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Northern Raids, Southern Disruption: Nigeria’s Sports Betting Industry in Transformation

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

sports betting has evolved considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor sports betting parks and kiosks, where lovers would bet as little as N50-N200 on matches.

Slowly, with increased web access came virtual sports betting, which parallels worldwide trends. 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 difficulties such as inflation, Nigeria’s sports betting wagering sector has thrived, bring in millions, particularly amongst the vibrant demographic facing high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that produces an estimated annual earnings of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulatory 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 make sure reasonable operations despite obstacles in enforcement. Concerns such as insufficient age confirmation and marketing guideline breaches show industry regulatory gaps.

In spite of these challenges, sports betting wagering business continue to thrive through reliable organization models and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually considerably added 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 business he co-founded with Badmos Olasupo in 2011. His diverse career spans different functions in the gaming and entertainment industry, including working at among the United Kingdom’s biggest 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, sports betting Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually since expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated ecosystem that integrates relevant sports betting material, engaging functions, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and yearly income has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and sports betting tactical vision have moved LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has attained major user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was designated 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 sports betting has actually remained in the online video gaming industry considering that 2000, holding numerous effective roles, including General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s management, Betway has continued to grow its market existence and boost its offerings. The business’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 actually distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized services. Her know-how spans the gaming, sports betting realty, and credit loaning markets, where he has actually established himself as a tactical and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has acted as Managing Director and sports betting has managed 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 business’s operational strategies and market expansion.

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

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

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the of 1XBET Nigeria Limited, sports betting a franchise of the worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is totally accredited.

Under Babalola’s leadership, sports betting 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a large range of sports betting 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic organizations and governments to design 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 released 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 and home entertainment business has actually rapidly grown its existence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing every year. In the very same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the creator, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has because turned into among the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in incomes and helped with $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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 business in Nigeria, sports betting established together 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 asset management business that produces investment returns and uses special investment insights and sports betting solutions to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually 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 specialist in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually added to the company’s development through collaborations, company technique, and new organization advancement.

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

His profession began 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 sports betting platform that uses sports betting, gambling establishment video games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of casinos worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, sports betting a business he established in 2013.

SportyBet is an international sports betting and real-money gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, sports betting SportyBet has 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 advocate for the growing African internet environment. His investments reflect his dedication to cultivating development and advancement within the region.

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

The firm is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize cutting-edge innovation and a commitment to responsible sports betting to change the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, sports betting specifically football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and sports betting specialist team will allow it to scale and dominate the market rapidly.

Islamic cops raid wagering shops in northern Nigeria

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

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

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

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

But Mr Aminudeen warned that now that the general 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 – together with nonreligious law.

Bookies and bars tend to be enabled to operate in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

However, sports betting the current crackdown is concentrated on Muslim locations of Kano, a vast city and the economic center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. The majority of have television screens, and customers enjoy the outcome of international football matches or horse races on which they have staked cash.

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

“They don’t have licences to operate as they were allowed to run video games centres, which they later on transformed to sports betting shops,” he said.

The sports betting wagering market has actually expanded dramatically across West Africa in the last few years. The area is approximately divided between a primarily Muslim north and a predominantly Christian south.

Many individuals go to bookies to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for wagering on the result of events and groups.

Nigeria’s crippling recession has also implied people are willing to risk a small amount in the hope of winning big.

However this had caused widespread dependency, sports betting and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen said.

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

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

“I am advising those running those sports betting shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – frequently, such violations bring 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 banned.