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

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

Gaming has actually progressed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected 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.

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

In spite of financial challenges such as inflation, Nigeria’s sports betting sector has actually grown, bring in millions, specifically amongst the vibrant market dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates an estimated annual earnings of N730 billion. The federal government has not gone unnoticed by this growth, sports betting which is thinking about regulative steps like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of difficulties in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches show industry regulative gaps.

In spite of these difficulties, sports betting wagering business continue to prosper through effective company models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing essential roles in expanding audience reach and driving industry 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.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career covers different functions in the video gaming and show business, including operating at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and sports betting 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, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, sports betting 2006, and has actually considering that broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that integrates appropriate sports betting content, sports betting engaging features, and a first-rate sportsbook.

Considering that taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The company’s worker headcount has increased by 29%, sports betting and yearly income has surged from ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually propelled LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has actually achieved 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 previously served as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has been in the online gaming industry since 2000, holding various successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, sports betting Betway has continued to grow its market existence and improve its offerings. The business’s app has amassed significant 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 sports betting executive with a performance history of transforming start-ups into institutionalized services. Her proficiency covers the gaming, real estate, and credit loaning markets, where he has actually developed himself as a strategic and functional leader.

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

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer instructional 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 the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a completely practical site, setting a standard in the industry.

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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the biggest bookmakers in Europe and the world. The business runs 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 market, offering a large range of wagering options and an easy to use platform. The 1XBET app has over 500,000 downloads on the Play Store.

Gossy Ukanwoke – CEO of Betking Nigeria

Gossy Ukanwoke is the CEO of BetKing, Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic organizations and governments to develop developmental policies aimed 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, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually 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 annually. 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, 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 because become among the world’s largest online sports betting companies.

By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 wagering company in Nigeria, established along with business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that creates investment returns and offers distinct financial investment insights and options to both individual and institutional customers.

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 become a substantial player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has added to the company’s growth through collaborations, business strategy, and new organization development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, and Country Manager at 22BET, concentrating on marketing technique and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.

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

He holds a Bachelor of Technology (B.Tech.) in Management and sports betting 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 live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are also 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 worldwide sports betting and sports betting real-money gaming operator sports betting known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has become a significant gamer in the market, 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 investments reflect his dedication to cultivating development and advancement within the area.

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

The firm is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of cutting-edge technology and a commitment to accountable sports betting to change the sector.

Backed by the financial power of 4 prominent African billionaires, sports betting Sunbet, which will release in the first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting wagering platform.

At a press rundown, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, sports betting and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will enable it to scale and control the market rapidly.

Islamic police raid wagering stores in northern Nigeria

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

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

Complaints from community leaders and sports betting moms and dads triggered the crackdown, worried about the growing variety of gambling addicts, sports betting he stated.

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

But Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be arrested.

Kano city is the capital of Kano state, sports betting which has a majority Muslim population and runs the Islamic legal system – Sharia – alongside nonreligious law.

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

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

sports betting wagering stores can be discovered all over the city. Most have television screens, and customers see the result of international football matches or horse races on which they have staked cash.

Mr Aminudeen said such bookmakers had actually been able to run under the radar as they had opened under false pretenses.

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

The sports betting market has actually broadened drastically throughout West Africa over the last few years. The area is roughly divided between a generally Muslim north and a mainly Christian south.

Lots of people go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of events and groups.

Nigeria’s debilitating recession has likewise meant people want to run the risk of a small amount in the hope of winning huge.

But this had actually led to widespread addiction, sports betting and moms and dads were even grumbling that children were dropping out of school to bet, sports betting Mr Aminudeen stated.

“These financial concerns we are dealing with in Nigeria is God telling us to change our methods by stopping sins,” he said.

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 closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what penalty they would face – frequently, such infringements carry a fine.

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