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

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

Gaming has evolved substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria’s sports betting sector has actually flourished, attracting millions, particularly amongst the vibrant group dealing with high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates a projected yearly profits of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory procedures like excise duties and 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. Issues such as inadequate age verification and marketing rule breaches show industry regulative spaces.

Despite these difficulties, sports betting business continue to flourish through effective organization models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have added to Nigeria’s robust $2 billion gambling sector, with CEOs playing important functions in broadening audience reach and sports betting driving market development. Here are the CEOs of leading sports betting wagering business who have actually considerably added to Nigeria’s $2 billion sports betting empire through their comprehensive 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 gaming and show business, consisting of working at among 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, founded in August 2011, has grown into a leading e-commerce organization in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually since broadened its presence, 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, a fully integrated ecosystem that combines relevant sports betting content, engaging features, and a first-rate sportsbook.

Because taking the helm prior sports betting to the pandemic, Sam has driven significant development for sports betting LiveScore Group. The company’s staff member headcount has actually increased by 29%, and annual profits has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and assisted shape 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 appointed CEO of Betway in November 2017, having actually formerly functioned as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has remained in the online video gaming industry given that 2000, holding various effective roles, including General Manager of a data analytics group and Director sports betting of a digital marketing firm.

Under Werkman’s management, Betway has actually continued to grow its market presence and boost its offerings. The business’s app has actually garnered 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 gaming, property, and credit financing industries, where he has developed himself as a tactical and sports betting operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has actually supervised the company’s growth and sports betting operations in Lagos, Nigeria.

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

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

Akin Alabi, the founder of NairaBET.com, sports betting 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 very first to release a completely functional site, setting a standard 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a large range of sports betting alternatives and an user-friendly platform. The 1XBET app has over 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 collaborated 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, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and sports betting home entertainment company has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing each year. In the 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 investor, sports betting and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online wagering website and sports betting has actually considering that become among the world’s largest online sports betting companies.

By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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 business owner Kunle Soname, who likewise 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 generates financial investment returns and uses special investment insights and services to both specific and sports betting institutional customers.

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 management, sports betting Bet9ja has ended up being a substantial gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually added to the business’s development through collaborations, business strategy, and brand-new organization development.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer experience, and Country Manager at 22BET, focusing on marketing strategy 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 career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise functioned 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 provides sports betting, gambling establishment games, sports betting and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company registered 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 developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for sports betting delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has become a considerable player in the market, 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 web community. His financial investments reflect his dedication to fostering development and advancement within the area.

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has said it is focused on changing how countless 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, sports betting the firm intends to utilize cutting-edge technology and a commitment to responsible gaming to revolutionise the sector.

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

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

Islamic authorities raid betting shops in northern Nigeria

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

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

Grievances from neighborhood leaders and sports betting moms and dads prompted the crackdown, fretted about the growing variety of sports betting addicts, he said.

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

However Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

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

Bookies 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.

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

sports betting wagering stores can be found all over the city. Many have tv screens, and clients see the outcome of worldwide football matches or horse races on which they have staked cash.

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

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

The sports betting wagering industry has broadened considerably across West Africa in recent years. The region is approximately divided in between a mainly Muslim north and a primarily Christian south.

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

Nigeria’s debilitating recession has also indicated individuals want to run the risk of a small amount in the hope of winning big.

However this had led to extensive addiction, and sports betting parents were even complaining that children were leaving of school to gamble, Mr Aminudeen stated.

“These financial issues we are dealing with in Nigeria is God informing us to alter our ways 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 wagering 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 – typically, such infringements bring a fine.

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