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Betting’s Multi-Billion Battleground: Industry Giants Face Dual Challenge in Nigeria

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

sports betting has actually developed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where lovers would wager just N50-N200 on matches.

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

Despite financial obstacles such as inflation, Nigeria’s sports betting wagering sector has grown, attracting millions, especially among the youthful demographic facing high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates an estimated annual revenue of N730 billion. The federal government has not gone undetected by this development, which is considering regulative procedures like import tax tasks and sports betting VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Concerns such as insufficient age verification and advertising rule breaches reveal market regulatory spaces.

In spite of these obstacles, sports betting wagering companies continue to prosper through effective company models and aggressive marketing techniques, leveraging the developer influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous roles in the gaming and show business, including working at one of 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 become a leading e-commerce service in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, sports betting and has because 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 wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated community that integrates appropriate sports betting content, engaging features, and a world-class sportsbook.

Since taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and yearly income has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and helped shape the industry’s instructions. LiveScoreBet has attained 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 previously functioned as the business’s Marketing and Operations Director sports betting since 2015. He joined Betway in 2013 and has actually been in the online video gaming industry given that 2000, holding different effective roles, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market existence and enhance its offerings. The company’s app has actually garnered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior sports betting executive with a performance history of changing start-ups into institutionalized businesses. Her knowledge covers the gaming, realty, and credit lending markets, where he has actually developed himself as a tactical and sports betting operational leader.

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

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. 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, sports betting the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a completely functional site, setting a criteria in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is completely licensed.

Under Babalola’s management, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a vast array of wagering alternatives and sports betting 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 actually teamed up with African socio-economic institutions and governments to design developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually rapidly grown its presence 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, creating over 100,000 jobs, the number of which is increasing yearly. In the very 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has given that become among the world’s largest online gambling business.

By 2016, Bet365 produced $2 billion in revenues and helped with $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed considerable user engagement, sports betting 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 company in Nigeria, developed alongside business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian asset management company that generates investment returns and offers distinct financial investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually contributed to the through collaborations, organization technique, and new business advancement.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget 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 began at Jumia Group, 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting wagering, gambling establishment video games, and live dealer games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business 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, sports betting a business he developed in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable player in the market, 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 internet environment. His investments show his commitment to cultivating innovation and sports betting development within the area.

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

The firm is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage advanced technology and a commitment to accountable gambling to revolutionise the sector.

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

At a press briefing, sports betting the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, sports betting has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and expert group will allow it to scale and control the marketplace quickly.

Islamic cops raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started shutting down sports betting shops, which they state are running unlawfully.

“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.

Grievances from neighborhood leaders and parents 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 residential area alone, and their owners were sent home with a caution, the Sharia officer said.

But Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the guidelines 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 bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.

Sports betting stores can be found all over the city. Many have television screens, sports betting and consumers view the outcome of global football matches or sports betting horse races on which they have staked cash.

Mr Aminudeen said such bookmakers had actually been able to operate 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 on transformed to wagering shops,” he said.

The sports betting market has expanded dramatically throughout West Africa in the last few years. The area is approximately divided between a primarily Muslim north and a predominantly Christian south.

Lots of people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and teams.

Nigeria’s debilitating recession has also indicated people want to run the risk of a small amount in the hope of winning big.

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

“These financial problems we are dealing with 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 encouraging those running those wagering stores to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – often, such violations bring a fine.

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