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Disruption Amid Crackdown: Inside Nigeria’s Turbulent Sports Betting Industry

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

Gambling has progressed substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and sports betting kiosks, sports betting where enthusiasts would bet just N50-N200 on matches.

Gradually, with increased internet access came virtual wagering, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.

Despite financial difficulties such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, particularly amongst the younger group dealing with high unemployment rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an estimated annual revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory steps like excise responsibilities and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Concerns such as inadequate age verification and marketing guideline breaches show industry regulative spaces.

Despite these challenges, sports betting wagering business continue to grow through effective company models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually substantially added to Nigeria’s $2 billion gaming 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 varied profession covers numerous functions in the video gaming and show business, consisting of working at one of the United Kingdom’s largest 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, Wales. Surebet247, founded in August 2011, has become a leading e-commerce business in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually since expanded its existence, sports betting 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated community that combines pertinent sports betting material, engaging features, and a world-class sportsbook.

Considering that taking the helm right before the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s staff member headcount has increased by 29%, and annual profits has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually moved LiveScore Group’s success and helped shape the industry’s direction. LiveScoreBet has actually achieved major 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 formerly acted as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry considering that 2000, holding numerous successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and enhance its offerings. The business’s app has garnered 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 performance history of changing start-ups into institutionalized organizations. Her expertise covers the video gaming, realty, and credit lending industries, where he has actually established himself as a tactical and functional leader.

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

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

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to introduce a completely practical site, setting a criteria 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 wagering 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 countries, including Nigeria, where it is fully certified.

Under Babalola’s leadership, sports betting 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a large range of wagering choices and 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 teamed up with African socio-economic organizations and governments to design 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, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually quickly grown its existence in Nigeria, with outlets in significant 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 number of which is increasing each year. In the exact 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 creator, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually because grown into one of the world’s largest online gambling business.

By 2016, Bet365 created $2 billion in earnings and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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, sports betting a leading sports betting business in Nigeria, established alongside businessman Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Management, an independent Nigerian possession management company that generates financial investment returns and provides special financial investment insights and sports betting options to both specific 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 actually ended up being a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the business’s development through collaborations, organization technique, sports betting and brand-new service development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer 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 various digital marketing roles at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also functioned 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 sports betting platform that uses sports betting, sports betting casino video games, and live dealer video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, sports betting SportyBet has actually ended up being a considerable gamer 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 in fintech and mobile payments and a strong supporter for the growing African web community. His investments show his dedication to fostering development and development within the area.

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

The firm is set to interfere with the sports betting market.

Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In a over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of advanced technology and a commitment to accountable gaming to change the sector.

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

At a press rundown, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, sports betting mobile use, and the continent’s deep enthusiasm for sports betting, especially football, has set the stage for sports betting Sunbet’s ambitious entry. He included that the firm’s robust financial backing and professional group will enable it to scale and dominate the marketplace rapidly.

Islamic authorities raid betting stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have begun shutting down sports betting shops, which they state are running unlawfully.

“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 prompted the crackdown, fretted about the growing number of gambling addicts, sports betting 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 stated.

However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be detained.

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.

Bookies and bars tend to be enabled to run in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

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

Sports betting shops can be discovered all over the city. Many have tv screens, and consumers see the result of international football matches or sports betting horse races on which they have staked money.

Mr Aminudeen said such bookies had had the ability to operate under the radar as they had actually opened under false pretenses.

“They do not have licences to operate 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 broadened significantly throughout West Africa in the last few years. The area 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 events and groups.

Nigeria’s debilitating economic crisis has likewise suggested people want to run the risk of a percentage in the hope of winning big.

But this had actually caused prevalent dependency, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.

“These financial issues we are facing in Nigeria is God telling us to alter our methods by stopping sins,” he said.

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 recommending those running those wagering stores to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – often, such violations bring a fine.

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