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Founded Date February 8, 1953
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Betting Battles: Hisbah Police Crackdown Escalate as Innovation Startup Challenges Nigeria’s Betting Giants
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering industry.
Gambling has progressed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would bet just N50-N200 on matches.
Gradually, with increased web gain access to came virtual sports betting, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
In spite of economic obstacles such as inflation, sports betting Nigeria’s sports betting sector sports betting has prospered, drawing in millions, particularly among the younger group facing high unemployment rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, sports betting driving an industry that generates a projected yearly earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative measures like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite challenges in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches reveal industry regulative gaps.
In spite of these obstacles, sports betting wagering business continue to thrive through reliable organization models and sports betting aggressive marketing techniques, leveraging the developer influencer market.
These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually considerably contributed to Nigeria’s $2 billion gaming 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 varied profession spans numerous functions in the video gaming and entertainment industry, including working at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting 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 turned into a leading e-commerce company in the sports betting and sports betting gaming sector, running through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually since broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand sports betting names and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a fully incorporated ecosystem that integrates pertinent sports betting material, sports betting engaging features, and a first-rate sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual revenue has actually surged from approximately ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have actually propelled LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has attained major sports betting 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 formerly functioned as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually been in the online gaming industry since 2000, holding numerous effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has actually continued to grow its market presence and improve its offerings. The company’s app has amassed significant 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 expertise spans the gaming, real estate, and credit financing industries, where he has established himself as a strategic and functional leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has acted as Managing Director and sports betting has actually overseen the business’s development and operations in Lagos, sports betting Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer academic 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 company, established the 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, setting a criteria 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and sports betting the world. The company operates in more than 50 countries, including Nigeria, where it is totally certified.
Under Babalola’s management, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting options and an user-friendly 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 ventures, Ukanwoke has collaborated with African socio-economic institutions and federal governments to develop developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.
BetKing, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company 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 entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing annually. In the exact 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 gambling business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has considering that grown into one of the world’s biggest online sports betting companies.
By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 wagering business in Nigeria, developed alongside business person Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian asset management business that generates financial investment returns and uses special investment insights and solutions to both private and sports betting institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has actually been serving as the Country Director for 22BET in considering that June 2021. In this role, he has actually added to the business’s growth through collaborations, business technique, sports betting and new business development.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His profession started 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that offers sports betting wagering, gambling establishment video games, and live dealership video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a company signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting 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 and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, sports betting SportyBet has actually ended up being a considerable gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African internet community. His financial investments show his dedication to cultivating innovation and advancement within the area.
On April 30, 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 countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced innovation and a dedication to responsible sports betting to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent’s largest and sports betting most innovative sports betting platform.
At a press briefing, sports betting 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 sports betting Sunbet’s ambitious entry. He included that the firm’s robust financial backing and specialist group will enable it to scale and dominate the market quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting stores, which they state are operating illegally.
“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.
Grievances from community leaders and sports betting parents triggered the crackdown, stressed over the growing variety of sports betting addicts, he said.
On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a warning, the Sharia officer said.
However Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and runs the Islamic legal system – Sharia – together with secular law.
Bookmakers and bars tend to be allowed to operate in Kano’s Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.
sports betting wagering shops can be discovered all over the city. The majority of have tv screens, and customers see the outcome of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had actually had the ability to run under the radar as they had actually 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 wagering shops,” he said.
The sports betting wagering industry has broadened dramatically across West Africa recently. The area is approximately divided in between a primarily Muslim north and a primarily Christian south.
Lots of people go to bookies to enjoy the sociability of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and groups.
Nigeria’s debilitating recession has also implied individuals are willing to risk a small amount in the hope of winning big.
However this had actually resulted in prevalent dependency, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.
“These financial issues we are dealing with in Nigeria is God telling us to change our methods by stopping sins,” he said.
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 recommending those running those sports betting stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is unclear what penalty they would deal with – often, such violations bring a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, sports betting and sports betting the intake of alcohol were banned.