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Betting Industry Shake-up: Disruption Meets Regulation in Nigeria’s Betting Sector

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

sports betting has developed substantially 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 sports betting kiosks, sports betting where lovers would bet as little as N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has grown, attracting millions, sports betting specifically amongst the younger demographic dealing with high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates an approximated yearly revenue of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory measures like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Concerns such as insufficient age verification and advertising rule breaches show market regulatory gaps.

Regardless of these challenges, sports betting wagering companies continue to flourish through efficient service models and aggressive marketing strategies, sports betting leveraging the creator influencer industry.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing important roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have actually significantly added 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 covers various roles in the video gaming and show business, including operating at among the United Kingdom’s largest 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, Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce service in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, sports betting and has since expanded its existence, sports betting accomplishing 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 became the CEO of LiveScore Group, a fully incorporated environment that integrates appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The business’s worker headcount has increased by 29%, sports betting and yearly income has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and helped form the industry’s direction. LiveScoreBet has accomplished major user engagement, sports betting 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 previously functioned as the company’s Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually been in the online gaming market since 2000, holding various effective functions, consisting of General Manager of an information analytics team and Director sports betting of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a track record of changing start-ups into institutionalized services. Her expertise spans the gaming, real estate, and sports betting credit loaning industries, where he has developed himself as a tactical and functional leader.

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

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

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer educational background consists of a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a totally practical website, 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 international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, sports betting where it is fully licensed.

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a vast array of sports betting 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and federal governments to create developmental policies aimed at empowering youths. 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 brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has quickly grown its presence 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 variety of which is increasing annually. In the very 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, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has since turned into among the world’s largest online gambling companies.

By 2016, Bet365 created $2 billion in revenues and helped with $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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, a leading sports betting company in Nigeria, established alongside business person 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 options to both private and institutional customers.

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 leadership, sports betting Bet9ja has actually ended up being a significant gamer in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the company’s growth through partnerships, organization 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 client experience, and Country Manager at 22BET, sports betting concentrating on marketing method and sports betting budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise worked 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 sports betting Operations from ESTG University in Cotonou, sports betting Benin Republic.

22Bet is an online gaming platform that uses sports betting wagering, gambling establishment games, and live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a company 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 established in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, SportyBet has ended up being a substantial gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments reflect his commitment to fostering development and sports betting development within the area.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating 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 revolutionising how millions of Africans engage with sports betting. In a market worth 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 firm aims to take advantage of cutting-edge innovation and a dedication to accountable sports betting to change the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting platform.

At a press instruction, the business’s spokesperson, Akin Babatunde, said that the increase 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 added that the firm’s robust sponsorship and specialist group will enable it to scale and sports betting dominate the market rapidly.

Islamic police raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun closing down sports betting shops, sports betting which they say are running illegally.

“As you understand, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.

Grievances from neighborhood leaders and parents triggered the crackdown, sports betting worried about the growing number of gambling addicts, he stated.

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

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

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

Bookmakers and bars tend to be enabled to operate in neighbourhoods, sports betting though they too can face action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

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

Mr Aminudeen stated such bookies had actually been able to run under the radar as they had 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 shops,” he said.

The sports betting wagering industry has actually broadened significantly throughout West Africa in recent years. The region is approximately divided in between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookmakers to delight in the sociability of other bettors, though mobile apps are likewise popular for sports betting on the result of events and groups.

Nigeria’s crippling economic crisis has actually also implied people want to risk a percentage in the hope of winning big.

But this had resulted in extensive dependency, and parents were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.

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

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

“I am encouraging those running those sports betting shops to either shut down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would face – typically, such violations carry a fine.

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