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Disruption Amid Crackdown: Inside Nigeria’s Dynamic Sports Betting Landscape

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

Gambling has actually evolved significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting wagering 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.

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

Despite financial challenges such as inflation, wagering sector has grown, bring in millions, especially amongst the vibrant demographic facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates a projected yearly earnings of N730 billion. The federal government has actually not gone undetected by this development, sports betting which is thinking about regulative steps like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of difficulties in enforcement. Concerns such as inadequate age verification and sports betting marketing rule breaches show industry regulatory spaces.

Despite these obstacles, sports betting companies continue to flourish through reliable service models and aggressive marketing methods, leveraging the developer influencer market.

These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have actually significantly contributed to Nigeria’s $2 billion gambling empire through their substantial 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 diverse career covers various functions in the video gaming and sports betting show business, including working at among 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, sports betting has become a leading e-commerce company 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 since expanded its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated environment that combines appropriate sports betting content, engaging features, and a world-class sportsbook.

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

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and helped shape the industry’s instructions. 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 appointed CEO of Betway in November 2017, having previously worked as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has been in the online gaming market considering that 2000, holding different successful roles, consisting of General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market existence and boost its offerings. The business’s app has amassed considerable user engagement, 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 expertise spans the video gaming, sports betting property, and credit financing industries, where he has actually developed himself as a tactical and operational leader.

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

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

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

Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce a completely functional website, 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering choices 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic organizations and federal governments to design developmental policies targeted 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 sports betting 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 wagering and home entertainment business has actually quickly grown its presence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing every year. In the same year, MultiChoice broadcaster bought 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 founder, majority investor, 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 since turned into among the world’s biggest online gambling companies.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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 company in Nigeria, developed alongside business person Kunle Soname, who likewise 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 produces investment returns and uses distinct investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has contributed to the company’s development through collaborations, business strategy, and new service development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, sports betting focusing on marketing strategy and budget 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, CRM, and content management. Fikayo likewise acted 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, casino video games, and live dealership video games. It was released 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 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 business he established in 2013.

SportyBet is an international sports betting and real-money gaming operator sports betting known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, sports betting 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, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His financial investments reflect his commitment to cultivating development and advancement within the region.

On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, participating 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 changing how countless Africans engage with sports betting. In a market 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 firm aims to leverage cutting-edge innovation and a dedication to accountable gaming to change the sector.

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

At a press instruction, the business’s representative, Akin Babatunde, stated 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 firm’s robust sponsorship and professional group will enable it to scale and dominate the marketplace quickly.

Islamic authorities raid betting shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started closing down sports betting shops, which they say are operating unlawfully.

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

Problems from community leaders and moms and dads triggered the crackdown, sports betting stressed over the growing variety of sports betting addicts, he said.

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

However Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gaming, 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.

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

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

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

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

“They do not have licences to run as they were permitted to run computer game centres, which they later converted to sports betting stores,” he said.

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

Lots of people go to bookies to delight in the friendship of other bettors, though mobile apps are also popular for wagering on the outcome of occasions and sports betting teams.

Nigeria’s crippling recession has actually likewise suggested individuals want to risk a percentage in the hope of winning huge.

But this had resulted in prevalent addiction, and sports betting moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.

“These economic issues we are facing in Nigeria is God telling us to alter our ways 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 advising those running those wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is unclear what punishment they would deal with – typically, such violations bring a fine.

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