical website, 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is fully certified.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a wide range of wagering options and an user-friendly 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 teamed up with African socio-economic organizations and governments to design 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, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing each year. In the same year, MultiChoice broadcaster bought 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 sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and sports betting has since turned into one of the world’s largest online gambling companies.

By 2016, Bet365 produced $2 billion in earnings and helped with $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed substantial 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 business in Nigeria, established alongside businessman Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces investment returns and offers special financial investment insights and sports betting solutions to both private and institutional clients.

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 industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the business’s development through partnerships, service method, and brand-new organization advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, and sports betting 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 profession started at Jumia Group, where he operated in SEO, sports betting 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that uses sports betting, gambling establishment video games, sports betting and live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting 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 and real-money gaming operator understood for sports betting providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a substantial player 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 sports betting a strong supporter for the growing African internet ecosystem. His financial investments reflect his dedication to fostering innovation and advancement within the area.

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

The company is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of advanced innovation and a commitment to responsible gaming to revolutionise the sector.

Backed by the financial power of four 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 platform.

At a press rundown, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and professional team will enable it to scale and dominate the marketplace quickly.

Islamic cops raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started closing down sports betting shops, sports betting which they say are operating unlawfully.

“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.

Complaints from community leaders and moms and dads prompted the crackdown, sports betting stressed over the growing number of gambling addicts, he stated.

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

But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the rules would be apprehended.

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

Bookies and bars tend to be allowed to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

Sports betting stores can be discovered all over the city. A lot of have tv screens, sports betting and customers watch the outcome of global football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had had the ability to operate under the radar as they had opened under false pretenses.

“They do not have licences to run as they were permitted to run computer game centres, which they later on transformed to sports betting stores,” he stated.

The sports betting wagering market has broadened drastically across West Africa over the last few years. The area is approximately divided between a generally Muslim north and a predominantly Christian south.

Many people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for sports betting wagering on the result of occasions and groups.

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

However this had caused widespread dependency, and moms and dads were even complaining that children were leaving of school to gamble, sports betting Mr Aminudeen said.

“These financial problems we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he stated.

The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending those running those sports betting stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would face – often, such infringements bring a fine.

Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gambling and the consumption of alcohol were prohibited.