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Market Disruption Meets Moral Policing: Nigeria’s Sports Betting Sector at a Turning Point

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

sports betting has actually progressed significantly in Nigeria from standard forms like pool staking and sports betting Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Slowly, with increased internet gain access to came virtual wagering, which parallels international patterns. The sports betting 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 wagering sector sports betting has actually thrived, drawing in millions, especially among the younger group facing high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces an approximated yearly earnings of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulative steps like excise responsibilities and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of challenges in enforcement. Concerns such as inadequate age confirmation and marketing rule breaches reveal market regulatory gaps.

Despite these difficulties, sports betting wagering business continue to grow through effective organization designs and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing important functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually significantly added to Nigeria’s $2 billion gaming empire through their comprehensive 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 career covers different functions in the gaming and entertainment industry, consisting of working at one of the United Kingdom’s biggest video 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, sports betting founded in August 2011, has turned into a leading e-commerce business in the sports betting and sports betting gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has considering that expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated community that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.

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

Sam’s management and tactical vision have moved LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually attained 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, having formerly functioned as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and sports betting has actually remained in the online gaming market because 2000, holding various successful roles, consisting of General Manager of a data analytics group and Director sports betting of a digital marketing agency.

Under Werkman’s management, Betway has actually continued to grow its market presence and enhance 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 differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her proficiency covers the gaming, property, and sports betting credit loaning markets, where he has developed himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, sports betting she has worked as Managing Director sports betting and has supervised the company’s development and operations in Lagos, sports betting Nigeria.

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

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. 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, sports betting the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed 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 completely certified.

Under Babalola’s leadership, 1XBET Nigeria has actually 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and governments to create developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, sports betting founded and launched 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 quickly 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 every year. 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually because turned into among the world’s biggest online sports betting business.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has gathered substantial 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, developed together with business person 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 possession management business that creates financial investment returns and offers unique investment insights and options to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a substantial player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has actually been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the business’s growth through partnerships, service technique, and brand-new service development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer experience, sports betting and Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, sports betting 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 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 provides sports betting, sports betting casino games, sports betting and live dealership video games. It was introduced in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, a business registered 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, 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 controlled 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 investor in fintech and mobile payments and a strong advocate for the growing African web environment. His investments reflect his dedication to fostering innovation and development within the region.

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

The company is set to interrupt the sports wagering market.

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 yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize cutting-edge innovation and a commitment 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 innovative sports betting platform.

At a press instruction, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and professional team will allow it to scale and dominate the marketplace quickly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started shutting down sports betting stores, which they state are running illegally.

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

Grievances from community leaders and moms and dads prompted the crackdown, stressed over the growing number of gambling addicts, sports betting he said.

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

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

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

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

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

sports betting wagering shops can be discovered all over the city. The majority of have tv screens, and customers view the outcome of worldwide 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 do not have licences to run as they were allowed to run computer game centres, which they later converted to wagering stores,” he stated.

The sports betting wagering market has expanded significantly across West Africa in recent years. The region is approximately divided between a generally Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are also popular for sports betting on the result of occasions and groups.

Nigeria’s debilitating economic crisis has also suggested individuals want to risk a small amount in the hope of winning huge.

But this had caused prevalent dependency, sports betting and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen stated.

“These financial problems we are dealing with in Nigeria is God informing us to change our ways by stopping sins,” he said.

The raids on Tuesday focused on Munjibir, sports betting 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 detain them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what penalty they would deal with – frequently, such infringements carry a fine.

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