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North Crackdowns, Southern Disruption: Nigeria’s Sports Betting Industry in Transformation

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

Gaming has progressed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

Gradually, with increased web access 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.

In spite of economic obstacles such as inflation, sports betting Nigeria’s sports betting sector has grown, bring in millions, especially among the vibrant group dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates a projected annual income of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative procedures like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite challenges in enforcement. Issues such as inadequate age confirmation and advertising rule breaches show market regulatory gaps.

Regardless of these challenges, sports betting wagering business continue to grow through effective service designs and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually considerably contributed to Nigeria’s $2 billion sports betting empire through their extensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans numerous functions in the video gaming and show business, including operating at among the United Kingdom’s largest 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 actually grown into a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and sports betting retail channels. The business was incorporated in Nigeria on November 7, sports betting 2006, and has given that broadened its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a completely integrated environment that combines relevant sports betting content, engaging features, and a world-class sportsbook.

Considering that taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and yearly income has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has actually attained major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, having formerly served as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry since 2000, holding different effective functions, consisting of General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and enhance 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 companies. Her know-how spans the video gaming, property, and sports betting credit lending markets, where he has developed himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has managed the business’s growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting critical in the company’s functional strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. 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 creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a fully practical site, 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is totally licensed.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of sports betting options 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, sports betting Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic organizations and governments to create developmental policies focused on young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting established and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business 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 collaboration with the Lagos Employment Trust Fund, sports betting creating over 100,000 tasks, the number of which is increasing each year. In the exact 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, sports betting majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually since turned into one of the world’s largest online gambling business.

By 2016, Bet365 generated $2 billion in revenues and facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has garnered considerable 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 company in Nigeria, developed alongside business person 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 company that creates investment returns and provides distinct financial investment insights and services to both private and sports betting 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 become a significant player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the company’s growth through collaborations, business method, and new organization advancement.

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

His career began at Jumia Group, where he worked in SEO, CRM, and sports betting 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 sports betting a Master of Science (MS) in Business Administration, Management, and sports betting Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online gaming platform that provides sports betting, gambling establishment video games, and live dealer games. It was launched in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company registered 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 company he developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money gaming operator sports betting understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a considerable gamer 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 a strong supporter for the growing African internet community. His financial investments reflect his commitment to promoting 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 interrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of advanced innovation and sports betting a commitment to responsible gambling to change the sector.

Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting platform.

At a press rundown, the business’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and sports betting the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and sports betting specialist group will allow it to scale and dominate the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have begun closing down sports betting shops, which they say are operating illegally.

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

Complaints from neighborhood leaders and moms and dads triggered the crackdown, fretted 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 out home with a caution, the Sharia officer said.

But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

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

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

Nevertheless, the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering shops can be discovered all over the city. The majority of have television screens, and clients watch the outcome of international football matches or horse races on which they have actually staked cash.

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

“They do not have licences to run as they were permitted to run video games centres, which they later converted to sports betting stores,” he said.

The sports betting industry has broadened considerably across West Africa in recent years. The region is approximately divided between a mainly Muslim north and a predominantly Christian south.

Lots of people go to bookies to delight in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and groups.

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

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

“These financial issues we are facing in Nigeria is God telling us to alter our ways by stopping sins,” he stated.

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

“I am encouraging 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 unclear what penalty they would deal with – typically, such infringements carry a fine.

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