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The N2 Billion Gamble: Meet the CEOs Transforming Nigeria’s Betting Scene Despite Religious Pushback

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

Gambling has progressed considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, where lovers would bet as little as N50-N200 on matches.

Gradually, with increased internet 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.

Despite financial obstacles such as inflation, Nigeria’s sports betting wagering sector has actually prospered, drawing in millions, especially among the younger market facing high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected annual earnings of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory steps like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite challenges in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches reveal industry regulative spaces.

Regardless of these obstacles, sports betting business continue to flourish through effective company models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually significantly added to Nigeria’s $2 billion gaming empire through their extensive 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 diverse career covers various 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 functioned 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, sports betting has turned into a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has since expanded its presence, accomplishing 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 completely integrated environment that integrates relevant sports betting material, engaging features, and sports betting a world-class sportsbook.

Given that taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly revenue has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually moved LiveScore Group’s success and helped form the market’s direction. 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 designated CEO of Betway in November 2017, having actually formerly worked as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online gaming industry because 2000, holding different effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market presence and enhance its offerings. The company’s app has amassed significant 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 sports betting executive with a track record of changing start-ups into institutionalized organizations. Her competence spans the gaming, realty, and credit lending markets, where he has established himself as a strategic and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s operational methods and market growth.

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned organizations. DDWIN offers 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 very first sports betting wagering platform in Nigeria, it was the first to launch a completely functional site, 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, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together 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, established and launched 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 quickly 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, producing over 100,000 tasks, the variety of which is increasing annually. 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 creator, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was released in 2001 as an online wagering website and has actually given that become one of the world’s biggest online gaming companies.

By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in annual bets. The company likewise 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, a leading sports betting business in Nigeria, established alongside businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that creates investment returns and provides distinct financial investment insights and services to both specific 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 leadership, Bet9ja has become a significant gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

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

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

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 uses sports betting wagering, gambling establishment games, and live dealership games. It was launched in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, sports betting a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 company he established in 2013.

SportyBet is a global sports betting and real-money gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web community. His financial investments reflect his dedication to fostering development 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 betting industry.

Sunbet Sporting International Limited has said 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 forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of cutting-edge innovation and a commitment to accountable gaming to revolutionise the sector.

Backed by the financial power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting platform.

At a press instruction, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and professional group will allow it to scale and sports betting control the market rapidly.

Islamic authorities raid betting shops in northern Nigeria

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

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

Grievances from neighborhood leaders and parents prompted the crackdown, sports betting stressed over the growing number of gambling addicts, he stated.

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

But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

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

Bookmakers and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

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

sports betting wagering stores can be found all over the city. Most have tv screens, and customers view the result of worldwide football matches or horse races on which they have staked cash.

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

“They don’t have licences to operate as they were permitted to run computer game centres, which they later converted to wagering stores,” he stated.

The sports betting wagering industry has actually expanded significantly across West Africa over the last few years. The area is approximately divided in between a mainly Muslim north and a primarily Christian south.

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

Nigeria’s debilitating recession has likewise indicated individuals want to risk a percentage in the hope of winning big.

But this had actually resulted in extensive dependency, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.

“These economic issues we are dealing with in Nigeria is God telling us to alter 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 advising those running those sports betting shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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