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Game Changers: How Islamic Crackdowns and Tech Innovation are Transforming Nigeria’s Betting Scene

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

sports betting has evolved significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and sports betting kiosks, where lovers would bet as low as N50-N200 on matches.

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

In spite of economic difficulties such as inflation, Nigeria’s sports betting sector has actually flourished, drawing in millions, specifically among the youthful market dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates a projected annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory procedures like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of obstacles in enforcement. Concerns such as insufficient age verification and advertising rule breaches reveal market regulatory spaces.

Regardless of these challenges, sports betting wagering business continue to flourish through efficient business designs and sports betting aggressive marketing methods, sports betting leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually substantially added to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the video gaming and show business, sports betting consisting of operating at one of the United Kingdom’s largest video gaming centres, The Palace Bingo Club, 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 grown into a leading e-commerce business in the wagering and sports betting gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually since broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a fully integrated environment that combines relevant sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly income has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and assisted form the market’s instructions. 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 designated CEO of Betway in November 2017, having actually formerly served as the business’s Marketing and sports betting Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry given that 2000, holding different successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has continued to grow its market presence and improve its offerings. The business’s app has amassed significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her proficiency spans the gaming, realty, and credit loaning industries, where he has actually developed himself as a strategic and functional leader.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer instructional background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished 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, it was the first to release a fully functional site, setting a benchmark in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 countries, sports betting consisting of Nigeria, sports betting where it is totally certified.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting alternatives and sports betting 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and governments to develop 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 released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and sports betting home 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 entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing each year. In the 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 creator, majority shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has considering that grown into among the world’s largest online sports betting companies.

By 2016, sports betting Bet365 produced $2 billion in profits and helped with $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 company in Nigeria, developed alongside businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that generates investment returns and provides distinct investment insights and options to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, sports betting Bet9ja has actually become a considerable 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 been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the company’s growth through collaborations, business technique, and new company advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and 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 worked 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 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 sports betting platform that provides sports betting wagering, gambling establishment games, and live dealership video games. It was introduced 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 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 video gaming operator understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a substantial gamer in the market, sports betting 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 sports betting the growing African internet community. His investments reflect his dedication to cultivating innovation and advancement within the area.

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

The firm is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry 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 intends to leverage innovative innovation and sports betting a dedication to responsible sports betting to change the sector.

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

At a press rundown, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and sports betting professional group will allow it to scale and sports betting control the market quickly.

Islamic authorities raid betting shops in northern Nigeria

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

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

Complaints from community leaders and parents triggered the crackdown, fretted about the growing number of sports betting addicts, he said.

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

However Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on sports betting, 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 – along with nonreligious law.

Bookies and bars tend to be enabled to run 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 areas of Kano, sports betting a sprawling city and the economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Most have television screens, and clients view the outcome of global football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies had actually been able to operate under the radar as they had actually opened under false pretenses.

“They do not 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 industry has actually expanded considerably across West Africa in the last few years. The area is roughly divided between a primarily Muslim north and a predominantly Christian south.

Many individuals go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and groups.

Nigeria’s debilitating economic crisis has actually likewise meant people want to risk a percentage in the hope of winning big.

However this had resulted in prevalent addiction, and parents were even grumbling that kids were leaving of school to bet, sports betting Mr Aminudeen stated.

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

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

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

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

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