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Northern Crackdowns, South Disruption: Nigeria’s Sports Betting Industry in Transformation
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering industry.
Gaming has progressed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, sports betting which parallels international 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.
Despite economic obstacles such as inflation, Nigeria’s sports betting sector has actually prospered, attracting millions, particularly among the vibrant demographic facing high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an estimated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory procedures like excise tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Issues such as insufficient age verification and advertising rule breaches reveal industry regulatory spaces.
In spite of these challenges, sports betting companies continue to thrive through reliable company designs and aggressive marketing techniques, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have significantly contributed to Nigeria’s $2 billion gambling empire through their substantial 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 diverse profession spans numerous roles in the gaming and show business, consisting of operating at one of the United Kingdom’s biggest 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, sports betting has grown into a leading e-commerce company in the wagering and video gaming sector, through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has given that expanded its existence, 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that integrates pertinent sports betting material, engaging features, and a world-class sportsbook.
Because taking the helm right before the pandemic, Sam has driven considerable development for sports betting LiveScore Group. The business’s employee headcount has increased by 29%, sports betting and yearly earnings has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has 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 previously served as the company’s Marketing and Operations Director sports betting given that 2015. He joined Betway in 2013 and has actually been in the online gaming market considering that 2000, holding various successful roles, including General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business’s app has gathered substantial 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 track record of transforming start-ups into institutionalized organizations. Her competence spans the gaming, real estate, and credit lending industries, where he has developed himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has actually supervised the company’s development and sports betting operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s functional methods and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN supplies frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to launch a completely functional site, 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 international sports betting business 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 business operates in more than 50 nations, consisting of Nigeria, where it is totally accredited.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of sports betting choices 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 actually collaborated with African socio-economic organizations and governments to create 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 introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has actually rapidly grown its presence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing each 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 investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online wagering site and has actually given that turned into one of the world’s largest online sports betting business.
By 2016, sports betting Bet365 generated $2 billion in incomes and facilitated $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 wagering business in Nigeria, established together with entrepreneur 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 asset management business that produces financial investment returns and offers unique financial investment insights and solutions to both specific and institutional customers.
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 leadership, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering 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 for 22BET in Nigeria because June 2021. In this role, sports betting he has actually contributed to the business’s development through partnerships, service strategy, and sports betting new organization advancement.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting 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 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 sports betting 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 wagering, gambling establishment video games, and live dealer video games. It was launched in 2017 and 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 gambling establishments worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and sports betting a strong supporter for sports betting the growing African internet community. His investments reflect his commitment to cultivating innovation 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 company is set to disrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In an industry 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 sports betting PwC, the company intends to take advantage of innovative technology and a dedication to accountable gaming to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will release in the very first quarter of 2025, sports betting aims to be the continent’s biggest and most innovative sports betting platform.
At a press instruction, sports betting the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm 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 sports betting dominate the market quickly.
Islamic police raid betting stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have started closing down sports betting shops, which they say are operating unlawfully.
„As you understand, wagering is forbidden in Islam,“ Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, sports betting known as the Hisbah, informed the BBC.
Grievances from community leaders and parents prompted the crackdown, worried about the growing variety of gambling addicts, he stated.
On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer stated.
But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gaming, those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – alongside nonreligious law.
Bookies and bars tend to be allowed to run in Kano’s Christian neighbourhoods, 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 sports betting the economic hub of northern Nigeria.
sports betting wagering shops can be found all over the city. The majority of have television screens, and customers see the outcome of international football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had opened under false pretences.
„They do not have licences to run as they were allowed to run computer game centres, which they later on transformed to sports betting shops,“ he stated.
The sports betting wagering market has actually expanded dramatically throughout West Africa in the last few years. The area is approximately divided in between a mainly Muslim north and a mainly Christian south.
Many individuals go to bookmakers to delight in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of events and teams.
Nigeria’s crippling economic crisis has actually also implied people want to run the risk of a small amount in the hope of winning huge.
However this had led to prevalent dependency, and sports betting moms and sports betting dads were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.
„These economic issues we are dealing with in Nigeria is God informing us to change our ways 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 recommending those running those wagering stores to either shut down or we’ll jail them and take them to [a Sharia] court,“ Mr Aminudeen said.
It is uncertain what punishment they would deal with – frequently, such infringements carry a fine.
Sharia was introduced in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, gaming and the usage of alcohol were prohibited.