Overview

  • Founded Date June 19, 1971
  • Sectors Accounting
  • Posted Jobs 0
  • Viewed 2
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Company Description

Market Disruption Meets Religious Policing: Nigeria’s Sports Betting Sector at a Turning Point

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

Gaming has progressed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

Gradually, with increased web access came virtual sports betting, which parallels international trends. 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.

Regardless of financial obstacles such as inflation, Nigeria’s sports betting sector has prospered, attracting millions, especially among the younger market facing high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an estimated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory measures like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Problems such as inadequate age confirmation and marketing rule breaches reveal industry regulatory gaps.

Despite these difficulties, sports betting business continue to prosper through reliable service models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually substantially added to Nigeria’s $2 billion gambling empire through their extensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various functions in the video gaming and entertainment industry, consisting of working at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, where he acted 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 gaming sector, operating through online, sports betting mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and sports betting has actually because broadened its presence, accomplishing 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, sports betting a totally integrated community that sports betting content, engaging features, and a world-class sportsbook.

Since taking the helm just before the pandemic, Sam has driven significant growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and yearly earnings has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has achieved major 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 previously served as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has been in the online gaming industry because 2000, holding various successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market presence and boost its offerings. The business’s app has garnered considerable 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 changing start-ups into institutionalized businesses. Her knowledge spans the video gaming, real estate, and credit financing industries, where he has actually developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has worked as Managing Director and sports betting has managed the business’s development and sports betting operations in Lagos, Nigeria.

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN offers frHer instructional background includes 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, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a completely functional website, setting a benchmark in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 nations, sports betting consisting of Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide range of wagering alternatives 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together 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, established and launched in Nigeria on February 22, sports betting 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing every year. 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 investor, and sports betting joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has because become one of the world’s biggest online gambling companies.

By 2016, sports betting Bet365 produced $2 billion in earnings and assisted in $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has gathered substantial 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, established along with businessman Kunle Soname, sports betting who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces financial investment returns and uses distinct investment insights and options to both individual 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 considerable gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, sports betting he has actually contributed to the business’s growth through partnerships, service strategy, and new business development.

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

His profession 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 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 uses sports betting, gambling establishment games, and live dealer games. It was launched in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a company signed up 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 business he established in 2013.

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

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

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

The firm is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize innovative innovation and a dedication to responsible sports betting to revolutionise the sector.

Backed by the financial power of four popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent’s largest and most innovative sports betting platform.

At a press rundown, the company’s representative, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and professional team will allow it to scale and dominate the marketplace rapidly.

Islamic police raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun closing 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, told the BBC.

Grievances from community leaders and moms and dads prompted the crackdown, fretted about the growing number of sports betting addicts, he stated.

On the first day of raids, 30 stores were closed in one residential area 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 knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be detained.

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

Bookmakers and bars tend to be allowed to run in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

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

sports betting wagering shops can be discovered all over the city. A lot of have television screens, and consumers watch the result of global football matches or horse races on which they have staked cash.

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

“They don’t have licences to run as they were allowed to run video games centres, which they later on transformed to wagering stores,” he stated.

The sports betting industry has actually broadened significantly throughout West Africa over the last few years. The region is roughly divided in between a generally Muslim north and a predominantly Christian south.

Many people go to bookmakers to enjoy the friendship of other bettors, though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria’s crippling economic crisis has actually also suggested individuals are willing to run the risk of a small amount in the hope of winning huge.

However this had actually led to widespread addiction, and parents were even grumbling that kids were dropping out of school to bet, Mr Aminudeen said.

“These financial issues we are dealing with in Nigeria is God informing us to alter our methods by stopping sins,” he stated.

The raids on Tuesday concentrated on Munjibir, 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 detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – often, sports betting such infringements carry a fine.

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

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