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Betting Industry Revolution: Innovation Meets Regulation in Nigeria’s Betting Sector

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

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

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

In spite of financial challenges such as inflation, Nigeria’s sports betting sector has actually flourished, drawing in millions, specifically among the younger group dealing with high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates an estimated yearly income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative measures like excise responsibilities 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 challenges in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal industry regulative gaps.

In spite of these obstacles, sports betting companies continue to prosper through reliable service models and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have added to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have actually significantly contributed to Nigeria’s $2 billion gambling empire through their substantial audience reach.

Sheriff Olaniyan – CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers different functions in the video gaming and show business, consisting of working at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he functioned 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 company in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually since expanded 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 names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated community that combines relevant sports betting material, engaging functions, and a world-class sportsbook.

Since taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The business’s employee headcount has actually increased by 29%, and yearly profits has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually accomplished 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 formerly functioned as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming industry considering that 2000, holding numerous successful roles, including General Manager of a data analytics team and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market presence and enhance its offerings. The company’s app has garnered 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 track record of transforming start-ups into institutionalized organizations. Her know-how spans the gaming, real estate, and credit financing industries, where he has actually established himself as a strategic and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company’s operational methods and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN supplies frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a completely functional site, 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 international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting alternatives 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 endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and federal governments to create developmental policies aimed at empowering young people. 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 brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing every year. In the very 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 founder, bulk 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 actually considering that turned into among the world’s largest online sports betting business.

By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in yearly bets. The company also holds a bulk 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 wagering business in Nigeria, developed along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that produces financial investment returns and offers special financial investment insights and services to both specific and institutional customers.

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 management, Bet9ja has actually become a substantial player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the company’s growth through collaborations, organization strategy, and brand-new business development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise served 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 gambling platform that offers sports betting, gambling establishment video games, and live dealer games. It was introduced in 2017 and is owned and run 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 an international sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has actually become a substantial player in the industry, 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 environment. His investments show his commitment to cultivating development and advancement within the region.

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

The company is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In an industry 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 aims to utilize innovative technology and a dedication to accountable gaming to change the sector.

Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting platform.

At a press instruction, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust sponsorship and professional team will enable it to scale and control the market quickly.

Islamic authorities raid wagering stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun closing down sports betting wagering stores, which they state are operating illegally.

“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.

Problems from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of sports betting addicts, he said.

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

But Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system – Sharia – together with secular law.

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

However, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.

Sports betting stores can be found all over the city. Many have television screens, and customers view the outcome of worldwide football matches or horse races on which they have actually staked cash.

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

“They do not have licences to operate as they were permitted to run video games centres, which they later on transformed to wagering stores,” he said.

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

Many individuals go to bookmakers to delight in the friendship of other bettors, though mobile apps are likewise popular for wagering on the result of occasions and groups.

Nigeria’s debilitating recession has actually also indicated people are willing to risk a small amount in the hope of winning huge.

But this had actually caused widespread addiction, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.

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

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 encouraging those running those wagering shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would face – typically, such infringements carry a fine.

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