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Northern Crackdowns, Southern Disruption: Nigeria’s Sports Betting Industry in Transition

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

Gaming has actually evolved substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, Nigeria’s sports betting sector sports betting has actually flourished, attracting millions, sports betting specifically amongst the youthful demographic facing high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces an approximated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative measures like import tax tasks and sports betting 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 despite challenges in enforcement. Problems such as insufficient age confirmation and advertising guideline breaches show industry regulative gaps.

In spite of these obstacles, sports betting business continue to flourish through reliable business designs and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria’s $2 billion gambling empire through their substantial 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 varied profession spans numerous roles in the gaming and entertainment industry, including working at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he worked 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 service in the wagering and gaming sector, running through online, sports betting mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has since broadened 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 sports betting brand sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated community that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Because taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has achieved major 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 worked as the company’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and sports betting has actually remained in the online video gaming industry considering that 2000, holding numerous successful functions, consisting of General Manager of an information analytics team and Director sports betting of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market existence and boost its offerings. The company’s app has gathered substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her proficiency covers the gaming, realty, and credit loaning markets, where he has developed himself as a tactical and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has served as Managing Director sports betting 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 functional strategies and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), sports betting a non-profit company empowering women-owned organizations. DDWIN provides frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the founder of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, sports betting established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a completely practical website, setting a criteria in the market.

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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of wagering options and sports betting 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 teamed up with African socio-economic institutions and governments to develop developmental policies targeted at empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its existence in Nigeria, 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, creating over 100,000 jobs, the variety of which is increasing each year. In the same year, sports betting 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, sports betting the creator, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually since turned into one of the world’s biggest online gaming business.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 company in Nigeria, established together with businessman Kunle Soname, sports betting who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that creates investment returns and uses investment insights and solutions to both individual and institutional customers.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, sports betting he has added to the business’s development through collaborations, service technique, and sports betting new business advancement.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and sports betting client experience, and Country Manager at 22BET, concentrating on marketing method 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 started at Jumia Group, 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 uses sports betting, gambling establishment video games, sports betting and live dealer games. It was released in 2017 and 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 sports betting 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 global sports betting and real-money video gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial player in the market, 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 advocate for the growing African internet environment. His financial investments reflect his dedication to promoting innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.

The company is set to disrupt the sports betting market.

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

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

At a press rundown, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, sports betting and the continent’s deep passion for sports betting, sports betting particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert team will allow it to scale and dominate the market rapidly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started shutting down sports betting shops, sports betting which they state are running illegally.

« As you understand, sports betting is prohibited in Islam, » Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.

Complaints from neighborhood leaders and parents prompted the crackdown, fretted about the growing variety of gambling addicts, he stated.

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

But Mr Aminudeen alerted that now that the 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 majority Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.

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

Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, sports betting a sprawling city and sports betting the financial hub of northern Nigeria.

Sports betting shops can be discovered all over the city. A lot of have television screens, sports betting and consumers watch the result of global football matches or horse races on which they have staked cash.

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

« They don’t have licences to run as they were permitted to run computer game centres, which they later on transformed to wagering shops, » he stated.

The sports betting wagering market has actually broadened significantly throughout West Africa in the last few years. The area is roughly divided in between a primarily Muslim north and a primarily Christian south.

Lots of people go to bookmakers to delight in the sociability 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 likewise suggested people want to risk a percentage in the hope of winning big.

However this had actually led to widespread dependency, and parents were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.

« These economic issues we are facing in Nigeria is God telling us to change our ways by stopping sins, » he said.

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

« I am encouraging those running those wagering shops to either closed down or we’ll arrest them and take them to [a Sharia] court, » Mr Aminudeen stated.

It is unclear what penalty they would face – frequently, such violations bring a fine.

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