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North Raids, Southern Disruption: Nigeria’s Sports Betting Industry in Transformation
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting industry.
sports betting has developed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Gradually, sports betting with increased web gain access to came virtual wagering, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Regardless of financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually thrived, bring in millions, particularly amongst the younger demographic dealing with high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces an estimated annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory measures like excise responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite difficulties in enforcement. Problems such as insufficient age verification and marketing rule breaches show market regulative spaces.
Despite these challenges, sports betting business continue to prosper through efficient company designs and aggressive marketing strategies, the developer influencer market.
These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, sports betting with CEOs playing essential roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have actually considerably contributed to Nigeria’s $2 billion gaming empire through their comprehensive audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers various roles in the gaming and entertainment industry, including working at among the United Kingdom’s largest 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 sports betting 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 organization in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 2006, and has because 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 sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a completely integrated community that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The business’s staff member headcount has actually increased by 29%, and annual revenue has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has 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, sports betting having previously functioned as the company’s Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry since 2000, holding different successful roles, sports betting including General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has actually amassed significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually identified herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her know-how covers the gaming, real estate, and credit lending industries, where he has developed himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, she has functioned as Managing Director and has overseen the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s functional techniques and market growth.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer academic 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 company, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a fully practical website, setting a standard 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is completely certified.
Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a large range of wagering options 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic institutions and federal governments to develop 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, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting entertainment business has rapidly grown its presence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing each year. In the exact same year, sports betting 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 creator, bulk shareholder, sports betting and sports betting joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually considering that turned into among the world’s largest online gambling companies.
By 2016, sports betting Bet365 created $2 billion in incomes and facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has gathered 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 business in Nigeria, developed together with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that produces financial investment returns and sports betting provides special financial investment insights and options to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has become a considerable player in the Nigerian sports betting market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the company’s development through partnerships, service technique, and sports betting brand-new business advancement.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, sports betting focusing on marketing technique 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 started at Jumia Group, where he operated in SEO, CRM, sports betting 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 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 gaming platform that uses sports betting wagering, casino games, and live dealer video games. It was launched 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 video gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has ended up being 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 sports betting in fintech and mobile payments and a strong supporter for sports betting the growing African internet ecosystem. His financial investments reflect his dedication to cultivating innovation and advancement within the region.
On April 30, 2024, sports betting Sudeep Ramnani bought Chowdeck, taking part 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 concentrated on changing how millions of Africans engage with sports betting. In an industry 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 company intends to leverage advanced innovation and a commitment to accountable sports betting to change the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.
At a press rundown, the company’s spokesperson, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and specialist team will enable it to scale and control the marketplace rapidly.
Islamic cops raid betting shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have started closing down sports betting wagering shops, which they state are running illegally.
“As you know, wagering 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, fretted about the growing variety of gambling addicts, he stated.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system – Sharia – together with nonreligious law.
Bookmakers and bars tend to be permitted 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 financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. Most have tv screens, and consumers watch the result of worldwide 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 actually opened under false pretences.
“They don’t have licences to run as they were allowed to run video games centres, which they later on transformed to wagering shops,” he stated.
The sports betting market has broadened considerably throughout West Africa in the last few years. The area is roughly divided between a mainly Muslim north and a mainly Christian south.
Many people go to bookmakers to enjoy the camaraderie of other bettors, sports betting though mobile apps are also popular for wagering on the result of events and teams.
Nigeria’s debilitating recession has actually also indicated people are willing to risk a percentage in the hope of winning big.
But this had actually resulted in prevalent dependency, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.
“These financial concerns we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he stated.
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 shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.
It is uncertain what penalty they would deal with – 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, gaming and the intake of alcohol were banned.