Overview

  • Founded Date September 30, 2011
  • Sectors Health
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Company Description

Betting’s Billion-Dollar Battleground: Industry Leaders Face Dual Threat in Nigeria

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

sports betting has actually progressed substantially in Nigeria from traditional 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 kiosks, where enthusiasts would wager just N50-N200 on matches.

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

In spite of financial challenges such as inflation, sports betting Nigeria’s sports betting wagering sector has thrived, drawing in millions, sports betting particularly among the vibrant demographic dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces a projected annual revenue of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative steps like import tax duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite obstacles in enforcement. Problems such as inadequate age verification and marketing rule breaches show industry regulative gaps.

Despite these difficulties, sports betting wagering business continue to prosper through reliable company designs and aggressive marketing methods, leveraging the developer influencer market.

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

Constable 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 covers various functions in the video gaming and sports betting show business, sports betting including operating at among the United Kingdom’s largest 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 actually turned into a leading e-commerce service in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, sports betting and has given that expanded its existence, sports betting accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated environment that integrates relevant sports betting material, engaging functions, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and yearly revenue has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and sports betting strategic vision have moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has actually attained 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 served as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and sports betting has been in the online gaming market since 2000, holding numerous effective functions, including General Manager of a data analytics team and Director sports betting of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market existence and enhance its . The business’s app has 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 distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her proficiency covers the gaming, real estate, and sports betting credit financing markets, where he has established himself as a strategic and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has actually acted as Managing Director and has managed the company’s growth and operations in Lagos, Nigeria.

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

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, 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 fully practical website, setting a standard 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest 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 actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of wagering alternatives and sports betting 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 actually collaborated with African socio-economic institutions and federal governments to create developmental policies focused on empowering young people. In 2015, sports betting 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, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand 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 major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing yearly. In the same year, sports betting 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 gaming company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually considering that turned into among the world’s largest online gambling companies.

By 2016, Bet365 generated $2 billion in incomes and sports betting helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered substantial 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, established together with entrepreneur 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 possession management company that generates investment returns and uses special financial investment insights and services to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the business’s growth through collaborations, service technique, and new service development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer 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 different digital marketing functions at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he operated in SEO, sports betting 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 gambling platform that provides sports betting, gambling establishment games, and live dealership games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company 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 CEO of SportyBet, a company he developed in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant 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 internet ecosystem. His financial investments reflect his commitment to cultivating development and advancement within the area.

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

The company is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on changing 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 firm intends to take advantage of advanced innovation and a commitment to accountable sports betting to revolutionise the sector.

Backed by the monetary power of four prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting wagering platform.

At a press rundown, the business’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust financial backing and expert team will allow 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 started closing down sports betting wagering shops, sports betting which they state are running illegally.

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

Complaints from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing variety of sports betting addicts, he said.

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

But Mr Aminudeen warned that now that the 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 bulk Muslim population and operates the Islamic legal system – Sharia – along with nonreligious law.

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

However, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.

Sports betting shops can be found all over the city. Most have tv screens, sports betting and clients see the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had had the ability to operate under the radar as they had opened under false pretences.

“They do not have licences to run as they were allowed to run video games centres, which they later converted to wagering stores,” he stated.

The sports betting industry has actually broadened considerably throughout West Africa in the last few years. The area is roughly divided in between a generally Muslim north and a primarily Christian south.

Many people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and groups.

Nigeria’s crippling economic crisis has actually also suggested individuals are willing to risk a percentage in the hope of winning huge.

But this had led to widespread addiction, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.

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

The raids on Tuesday focused on Munjibir, sports betting thought about a resort area in the northeast of the city– visitors flock there at weekends.

“I am recommending those running those wagering stores to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

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It is uncertain what penalty they would face – frequently, sports betting such violations carry a fine.

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

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