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Innovation Amid Raids: Inside Nigeria’s Turbulent Sports Betting Landscape

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

Gambling has evolved significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, sports betting pool staking was a typical sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

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

In spite of economic challenges such as inflation, Nigeria’s sports betting sector has thrived, bring in millions, especially amongst the vibrant market dealing with high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an estimated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative procedures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable 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 business continue to flourish through reliable service models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually significantly 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 business he co-founded with Badmos Olasupo in 2011. His varied profession covers various functions in the gaming and entertainment industry, including working at among the United Kingdom’s largest gaming centres, sports betting The Palace Bingo Club, where he functioned as the Lead Engineer in a Bingo and sports betting 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, sports betting has become a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually because broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that integrates appropriate sports betting material, sports betting engaging functions, and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The company’s employee headcount has increased by 29%, and yearly income has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have actually propelled LiveScore Group’s success and assisted form the industry’s direction. LiveScoreBet has attained major 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 actually formerly worked as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually been in the online video gaming industry considering that 2000, holding different effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman’s management, Betway has continued to grow its market existence and boost its offerings. The company’s app has actually amassed substantial user engagement, sports betting 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 sports betting executive with a track record of changing start-ups into institutionalized businesses. Her proficiency covers the gaming, property, and credit lending industries, where he has actually established himself as a strategic and sports betting operational leader.

Damilare has actually contributed in NairaBET’s success for sports betting over 14 years. Considering that June 2019, she has actually acted as Managing Director and has actually managed the business’s development and operations in Lagos, Nigeria.

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

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

Akin Alabi, sports betting the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a totally practical site, setting a standard 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 international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully accredited.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of sports betting choices and an easy to use 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 collaborated with African socio-economic organizations and 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 wagering and home entertainment business has rapidly grown its existence in Nigeria, with outlets in major cities and sports betting 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 tasks, the variety of which is increasing yearly. In the exact same year, sports betting 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 founder, bulk investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually because grown into among the world’s largest online gaming companies.

By 2016, Bet365 created $2 billion in profits and helped with $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has gathered 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, established alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian asset management business that generates financial investment returns and uses unique investment insights and services to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, sports betting Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and client experience, and Country Manager at 22BET, focusing on marketing technique 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 profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also acted 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting wagering, gambling establishment games, and sports betting live dealer video games. It was released in 2017 and is owned and sports betting run by Marikit Holdings Ltd, a business signed up 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 established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a significant 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 supporter for the growing African internet ecosystem. His investments reflect his commitment to cultivating innovation and advancement within the area.

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

The company is set to interfere with the sports betting industry.

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 annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of cutting-edge technology and a commitment to responsible gambling to change the sector.

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

At a press rundown, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship 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 actually started shutting down sports betting wagering shops, which they say are running illegally.

«As you understand, sports betting is prohibited in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.

Complaints from neighborhood leaders and parents prompted the crackdown, sports betting worried about the growing number of sports betting addicts, he said.

On the first day of raids, sports betting 30 stores were closed in one residential area alone, and their owners were sent out home with a caution, sports betting the Sharia officer stated.

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

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

Bookies and bars tend to be permitted to run in Kano’s Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

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

Sports betting stores can be found all over the city. A lot of have tv screens, and customers enjoy the outcome of international football matches or horse races on which they have actually staked cash.

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

«They do not have licences to operate as they were permitted to run video games centres, which they later on transformed to sports betting stores,» he stated.

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

Many people go to bookies to delight in the sociability of other bettors, though are likewise popular for sports betting on the outcome of occasions and teams.

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

But this had led to widespread dependency, sports betting and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

«These financial concerns we are facing in Nigeria is God informing us to change our ways by stopping sins,» he stated.

The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.

«I am encouraging 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 uncertain what penalty they would face – often, such infringements bring a fine.

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