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Northern Raids, South Innovation: Nigeria’s Sports Betting Industry in Transition

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

sports betting has progressed considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

Slowly, with increased web gain access to came virtual sports betting, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.

In spite of financial obstacles such as inflation, Nigeria’s sports betting sector has actually thrived, bring in millions, particularly among the youthful group dealing with high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates an estimated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulatory procedures like excise duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite challenges in enforcement. Problems such as insufficient age confirmation and sports betting marketing rule breaches show industry regulatory spaces.

Regardless of these obstacles, sports betting companies continue to flourish through efficient business designs and aggressive marketing strategies, sports betting leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have considerably contributed to Nigeria’s $2 billion gaming empire through their extensive audience reach.

Constable Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession covers various roles in the video gaming and show business, including operating at among the United Kingdom’s largest gaming centres, The Palace Bingo Club, sports betting 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 grown into a leading e-commerce company in the sports betting and gaming sector, operating through online, mobile, and sports betting retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has actually considering that expanded its existence, attaining 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, he became the CEO of LiveScore Group, a fully incorporated ecosystem that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.

Given that taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The company’s worker headcount has increased by 29%, and sports betting annual earnings has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually moved LiveScore Group’s success and sports betting helped form 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 selected CEO of Betway in November 2017, sports betting having actually formerly acted as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually been in the online gaming market because 2000, holding different successful roles, consisting of General Manager of an information analytics team and Director sports betting of a digital marketing company.

Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The business’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 actually differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized services. Her knowledge covers the video gaming, property, sports betting and credit financing markets, where he has actually established himself as a strategic and functional leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Since June 2019, she has functioned as Managing Director and has actually overseen the company’s development and sports betting operations in Lagos, Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the creator sports betting of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a fully practical site, setting a benchmark 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 wagering business 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 business runs in more than 50 nations, consisting of Nigeria, where it is completely accredited.

Under Babalola’s management, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian market, offering a vast array of wagering alternatives and sports betting 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic organizations and federal governments to develop developmental policies focused on empowering youths. In 2015, sports betting 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 entertainment company has 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, creating over 100,000 jobs, the number of which is increasing every 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 developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has since turned into among the world’s biggest online gambling companies.

By 2016, Bet365 created $2 billion in earnings and helped with $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has gathered significant 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 alongside entrepreneur 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 property management business that creates investment returns and provides special investment insights and solutions to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed item advancement and client experience, and Country Manager at 22BET, concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and sports betting Betty Bingo.

His career started at Jumia Group, where he operated in SEO, CRM, and sports betting content management. Fikayo also served as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting 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 sports betting platform that offers sports betting, gambling establishment video games, and sports betting live dealership games. It was introduced 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 business he established in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator sports betting known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable player in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active investor in fintech and sports betting mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments show his commitment to cultivating innovation and sports betting development within the area.

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

The firm is set to interfere with the sports wagering market.

Sunbet Sporting International Limited has said it is focused 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, sports betting according to reports from the African Sports Betting Association and PwC, sports betting the company aims to utilize advanced technology and a dedication to responsible gambling to revolutionise the sector.

Backed by the financial power of four popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent’s largest and most ingenious sports betting wagering platform.

At a press briefing, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and sports betting specialist group will enable it to scale and control the market quickly.

Islamic cops raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering stores, which they say are operating unlawfully.

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

Grievances from neighborhood leaders and parents triggered the crackdown, worried about the growing number of sports betting addicts, he stated.

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

However Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gaming, sports betting those flouting the rules would be detained.

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

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

Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Many have tv screens, and customers see the result of worldwide football matches or horse races on which they have staked money.

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

“They do not have licences to operate as they were allowed to run computer game centres, which they later on transformed to wagering shops,” he said.

The sports betting industry has actually expanded considerably throughout West Africa in recent years. The area is approximately divided between a mainly Muslim north and a primarily Christian south.

Lots of people go to bookmakers to delight in the friendship of other gamblers, though mobile apps are also popular for wagering on the result of occasions and groups.

Nigeria’s crippling economic crisis has also indicated people want to risk a percentage in the hope of winning huge.

However this had actually resulted in prevalent dependency, and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.

“These economic issues we are dealing with in Nigeria is God informing us to alter our methods 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 recommending those running those wagering stores to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment 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 consumption of alcohol were prohibited.