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Betting Industry Shake-up: Disruption Meets Control in Nigeria’s Gaming Space

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

Gaming has progressed significantly in Nigeria from standard forms like pool staking and sports betting Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, sports betting swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low 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 projected to nearly double to $182.02 billion by 2030.

Despite economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually flourished, attracting millions, especially amongst the youthful market facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an estimated yearly income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative measures like import tax responsibilities and sports betting VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of obstacles in enforcement. Concerns such as insufficient age confirmation and marketing rule breaches show market regulatory spaces.

Despite these challenges, sports betting business continue to prosper through effective service designs and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have actually considerably contributed to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various roles in the video gaming and entertainment industry, consisting of 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 sports betting 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 business in the wagering and gaming sector, sports betting operating through online, sports betting mobile, and retail channels. The business was included in Nigeria on November 7, 2006, sports betting and has since broadened its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a completely integrated ecosystem that integrates relevant sports betting content, engaging functions, and a first-rate sportsbook.

Given that taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual income has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and helped shape the market’s direction. LiveScoreBet has 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 actually formerly worked as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market because 2000, holding various successful functions, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market existence and enhance its offerings. The business’s app has actually 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 changing start-ups into institutionalized companies. Her know-how spans the gaming, real estate, and credit loaning industries, where he has established himself as a strategic and operational leader.

Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has actually served as Managing Director and has actually overseen the business’s growth and operations in Lagos, sports betting Nigeria.

Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s functional techniques and sports betting market growth.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers 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, Nigeria’s pioneering sports betting bookmaking business, sports betting established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the first to launch a fully functional site, 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, sports betting including Nigeria, where it is completely certified.

Under Babalola’s management, 1XBET Nigeria has expanded 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 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 actually teamed up with African socio-economic organizations and sports betting federal governments to develop developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, established and introduced 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 and entertainment business has actually quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing yearly. In the 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 investor, and sports betting joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has considering that turned into one of the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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 business in Nigeria, established alongside 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 possession management company that generates investment returns and offers special investment insights and solutions to both private and sports betting institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually 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 industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this role, he has added to the business’s growth through partnerships, service technique, and new business advancement.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, CRM, and sports betting content management. Fikayo also served 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 sports betting a Master of Science (MS) in Business Administration, Management, and sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that offers sports betting wagering, casino games, sports betting and live dealership games. It was launched in 2017 and is owned and operated 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, sports betting a company he developed in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually become a considerable gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His financial investments reflect his dedication to promoting innovation and development within the region.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of innovative innovation and a dedication to responsible gambling to revolutionise the sector.

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

At a press briefing, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust sponsorship and sports betting specialist team will allow it to scale and sports betting control the market rapidly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started shutting down sports betting wagering shops, which they say are running illegally.

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

Complaints from community leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he stated.

On the first day of raids, 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 cautioned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.

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

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

Nevertheless, sports betting the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering shops can be found all over the city. The majority of have television screens, and consumers enjoy the of global football matches or horse races on which they have actually staked cash.

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

“They do not have licences to run as they were allowed to run video games centres, which they later on converted to sports betting stores,” he stated.

The sports betting industry has actually expanded significantly throughout West Africa in the last few years. The region is approximately divided between a mainly Muslim north and sports betting a predominantly Christian south.

Many individuals go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and groups.

Nigeria’s debilitating recession has likewise indicated individuals are willing to risk a small amount in the hope of winning big.

But this had actually resulted in prevalent dependency, and parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

“These financial problems 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, thought about 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 stated.

It is uncertain what penalty they would face – frequently, such infringements carry a fine.

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