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

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

Gaming has progressed substantially in Nigeria from conventional forms like pool staking and Baba Ijebu to a successful sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has grown, bring in millions, specifically among the vibrant group facing high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates an approximated annual income of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory measures like excise duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite obstacles in enforcement. Issues such as insufficient age verification and advertising rule breaches reveal market regulative gaps.

In spite of these difficulties, sports betting wagering business continue to prosper through efficient organization models and sports betting aggressive marketing techniques, leveraging the developer influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing crucial roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have actually substantially contributed to Nigeria’s $2 billion gaming empire through their substantial audience reach.

Constable Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans various functions in the video gaming and entertainment industry, consisting of working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce service in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that broadened its existence, sports betting achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a fully integrated environment that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.

Considering that taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and yearly earnings has actually surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually propelled LiveScore Group’s success and helped form the market’s instructions. LiveScoreBet has attained significant user engagement, sports betting 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 served as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding different successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her know-how covers the gaming, real estate, sports betting and credit financing markets, where he has developed himself as a tactical and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Given that June 2019, she has worked as Managing Director sports betting and has overseen the business’s development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational strategies and market growth.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. 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 creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a completely functional site, sports betting 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 global 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 runs in more than 50 nations, including Nigeria, where it is totally certified.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide range of wagering alternatives 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, sports betting Managing Director of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic organizations and 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, sports betting founded 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 quickly grown its presence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing each year. In the exact same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the creator, bulk investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was released in 2001 as an online wagering site and has given that turned into one of the world’s biggest online gambling business.

By 2016, Bet365 generated $2 billion in profits and helped with $45 billion in yearly bets. The business 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, developed along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that generates investment returns and uses special financial investment insights and sports betting options to both individual and 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 become a substantial gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned 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 function, he has contributed to the company’s development through collaborations, business method, and new organization development.

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled item development and consumer experience, and sports betting Country Manager at 22BET, concentrating on marketing method 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 career began at Jumia Group, where he worked in SEO, sports betting 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, gambling establishment video games, and games. It was launched 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 also 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 and real-money video gaming operator sports betting known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, sports betting SportyBet has become a substantial gamer in the market, sports betting with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web community. His investments show his dedication to fostering innovation and sports betting advancement within the region.

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

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

Sunbet Sporting International Limited has said 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 intends to take advantage of cutting-edge innovation and a dedication to responsible gambling to revolutionise the sector.

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

At a press rundown, the business’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent’s deep passion 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 specialist group will allow it to scale and control the market rapidly.

Islamic cops raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started closing down sports betting wagering stores, which they say are running unlawfully.

“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, known as the Hisbah, told the BBC.

Complaints from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of sports betting addicts, he stated.

On the very first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, 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 jailed.

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

Bookmakers and bars tend to be allowed to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

However, the current crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

Sports betting shops can be discovered all over the city. The majority of have television screens, and customers view the result of worldwide 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 permitted to run video games centres, which they later transformed to sports betting stores,” he said.

The sports betting market has actually broadened considerably across West Africa in recent years. The region is roughly divided between a mainly Muslim north and a mainly Christian south.

Many individuals go to bookies 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 economic crisis has also meant people want to run the risk of a small amount in the hope of winning huge.

However this had actually caused prevalent dependency, sports betting and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen said.

“These financial concerns we are facing in Nigeria is God informing us to change our ways by stopping sins,” he said.

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 wagering shops to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would deal with – typically, such infringements carry a fine.

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