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  • Founded Date 12/20/1955
  • Sectors Graduates
  • Posted Jobs 0
  • Viewed 30

Company Description

Innovation Amid Crackdown: Inside Nigeria’s Dynamic Sports Betting Landscape

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

Gaming has actually progressed substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where lovers would bet as low as N50-N200 on matches.

Gradually, 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 forecasted to almost double to $182.02 billion by 2030.

In spite of financial obstacles such as inflation, Nigeria’s sports betting sector has actually grown, bring in millions, specifically amongst the youthful group dealing with high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates an approximated annual profits of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory procedures like import tax responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Concerns such as inadequate age verification and marketing guideline breaches show market regulative spaces.

Despite these difficulties, sports betting companies continue to grow through efficient service models and aggressive marketing strategies, leveraging the creator influencer market.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession covers numerous functions in the gaming and sports betting entertainment industry, sports betting consisting of operating 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 turned into a leading e-commerce organization in the wagering and gaming sector, sports betting running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually because expanded its presence, achieving 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 ended up being the CEO of LiveScore Group, a totally incorporated community that combines pertinent sports betting content, engaging features, and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven significant development for sports betting LiveScore Group. The company’s employee headcount has increased by 29%, and annual earnings has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and sports betting tactical vision have actually propelled LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has attained major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, having actually formerly functioned as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry given that 2000, holding various successful roles, consisting of General Manager of a data analytics team and Director of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her proficiency covers the video gaming, realty, and credit lending industries, where he has established himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually acted as Managing Director and has actually managed the company’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 methods and market expansion.

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

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a completely functional site, sports betting setting a benchmark 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 global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety of wagering options 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 endeavors, Ukanwoke has actually worked together with African socio-economic organizations and governments to create developmental policies targeted at empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and launched 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 and entertainment company has 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, sports betting producing over 100,000 jobs, the number of which is increasing annually. 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, majority investor, and joint Chief Executive of Bet365, sports betting an online gambling business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually given that become among the world’s largest online gambling companies.

By 2016, Bet365 created $2 billion in profits and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered significant 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 wagering business in Nigeria, established together with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management company that creates financial investment returns and uses distinct financial investment insights and solutions to both individual 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 actually become a considerable player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has contributed to the company’s growth through partnerships, organization strategy, and brand-new company 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 sports betting spending plan management. Before 22BET, 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 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, Benin Republic.

22Bet is an online gaming platform that uses sports betting, gambling establishment games, and games. It was introduced in 2017 and is owned and run 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 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 a worldwide sports betting and sports betting real-money video gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial player in the industry, 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 advocate for the growing African web environment. His investments show his dedication to promoting development and advancement within the area.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating 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 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, according to reports from the African Sports Betting Association and PwC, the company aims to utilize innovative innovation and a commitment to accountable gambling to change the sector.

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

At a press rundown, sports betting the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He added that the firm’s robust financial backing and sports betting specialist team will enable it to scale and control the marketplace quickly.

Islamic cops raid wagering shops in northern Nigeria

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

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.

Problems from community leaders and parents triggered the crackdown, stressed over the growing number of gambling addicts, he stated.

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

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

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 permitted to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.

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

Sports betting stores can be found all over the city. The majority of have television screens, and clients see the outcome of global football matches or horse races on which they have staked money.

Mr Aminudeen said such bookmakers had had the ability to run 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 transformed to wagering shops,” he stated.

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

Lots of people go to bookmakers to delight in the friendship of other bettors, though mobile apps are likewise popular for sports betting on the outcome of occasions and groups.

Nigeria’s crippling economic crisis has likewise implied individuals want to risk a small amount in the hope of winning big.

But this had led to widespread dependency, and parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen said.

“These economic problems we are dealing with in Nigeria is God informing 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 encouraging those running those sports betting shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

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It is unclear what penalty they would face – typically, such violations bring a fine.

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

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