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The N2 Billion Sports Betting War: Industry Leaders Face Islamic Crackdown as New Challenger Surfaces

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

Gambling has actually evolved substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.

Slowly, with increased internet 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 predicted to nearly double to $182.02 billion by 2030.

In spite of financial challenges such as inflation, Nigeria’s sports betting wagering sector sports betting has thrived, attracting millions, specifically among the younger demographic facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that generates an approximated yearly profits of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulatory procedures like excise responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of challenges in enforcement. Problems such as inadequate age verification and sports betting marketing rule breaches reveal industry regulative spaces.

In spite of these obstacles, sports betting wagering business continue to prosper through efficient service models 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 broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually considerably added to Nigeria’s $2 billion gambling empire through their comprehensive 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 career spans various roles in the gaming and show business, consisting of operating at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and sports betting 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 grown into a leading e-commerce service in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, sports betting and has since 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 fully incorporated environment that integrates appropriate sports betting content, engaging features, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s employee headcount has increased by 29%, and annual profits has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and assisted form 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, having formerly served as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online video gaming market because 2000, holding different successful roles, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market presence and enhance its offerings. The company’s app has actually gathered significant 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 performance history of transforming start-ups into institutionalized businesses. Her expertise spans the video gaming, realty, and credit financing markets, where he has developed himself as a strategic and sports betting operational leader.

Damilare has been instrumental in NairaBET’s success for sports betting over 14 years. Considering that June 2019, she has actually served as Managing Director and has supervised 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 business’s functional techniques and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer educational 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, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting wagering in Nigeria, it was the first to introduce a totally functional website, setting a standard 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 actually developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 nations, sports betting consisting of Nigeria, sports betting where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting using a large range of wagering alternatives and sports betting 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 ventures, Ukanwoke has collaborated with African socio-economic organizations and federal governments to develop developmental policies aimed 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 launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly grown its existence 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, producing over 100,000 tasks, the variety of which is increasing yearly. 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, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually because grown into among the world’s biggest online gaming business.

By 2016, sports betting Bet365 generated $2 billion in profits and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered considerable 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 alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that generates financial investment returns and offers special financial investment insights and sports betting services to both individual and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business’s growth through collaborations, business strategy, and brand-new organization development.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and sports betting Betty Bingo.

His profession started at Jumia Group, sports betting where he operated in SEO, CRM, and content management. Fikayo also 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that uses sports betting wagering, casino games, and live dealer video games. It was introduced 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 gambling establishments 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 real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has become a considerable player 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 sports betting a strong advocate for the growing African internet community. His investments show his dedication to promoting innovation and sports betting advancement within the area.

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

The company is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of 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, sports betting the firm aims to leverage cutting-edge technology and a dedication to responsible sports betting to revolutionise the sector.

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

At a press briefing, sports betting the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and expert team will enable it to scale and dominate the marketplace quickly.

Islamic police raid betting shops in northern Nigeria

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

“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.

Problems from community leaders and moms and dads prompted the crackdown, stressed over the growing number of gambling addicts, he said.

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

However Mr Aminudeen cautioned 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 bulk Muslim population and runs the Islamic legal system – Sharia – together with secular law.

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

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

Sports betting shops can be found all over the city. A lot of have television screens, sports betting and customers watch 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 run under the radar as they had opened under false pretences.

“They don’t have licences to run as they were permitted to run computer game centres, which they later on transformed to wagering shops,” he stated.

The sports betting wagering industry has broadened significantly across West Africa over the last few years. The region is approximately divided in between a primarily Muslim north and a primarily Christian south.

Many individuals go to bookmakers to take pleasure in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and teams.

Nigeria’s crippling recession has actually also suggested individuals want to risk a small amount in the hope of winning big.

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

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

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 jail them and take them to [a Sharia] court,” Mr Aminudeen said.

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

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