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Disrupting the House: Fresh Firm Challenges Status Quo as Religious Police Raid Betting Shops
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting industry.
Gaming has actually evolved substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
Slowly, with increased web access came virtual wagering, which parallels international patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Regardless of financial obstacles such as inflation, Nigeria’s sports betting sector has actually grown, bring in millions, sports betting specifically among the youthful group dealing with high joblessness rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates a projected annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory measures like excise duties and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite challenges in enforcement. Issues such as inadequate age verification and marketing rule breaches show industry regulatory gaps.
In spite of these obstacles, sports betting business continue to prosper through reliable business models and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies 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 company he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the video gaming and show business, consisting of working at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, sports betting 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce service in the sports betting and video gaming sector, sports betting operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually given 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 became the CEO of LiveScore Group, a totally integrated community that integrates pertinent sports betting material, engaging features, and sports betting a first-rate sportsbook.
Since taking the helm prior to the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly earnings has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have actually propelled LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has achieved major user engagement, sports betting 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 previously functioned as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online gaming market since 2000, holding various effective roles, consisting of General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman’s leadership, Betway has continued to grow its market existence and improve its offerings. The business’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 performance history of transforming start-ups into institutionalized organizations. Her proficiency covers the video gaming, property, and credit financing industries, where he has actually developed himself as a strategic and sports betting functional leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually worked as Managing Director and has actually managed the company’s development and operations in Lagos, sports betting Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s operational methods and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer educational 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, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a completely functional website, 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, sports betting consisting of Nigeria, where it is fully licensed.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a large range of wagering options 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic institutions and governments to design developmental policies aimed 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, by Byron Petzer and Adekunle Adeniji, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually rapidly grown its existence in Nigeria, with outlets in significant 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 jobs, the number of which is increasing yearly. In the exact 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 sports betting joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that grown into among the world’s largest online sports betting business.
By 2016, Bet365 created $2 billion in profits and helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered significant 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 co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, established along with business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces financial investment returns and provides distinct 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 leadership, Bet9ja has become a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting wagering market. He has been acting as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the business’s development through partnerships, organization technique, and new company advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item 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 different digital marketing functions at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he operated 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, and Operations from ESTG University in Cotonou, sports betting Benin Republic.
22Bet is an online sports betting platform that provides sports betting wagering, casino video games, and live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business registered 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 developed in 2013.
SportyBet is an international sports betting wagering and real-money gaming operator understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually ended up being a substantial gamer in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African internet community. His investments reflect his commitment to cultivating development and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting market.
Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, sports betting with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize innovative technology and a dedication to accountable sports betting to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent’s largest and most innovative sports betting platform.
At a press rundown, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert group will enable it to scale and control the marketplace quickly.
Islamic cops raid wagering stores in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have actually begun shutting down sports betting wagering stores, which they state are operating illegally.
“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.
Complaints from community leaders and moms and dads triggered the crackdown, worried about the growing variety of gambling addicts, he stated.
On the first day of raids, 30 stores were closed in one suburb alone, sports betting and their owners were sent out home with a warning, the Sharia officer stated.
However Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – together with secular law.
Bookmakers and bars tend to be permitted to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim locations of Kano, a and sports betting the economic hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have television screens, and consumers see the outcome of international football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookies had had the ability to operate under the radar as they had actually opened under false pretences.
“They do not have licences to run as they were allowed to run computer game centres, which they later transformed to sports betting stores,” he said.
The sports betting wagering industry has actually broadened significantly throughout West Africa in recent years. The region is roughly divided in between a mainly Muslim north and a primarily Christian south.
Many people go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the result of occasions and teams.
Nigeria’s crippling economic crisis has actually also indicated individuals want to risk a small amount in the hope of winning big.
But this had actually resulted in prevalent dependency, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.
“These financial problems we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he said.
The raids on Tuesday focused on Munjibir, thought about 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 detain them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what punishment they would face – often, such infringements carry a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and the consumption of alcohol were banned.