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Betting Industry Shake-up: Innovation Meets Regulation in Nigeria’s Betting Space

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

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

Slowly, sports betting with increased web access came virtual sports betting, which parallels international 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.

Regardless of financial obstacles such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, specifically amongst the youthful market dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates a projected yearly earnings of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulative steps like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of challenges in enforcement. Issues such as inadequate age verification and advertising rule breaches reveal market regulative gaps.

In spite of these obstacles, sports betting wagering business continue to prosper through effective company designs and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually added 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 business who have actually significantly contributed to Nigeria’s $2 billion gambling empire through their extensive audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans various 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 worked 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, sports betting Wales. Surebet247, sports betting founded in August 2011, has turned into a leading e-commerce service in the wagering and gaming sector, operating through online, mobile, and sports betting retail channels. The company was included in Nigeria on November 7, 2006, and has because 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 sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated community that integrates appropriate sports betting material, engaging features, and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has driven significant growth for LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly revenue has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has actually achieved significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman – CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having formerly worked as the company’s Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has been in the online gaming market given that 2000, holding numerous effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and boost its offerings. The business’s app has gathered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her know-how covers the gaming, realty, and credit loaning markets, where he has developed himself as a strategic and sports betting functional leader.

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

Before this, sports betting she was the Officer from 2010 to June 2019, critical in the company’s operational strategies and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit company 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, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the very first to launch a totally functional website, setting a benchmark in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has developed itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, sports betting where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering a wide range of sports betting 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 sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic institutions and governments to create 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 launched 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 wagering and entertainment business has actually rapidly grown its presence in Nigeria, sports betting 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, producing over 100,000 jobs, the variety of which is increasing yearly. 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, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has since become among the world’s largest online sports betting companies.

By 2016, Bet365 created $2 billion in incomes and helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered substantial user engagement, sports betting 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 business in Nigeria, developed alongside businessman 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 produces financial investment returns and offers distinct financial investment insights and solutions to both individual and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has become a substantial gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has 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 development through partnerships, organization strategy, and new business advancement.

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

His career began at Jumia Group, where he operated in SEO, CRM, sports betting 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 gambling platform that uses sports betting wagering, sports betting casino games, and live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting 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 a worldwide sports betting wagering and real-money gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has actually ended up being a significant player 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 environment. His financial investments reflect his dedication to cultivating development and advancement within the region.

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

The firm is set to interrupt the sports betting market.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of cutting-edge innovation and sports betting a dedication to responsible gambling to change the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, sports betting intends to be the continent’s biggest and most ingenious sports betting wagering platform.

At a press briefing, the company’s representative, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and professional team will allow it to scale and dominate the marketplace quickly.

Islamic cops raid wagering shops in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have actually started shutting down sports betting shops, which they state are operating illegally.

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

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

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

However Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be arrested.

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

Bookmakers and bars tend to be enabled 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 areas of Kano, a vast city and the economic hub of northern Nigeria.

Sports betting stores can be discovered all over the city. Many have television screens, and customers view the result of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies had had the ability to run under the radar as they had 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 sports betting shops,” he said.

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

Many people go to bookies to delight in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and groups.

Nigeria’s crippling recession has likewise meant people are willing to run the risk of a percentage in the hope of winning big.

However this had actually caused extensive dependency, and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen said.

“These economic concerns we are dealing with in Nigeria is God informing us to alter 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 stores to either shut down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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