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

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

sports betting has actually developed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

Gradually, sports betting with increased web gain access to came virtual sports betting, which parallels worldwide trends. 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 sector has actually flourished, attracting millions, sports betting particularly among the youthful group facing high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected annual income of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory steps like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Problems such as insufficient age verification and sports betting advertising rule breaches reveal market regulatory gaps.

Regardless of these challenges, sports betting wagering companies continue to thrive through reliable company models and aggressive marketing techniques, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have considerably added to Nigeria’s $2 billion gambling empire through their comprehensive 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 varied profession covers different functions in the gaming and entertainment industry, including operating at one of the United Kingdom’s largest 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 actually become a leading e-commerce organization in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has considering that expanded its existence, sports betting achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated environment that integrates appropriate sports betting material, sports betting engaging functions, and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company’s employee headcount has increased by 29%, and annual earnings has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has accomplished significant user engagement, sports betting 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 acted 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 since 2000, holding different effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and enhance its offerings. The business’s app has actually amassed 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 track record of transforming start-ups into institutionalized companies. Her proficiency covers the gaming, realty, sports betting and credit lending industries, where he has established himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Because June 2019, she has actually functioned as Managing Director sports betting and has actually overseen the company’s development and sports betting operations in Lagos, sports betting Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN offers frHer educational background includes 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 business, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting 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 licensed.

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 choices and an user-friendly 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic institutions and 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 released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually quickly grown its existence 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, creating over 100,000 tasks, the variety 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 shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually because turned into among the world’s largest online gaming companies.

By 2016, sports betting Bet365 created $2 billion in incomes and assisted in $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 together with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that produces financial investment returns and offers unique financial investment insights and services to both specific and sports betting institutional clients.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a substantial gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and sports betting consumer experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held various 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 likewise 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 gaming platform that provides sports betting, casino video games, and live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company 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 providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has ended up being a significant gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments show his commitment to fostering development and development within the region.

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

The company is set to interrupt the sports wagering market.

Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced technology and a dedication to responsible gambling to change the sector.

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

At a press briefing, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, sports betting specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and specialist team will enable it to scale and control the market rapidly.

Islamic police raid wagering shops in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually started closing down sports betting stores, which they state are operating unlawfully.

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

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

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

But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, sports betting those flouting the guidelines would be jailed.

Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – alongside secular law.

Bookies and bars tend to be enabled to run 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 focused on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.

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

Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had opened under false pretenses.

“They do not have licences to run as they were permitted to run computer game centres, which they later converted to wagering shops,” he stated.

The sports betting industry has broadened drastically across West Africa recently. The area is roughly divided between a mainly Muslim north and a predominantly Christian south.

Many people go to bookies to delight in the camaraderie of other bettors, though mobile apps are also popular for wagering on the outcome of occasions and teams.

Nigeria’s debilitating recession has likewise meant individuals want to risk a percentage in the hope of winning big.

However this had resulted in prevalent addiction, and parents were even grumbling that children were leaving of school to bet, Mr Aminudeen said.

“These financial concerns we are facing in Nigeria is God informing us to change our methods by stopping sins,” he stated.

The raids on Tuesday focused on Munjibir, sports betting thought about 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 arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would face – typically, such infringements carry a fine.

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

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