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

Gambling has evolved significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

Slowly, with increased web gain access to came virtual wagering, 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.
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Regardless of economic difficulties such as inflation, Nigeria's sports betting wagering sector has grown, bring in millions, particularly amongst the youthful demographic dealing with high unemployment rates.

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

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

Regardless of these challenges, sports betting wagering companies continue to grow through efficient organization models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually significantly added to Nigeria's $2 billion gambling empire through their extensive audience reach.

Constable Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans numerous 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 functioned 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 grown into a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that expanded its existence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated environment that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.

Considering that taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The business's employee headcount has increased by 29%, and annual earnings has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam's leadership and tactical vision have actually propelled LiveScore Group's success and assisted form the industry's instructions. LiveScoreBet has accomplished significant 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 previously acted as the business's Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online video gaming industry considering that 2000, holding various effective roles, including General Manager of a data analytics team and Director sports betting of a digital marketing agency.

Under Werkman's leadership, Betway has continued to grow its market existence and improve its offerings. The business's app has actually garnered considerable 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 services. Her know-how covers the video gaming, real estate, and credit loaning industries, where he has established himself as a tactical and operational leader.

Damilare has actually been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has actually served as Managing Director and has supervised the company'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 operational methods and market expansion.

She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers 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 introduce a fully functional website, setting a benchmark 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 global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is totally certified.

Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a vast array of wagering alternatives and 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 actually collaborated with African socio-economic organizations and governments to develop developmental policies targeted 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 introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing yearly. 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 joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has since turned into one of the world's biggest online gaming companies.

By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually 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 wagering business in Nigeria, established along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates financial investment returns and uses special investment insights and options to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly 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 industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the company's growth through collaborations, company strategy, and new company development.

Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer 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 different digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he worked 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, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting, gambling establishment games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business 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 developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated 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.

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

On April 30, 2024, Sudeep Ramnani purchased 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 said it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize advanced innovation and a dedication to responsible sports betting to revolutionise the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's largest and most innovative sports betting platform.

At a press instruction, the company's spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust financial backing and expert team will allow it to scale and control the marketplace rapidly.


Islamic cops raid wagering stores in northern Nigeria

Islamic cops in Nigeria's northern city of Kano have actually started closing down sports betting 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, called the Hisbah, told the BBC.

Complaints from community leaders and parents prompted the crackdown, stressed over the growing number of gambling addicts, he said.

On the very 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 knew that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - alongside nonreligious law.

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

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

Sports betting stores can be discovered all over the city. The majority of have tv screens, and clients watch the result of worldwide football matches or horse races on which they have staked cash.

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

"They don't have licences to operate as they were allowed to run computer game centres, which they later on transformed to sports betting stores," he said.

The sports betting market has expanded considerably throughout West Africa recently. The region is approximately divided between a mainly Muslim north and a primarily Christian south.

Many people go to bookies to delight in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the result of events and groups.

Nigeria's debilitating recession has likewise meant people are willing to risk a percentage in the hope of winning big.

However this had caused widespread dependency, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.

"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, considered a resort area in the northeast of the city-- visitors flock there at weekends.

"I am recommending those running those wagering stores to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
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It is unclear what penalty they would face - frequently, such infringements carry a fine.

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