Overview

  • Founded Date July 6, 2023
  • Sectors Patient Care Technicians (PCT)
  • Posted Jobs 0
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Company Description

Betting Industry Shake-up: Disruption Meets Control in Nigeria’s Betting Sector

Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting industry.

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

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

Despite financial difficulties such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, sports betting particularly among the younger group dealing with high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting, sports betting driving an industry that produces a projected yearly profits of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory procedures like excise duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite obstacles in enforcement. Concerns such as inadequate age confirmation and advertising rule breaches show market regulatory gaps.

Regardless of these difficulties, sports betting wagering companies continue to flourish through effective organization models and aggressive marketing techniques, sports betting leveraging the developer influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have considerably contributed to Nigeria’s $2 billion gaming empire through their extensive 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 spans numerous roles in the video gaming and show business, sports betting consisting of operating at one of the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he served 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 turned into a leading e-commerce service in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, sports betting 2006, and has actually since expanded 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated environment that integrates pertinent sports betting material, engaging functions, and a first-rate sportsbook.

Since taking the helm prior sports betting to the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s worker headcount has actually increased by 29%, sports betting and yearly revenue has risen from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and sports betting helped form the industry’s instructions. LiveScoreBet has actually attained significant 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 actually previously served as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry given that 2000, holding numerous successful functions, including General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has gathered 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 companies. Her competence spans the gaming, realty, and credit financing markets, where he has actually established himself as a strategic and sports betting operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit organization empowering women-owned companies. DDWIN offers frHer educational background consists of 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 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 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 international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of sports betting alternatives and 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, Managing Director of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and governments to design 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, established 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 wagering and entertainment company has actually quickly grown its existence 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, creating over 100,000 tasks, the number of which is increasing every 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 established in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually given that become among the world’s largest online gaming business.

By 2016, Bet365 generated $2 billion in incomes and facilitated $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered 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 company in Nigeria, established alongside business owner 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 creates financial investment returns and provides distinct investment insights and options to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a substantial player in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has actually been serving as the Country Director sports betting for 22BET in Nigeria because June 2021. In this function, he has actually added to the company’s growth through partnerships, business strategy, and brand-new business development.

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

His career began at Jumia Group, sports betting where he worked in SEO, CRM, and content management. Fikayo likewise acted 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 offers sports betting wagering, sports betting casino video games, and sports betting live dealer games. It was introduced in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting a chain of casinos 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 wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial player in the industry, with over 1 million downloads on the Google Play Store.

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

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

The company is set to disrupt the sports wagering industry.

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 yearly, sports betting with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the company aims to utilize innovative technology and a commitment to responsible gaming to change the sector.

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

At a press rundown, sports betting the business’s spokesperson, sports betting Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, sports betting has actually set the stage for Sunbet’s enthusiastic entry. He added that the firm’s robust financial backing and specialist group will allow it to scale and control the market quickly.

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Islamic cops raid betting stores in northern Nigeria

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

“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, sports betting known as the Hisbah, informed the BBC.

Complaints from neighborhood leaders and sports betting parents prompted the crackdown, worried about the growing variety of sports betting addicts, he said.

On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a caution, the Sharia officer stated.

However Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gaming, 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 – together with secular law.

Bookmakers and bars tend to be enabled to operate in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

However, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.

Sports betting stores can be found all over the city. The majority of have television screens, and sports betting consumers see the outcome of international football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookmakers had 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 on converted to sports betting stores,” he stated.

The sports betting wagering industry has actually across West Africa over the last few years. The region is approximately divided between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookies to delight in the sociability of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.

Nigeria’s debilitating economic crisis has actually also suggested people want to risk a percentage in the hope of winning huge.

However this had actually caused extensive addiction, and moms and dads were even complaining that children were leaving of school to bet, sports betting Mr Aminudeen stated.

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

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

“I am encouraging those running those wagering stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would face – often, such violations carry a fine.

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