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Inside Nigeria’s Gaming Revolution: Leaders, Challengers, and Religious Conflicts
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
Gaming has developed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Regardless of financial difficulties such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, especially amongst the youthful market facing high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an approximated yearly profits of N730 billion. The federal government has actually not gone undetected by this growth, sports betting which is considering regulative procedures like import tax tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite difficulties in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show market regulative spaces.
In spite of these difficulties, sports betting companies continue to flourish through effective service models and sports betting aggressive marketing strategies, leveraging the creator influencer market.
These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have actually significantly contributed to Nigeria’s $2 billion gambling 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 varied profession covers numerous roles in the video gaming and entertainment industry, consisting of working at among 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 become a leading e-commerce organization in the wagering and sports betting video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually because 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.
Given that taking the helm prior to the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business’s worker headcount has actually increased by 29%, and annual earnings has actually risen from roughly ₤ 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 instructions. LiveScoreBet has achieved major sports betting 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 formerly served as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry since 2000, holding various successful functions, including General Manager of a data analytics group and sports betting Director of a digital marketing company.
Under Werkman’s leadership, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has actually gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her know-how spans the video gaming, realty, and credit loaning industries, sports betting where he has developed himself as a strategic and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has functioned as Managing Director sports betting and sports betting has actually managed the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business’s operational methods and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN supplies frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator sports betting of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the first to introduce a fully practical website, setting a standard 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is completely certified.
Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic institutions and governments to create developmental policies focused on 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, 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, developing over 100,000 jobs, the number of which is increasing yearly. In the exact same year, MultiChoice broadcaster purchased 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, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually given that grown into one of the world’s largest online sports betting business.
By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has amassed considerable user engagement, sports betting 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 along with businessman 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 business that creates investment returns and uses distinct investment insights and services to both and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually become a substantial player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually contributed to the business’s growth through collaborations, company strategy, and new organization 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 method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise 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 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 wagering, gambling establishment video games, and live dealer games. It was launched in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, sports betting a company signed up 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 worldwide sports betting wagering and real-money gaming operator known for sports betting providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a considerable gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African internet community. His financial investments reflect his dedication 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 firm is set to disrupt the sports wagering industry.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless 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 PwC, the firm intends to leverage advanced innovation and a dedication to responsible sports betting to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will release 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 spokesperson, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and expert group will enable it to scale and dominate the marketplace rapidly.
Islamic authorities raid wagering shops in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have begun shutting down sports betting wagering shops, which they state are operating illegally.
“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.
Complaints from community leaders and parents triggered the crackdown, worried about the growing number of gambling addicts, sports betting he said.
On the very first day of raids, 30 shops were closed in one residential area alone, and their owners were sent home with a caution, sports betting the Sharia officer said.
But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – along with secular law.
Bookmakers and bars tend to be permitted to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, sports betting the existing crackdown is focused on Muslim locations of Kano, sports betting a sprawling city and sports betting the financial hub of northern Nigeria.
sports betting wagering stores can be discovered all over the city. The majority of have television screens, sports betting and customers enjoy the result of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had actually been able to run under the radar as they had actually opened under false pretences.
“They don’t have licences to run as they were allowed to run video games centres, which they later converted to wagering shops,” he stated.
The sports betting industry has actually expanded considerably throughout West Africa over the last few years. The region is approximately divided in between a generally Muslim north and a predominantly Christian south.
Many people go to bookies to enjoy the friendship of other gamblers, though mobile apps are also popular for sports betting on the result of occasions and teams.
Nigeria’s debilitating economic crisis has likewise suggested individuals are willing to risk a percentage in the hope of winning huge.
However this had resulted in prevalent addiction, and moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.
“These economic issues we are facing in Nigeria is God informing us to alter 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 recommending those running those wagering stores to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what punishment they would deal with – often, such infringements bring a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, sports betting and the intake of alcohol were banned.