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Exploring Nigeria’s Gaming Transformation: Leaders, Innovators, and Religious Clashes

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

Gaming has actually developed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a successful sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where lovers would wager as little as N50-N200 on matches.

Gradually, with increased web gain access to came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and sports betting is projected to nearly double to $182.02 billion by 2030.

In spite of economic challenges such as inflation, Nigeria’s sports betting wagering sector has prospered, sports betting attracting millions, especially among the vibrant market dealing with high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates a projected annual earnings of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory procedures like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite difficulties in enforcement. Issues such as insufficient age verification and advertising rule breaches show market regulative gaps.

In spite of these obstacles, sports betting business continue to flourish through reliable company designs and aggressive marketing techniques, leveraging the creator sports betting influencer industry.

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

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans different roles in the video gaming and entertainment industry, including operating at among the United Kingdom’s biggest gaming centres, sports betting 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 turned into a leading e-commerce service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, sports betting 2006, and sports betting has actually because expanded 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 wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a completely incorporated community that integrates relevant sports betting content, engaging features, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s staff member headcount has increased by 29%, and annual revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have propelled LiveScore Group’s success and sports betting assisted shape the industry’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, sports betting having actually previously acted as the business’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually been in the online gaming market given that 2000, holding numerous successful functions, including General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, 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 organizations. Her knowledge spans the video gaming, realty, and credit financing industries, where he has developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has acted 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 strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. 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 creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a totally functional website, setting a benchmark 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 international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is completely accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting providing a vast array of sports betting alternatives 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 endeavors, Ukanwoke has actually worked together with African socio-economic institutions and governments to create developmental policies focused on empowering youths. In 2015, 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has quickly grown its presence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, sports betting developing 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 founder, bulk investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has considering that grown into one of the world’s biggest online sports betting business.

By 2016, sports betting Bet365 created $2 billion in revenues and helped with $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually 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 sports betting co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, established alongside businessman 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 property management business that produces investment returns and uses unique financial investment insights and solutions to both specific and institutional clients.

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 management, sports betting Bet9ja has actually become a significant gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist 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 added to the business’s development through collaborations, business technique, and new organization 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 spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous 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 worked 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 gambling platform that provides sports betting wagering, casino games, and sports betting live dealership games. It was launched in 2017 and sports betting 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 casinos 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 wagering and real-money gaming operator known for providing 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 role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web environment. His financial investments show his dedication to promoting innovation and development within the area.

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

The firm is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, sports betting with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative innovation and a dedication to responsible gaming to change the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting wagering platform.

At a press briefing, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, particularly football, has set the stage for sports betting Sunbet’s ambitious entry. He included that the company’s robust financial backing and expert team will enable it to scale and control the market rapidly.

Islamic police raid betting shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering stores, which they say are running illegally.

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

Grievances from community leaders and moms and dads triggered the crackdown, stressed over the growing variety of sports betting addicts, he stated.

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

However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gaming, 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 nonreligious law.

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

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

Sports betting stores can be found all over the city. Many have television screens, and customers view the outcome of global football matches or sports betting horse races on which they have actually staked money.

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

“They do not have licences to operate as they were allowed to run video games centres, which they later converted to sports betting shops,” he stated.

The sports betting wagering industry has actually expanded significantly across West Africa in recent years. The region is roughly divided between a generally Muslim north and a mainly Christian south.

Many individuals go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and teams.

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

But this had resulted in extensive dependency, and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen said.

“These financial issues we are dealing with in Nigeria is God telling us to alter our ways by stopping sins,” he said.

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

“I am encouraging those running those sports betting stores to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

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

Sharia was introduced in Kano in 2000 – as it remained in 11 other states – and prostitution, sports betting gaming and the intake of alcohol were banned.