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Overview

  • Founded Date 11/21/1989
  • Sectors Engineering
  • Posted Jobs 0
  • Viewed 31

Company Description

Market Disruption Meets Moral Policing: Nigeria’s Sports Betting Sector at a Crossroads

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

Gambling has actually progressed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

Gradually, with increased internet gain access to came virtual sports betting, which parallels international 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.

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In spite of financial difficulties such as inflation, Nigeria’s sports betting sector has thrived, attracting millions, specifically amongst the vibrant market dealing with high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an estimated annual income of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative measures like import tax responsibilities 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 regardless of challenges in enforcement. Concerns such as insufficient age confirmation and advertising rule breaches show market regulatory gaps.

Despite these challenges, sports betting companies continue to grow through reliable organization models and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually substantially added to Nigeria’s $2 billion gambling empire through their extensive audience reach.

Sheriff 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 profession spans numerous functions in the gaming and show business, including operating at among 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 Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually become a leading e-commerce organization in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has considering that broadened its existence, 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated community that integrates appropriate sports betting material, engaging features, and sports betting a first-rate sportsbook.

Since taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and yearly profits has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have propelled LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually accomplished 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 previously acted as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry because 2000, holding different successful roles, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and boost its offerings. The company’s app has actually amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her proficiency covers the gaming, real estate, and credit financing markets, where he has actually established himself as a strategic and operational leader.

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

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a fully practical site, 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is completely licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a large range of sports betting choices and an user-friendly 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 endeavors, Ukanwoke has collaborated with African socio-economic organizations and governments to design 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, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety 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 founder, majority investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually given that grown into one of the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in profits and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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 company in Nigeria, developed along with business owner 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 company that produces investment returns and provides distinct investment insights and options to both individual and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria since June 2021. In this function, he has contributed to the company’s development through partnerships, organization technique, and brand-new business development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, sports betting and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, 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 also functioned 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 in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, gambling establishment games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a company registered in Cyprus and sports betting 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 business he established in 2013.

SportyBet is a global sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a substantial gamer 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 a strong supporter for the growing African internet environment. His investments reflect his dedication to promoting development and advancement within the area.

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

The company is set to interfere with the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, 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 innovative innovation and a dedication to accountable sports betting to change the sector.

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

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

Islamic police raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting shops, which they state are operating illegally.

“As you know, sports betting is prohibited in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.

Complaints from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of gambling addicts, he stated.

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

But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the rules 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 secular law.

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

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

Sports betting stores can be discovered all over the city. The majority of have television screens, and consumers enjoy the result of global football matches or horse races on which they have staked money.

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

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

The sports betting wagering industry has actually broadened drastically across West Africa in recent years. The area is approximately divided in between a mainly Muslim north and a mainly Christian south.

Many individuals go to bookmakers to enjoy the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and teams.

Nigeria’s debilitating economic crisis has actually likewise indicated people are willing to risk a percentage in the hope of winning huge.

However this had actually resulted in prevalent dependency, and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen stated.

“These economic concerns we are facing in Nigeria is God informing us to change our ways by stopping sins,” he stated.

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 advising those running those sports betting shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

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It is uncertain what punishment they would face – frequently, such infringements bring a fine.

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