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Market Innovation Meets Religious Policing: Nigeria’s Sports Betting Sector at a Crossroads

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

Gambling has evolved considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

Slowly, with increased internet access came virtual wagering, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

Despite financial difficulties such as inflation, sports betting Nigeria’s sports betting sector has actually prospered, bring in millions, particularly among the vibrant group facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates an estimated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory measures like excise tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of difficulties in enforcement. Issues such as inadequate age verification and advertising guideline breaches reveal industry regulative gaps.

Despite these challenges, sports betting wagering business continue to prosper through effective organization models and sports betting aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, sports betting with CEOs playing crucial functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have actually considerably added to Nigeria’s $2 billion sports betting 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 career spans various functions in the video gaming and show business, consisting of operating at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, where he worked as the Lead Engineer in a Bingo and Bowling Club.

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, sports betting founded in August 2011, has actually become a leading e-commerce company in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has considering that expanded its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a totally integrated community that combines relevant sports betting content, engaging functions, and a first-rate sportsbook.

Considering that taking the helm just before the pandemic, Sam has actually driven significant growth for sports betting LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have moved LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has actually accomplished 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 formerly worked as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and sports betting has remained in the online gaming industry because 2000, sports betting holding numerous successful roles, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market presence and sports betting enhance its offerings. The company’s app has amassed 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 track record of changing start-ups into institutionalized companies. Her expertise covers the video gaming, realty, sports betting and credit lending industries, where he has developed himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET’s success for sports betting over 14 years. Since June 2019, she has acted as Managing Director and has actually managed the business’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 functional strategies and sports betting market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit company 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 company, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a completely practical website, 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 global sports betting wagering business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a large range of sports betting options 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic organizations and governments to create developmental policies targeted at empowering youths. 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, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has actually rapidly grown its existence in Nigeria, sports betting 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, developing over 100,000 jobs, the variety of which is increasing every year. In the very same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting 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 gambling company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually because become among the world’s largest online sports betting business.

By 2016, Bet365 created $2 billion in revenues and assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered 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 business 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, sports betting an independent Nigerian asset management company that creates investment returns and provides unique investment insights and services to both individual and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, sports betting Bet9ja has ended up being a considerable gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually contributed to the company’s development through collaborations, service strategy, and sports betting new organization development.

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

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also 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 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 offers sports betting, gambling establishment games, sports betting and live dealership video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business 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 established in 2013.

SportyBet is a global sports betting and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial player in the industry, sports betting 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 web community. His investments show his dedication to promoting innovation and advancement within the area.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, sports betting 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 stated it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative innovation and a dedication to responsible sports betting to change the sector.

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

At a press briefing, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, sports betting and the continent’s deep enthusiasm for sports betting, sports betting specifically football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and specialist team will allow it to scale and control the marketplace rapidly.

Islamic police raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun shutting down sports betting stores, which they say are running illegally.

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

Grievances from community leaders and parents prompted the crackdown, fretted about the growing number of sports betting addicts, he said.

On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.

However Mr Aminudeen warned that now that the general public understood 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 majority Muslim population and operates the Islamic legal system – Sharia – along with secular law.

Bookmakers and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.

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

sports betting wagering shops can be found all over the city. A lot of have tv screens, and customers view the result of global football matches or horse races on which they have actually staked money.

Mr Aminudeen said such bookies had been able to operate under the radar as they had opened under false pretenses.

“They don’t have licences to run as they were permitted to run computer game centres, which they later on converted to sports betting shops,” he stated.

The sports betting wagering market has actually broadened dramatically throughout West Africa in recent years. The region is roughly divided in between a primarily Muslim north and sports betting a mainly Christian south.

Many individuals go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are also popular for wagering on the outcome of events and teams.

Nigeria’s crippling economic crisis has actually also suggested people are willing to risk a percentage in the hope of winning big.

But this had led to widespread addiction, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.

“These economic issues we are facing in Nigeria is God informing us to change 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 encouraging those running those wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would face – often, such violations bring 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 usage of alcohol were prohibited.