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Industry Changers: How Islamic Crackdowns and Digital Innovation are Reshaping Nigeria’s Betting Landscape

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

Gambling has actually developed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

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

Regardless of financial challenges such as inflation, Nigeria’s sports betting wagering sector has prospered, attracting millions, specifically amongst the youthful market dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, sports betting driving a market that generates an approximated annual revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory measures like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations despite obstacles in enforcement. Concerns such as inadequate age confirmation and marketing guideline breaches show industry regulatory gaps.

Regardless of these obstacles, sports betting wagering companies continue to prosper through reliable business designs and aggressive marketing strategies, sports betting leveraging the developer influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have actually considerably added to Nigeria’s $2 billion gaming 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 diverse profession covers numerous roles in the video gaming and show business, including working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting where he worked 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 become a leading e-commerce service in the wagering and video gaming sector, running through online, sports betting mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has considering that expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated community that combines appropriate sports betting material, engaging features, and a world-class sportsbook.

Since taking the helm prior to the pandemic, sports betting Sam has driven significant development for LiveScore Group. The business’s worker headcount has actually increased by 29%, and sports betting yearly income has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and sports betting assisted shape the market’s direction. LiveScoreBet has attained significant 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 previously functioned as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry because 2000, sports betting holding different effective functions, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market existence and improve its offerings. The business’s app has garnered substantial 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 track record of transforming start-ups into institutionalized organizations. Her proficiency covers the gaming, realty, and credit loaning industries, sports betting where he has actually established himself as a strategic and functional leader.

Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has functioned as Managing Director and sports betting has actually managed the business’s growth and operations in Lagos, Nigeria.

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

She established 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, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the very first to launch a fully functional 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 company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 nations, sports betting including Nigeria, where it is completely licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering choices 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 ventures, sports betting Ukanwoke has teamed up with African socio-economic institutions and governments to design developmental policies aimed at empowering youths. 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, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually 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 partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing each year. In the very same year, MultiChoice broadcaster purchased 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, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online wagering site and has since grown into among the world’s biggest online gaming companies.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 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 asset management business that generates financial investment returns and offers special investment insights and services to both specific and institutional clients.

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 management, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has actually been acting as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this function, he has added to the company’s growth through partnerships, company method, and new organization development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and sports betting client experience, and Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and sports betting Betty Bingo.

His profession began at Jumia Group, sports betting 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that provides sports betting wagering, casino games, sports betting and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, 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 business he developed in 2013.

SportyBet is a global sports betting and real-money gaming operator understood for an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually become a significant player in the industry, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active investor sports betting in fintech and mobile payments and a strong supporter for the growing African web community. His financial investments show his dedication to cultivating development and advancement within the area.

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

The firm is set to interrupt the sports betting industry.

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

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

At a press instruction, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for sports betting Sunbet’s ambitious entry. He added that the company’s robust sponsorship and specialist group will allow it to scale and dominate the market rapidly.

Islamic cops raid wagering shops in northern Nigeria

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

“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.

Grievances from neighborhood leaders and parents triggered the crackdown, stressed over the growing variety of gambling addicts, he stated.

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

However Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – together with nonreligious law.

Bookmakers and sports betting 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 current crackdown is focused on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting shops can be discovered all over the city. Most have tv screens, and sports betting consumers enjoy the outcome of global football matches or horse races on which they have staked cash.

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

“They don’t have licences to run as they were allowed to run computer game centres, which they later converted to wagering stores,” he said.

The sports betting market has actually expanded significantly throughout West Africa recently. The region is approximately divided in between a mainly Muslim north and a mainly Christian south.

Many people go to bookies to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting wagering on the result of events and teams.

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

But this had actually resulted in widespread dependency, and parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.

“These economic problems we are facing in Nigeria is God telling us to alter our methods by stopping sins,” he stated.

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

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

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

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