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Disrupting the House: New Firm Confronts Status Quo as Islamic Police Target Betting Outlets

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

Gaming has actually developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.

Gradually, with increased internet access 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.

Despite economic challenges such as inflation, Nigeria’s sports betting sector has thrived, bring in millions, particularly amongst the younger demographic facing high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates a projected annual revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like excise responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite difficulties in enforcement. Problems such as insufficient age verification and advertising rule breaches show market regulative spaces.

Regardless of these difficulties, sports betting business continue to thrive through reliable company designs and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing vital functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have considerably contributed to Nigeria’s $2 billion gambling empire through their extensive 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 varied profession spans different roles in the video gaming and entertainment industry, including operating at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he acted as the 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 sports betting video gaming sector, operating through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually considering that broadened its presence, 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated environment that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.

Since taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual earnings has 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 industry’s direction. LiveScoreBet has achieved major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having actually previously functioned as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually been in the online gaming market considering that 2000, sports betting holding different effective functions, including General Manager of an information analytics group and Director sports betting of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has gathered substantial user engagement, sports betting 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 organizations. Her proficiency covers the gaming, property, and credit loaning industries, where he has actually developed himself as a tactical and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s operational techniques and sports betting market growth.

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

Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a totally functional site, sports betting 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 wagering 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 business operates in more than 50 countries, including Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting 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 worked together with African socio-economic institutions and federal governments to develop 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing annually. In the 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, majority investor, and joint Chief Executive of Bet365, sports betting an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has because grown into among the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in revenues and helped with $45 billion in annual bets. The company also holds a bulk 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 co-founder of Bet9ja, a leading sports betting business in Nigeria, developed alongside entrepreneur 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 business that produces investment returns and sports betting offers distinct financial investment insights and options to both private 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 substantial gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually added to the business’s growth through collaborations, service method, and new business development.

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

His career started 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 sports betting 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 provides sports betting, gambling establishment video games, and live dealer games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up 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 established in 2013.

SportyBet is an international sports betting wagering and sports betting real-money gaming operator understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments reflect his commitment to cultivating development and development within the area.

On April 30, 2024, Sudeep Ramnani purchased 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 focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage cutting-edge technology and a commitment to accountable sports betting to change the sector.

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

At a press briefing, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will enable it to scale and dominate the market rapidly.

Islamic authorities raid wagering stores in northern Nigeria

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

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

Grievances from neighborhood leaders and parents prompted the crackdown, stressed over the growing number of sports betting addicts, he said.

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

However Mr Aminudeen warned that now that the 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, sports betting which has a bulk Muslim population and runs the Islamic legal system – Sharia – along with nonreligious law.

Bookies and bars tend to be allowed to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah believes 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. A lot of have tv screens, and customers view the result of worldwide football matches or horse races on which they have staked money.

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

“They don’t 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 expanded drastically across West Africa in the last few years. The region is roughly divided in between a primarily Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to delight in the friendship of other bettors, though mobile apps are likewise popular for wagering on the result of events and teams.

Nigeria’s debilitating economic crisis has actually also implied people want to risk a small amount in the hope of winning big.

However this had actually led to extensive dependency, sports betting and moms and sports betting dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.

“These financial concerns we are facing in Nigeria is God telling us to alter 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 recommending those running those sports betting shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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