North Raids, South Disruption: Nigeria’s Sports Betting Industry in Transformation
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering market.
Gaming has actually developed substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, Nigeria’s sports betting sector sports betting has grown, sports betting attracting millions, especially amongst the younger market facing high joblessness rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, sports betting driving an industry that generates a projected annual income of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative measures like import tax duties and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Concerns such as inadequate age confirmation and sports betting marketing guideline breaches show market regulative gaps.
In spite of these difficulties, sports betting companies continue to prosper through effective business models and aggressive marketing strategies, sports betting leveraging the developer influencer market.
These efforts have contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have actually significantly contributed to Nigeria’s $2 billion gambling empire through their comprehensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers various functions in the video gaming and show business, consisting of working at among the United Kingdom’s largest video gaming centres, The Palace Bingo Club, where he functioned 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, sports betting founded in August 2011, sports betting has actually turned into a leading e-commerce service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has given that broadened its existence, 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated ecosystem that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.
Given that taking the helm just before the pandemic, sports betting Sam has actually driven substantial growth for LiveScore Group. The company’s staff member headcount has increased by 29%, and annual revenue has surged from around ₤ 10 million to over ₤ 80 million.
Sam’s management and strategic vision have propelled LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has accomplished 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 previously acted as the business’s Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and sports betting has actually been in the online gaming industry given that 2000, holding various successful roles, including General Manager of an information analytics group and Director of a digital marketing company.
Under Werkman’s leadership, Betway has actually continued to grow its market presence and improve its offerings. The business’s app has garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually distinguished herself as a senior sports betting executive with a performance history of transforming start-ups into institutionalized organizations. Her competence covers the video gaming, real estate, sports betting and sports betting credit lending industries, where he has actually established himself as a tactical and functional leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has actually served as Managing Director sports betting and has actually managed the company’s development and sports betting operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, sports betting pivotal in the company’s operational strategies and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a fully functional website, 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, sports betting a franchise of the international 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 licensed.
Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a wide variety of wagering options and sports betting an user-friendly 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, sports betting 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 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 business has rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing each year. In the 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, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has since turned into one of the world’s biggest online sports betting companies.
By 2016, Bet365 created $2 billion in earnings and sports betting helped with $45 billion in yearly bets. The company also 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 company in Nigeria, established along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates financial investment returns and uses special investment insights and services to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has ended up being a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has actually been working as the Country Director for 22BET in Nigeria because June 2021. In this function, he has added to the business’s development through collaborations, service strategy, and brand-new service development.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and customer experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise 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 sports betting a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an platform that provides 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 company registered 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, a company he established in 2013.
SportyBet is a worldwide sports betting and real-money gaming operator known for sports betting providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s leadership, sports betting 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 investor in fintech and mobile payments and a strong supporter for the growing African web community. His investments reflect his commitment to fostering innovation and development within the region.
On April 30, sports betting 2024, sports betting Sudeep Ramnani purchased 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 changing how countless Africans engage with sports betting. In an industry 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 company aims to leverage innovative innovation and a commitment to accountable gambling to change the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, sports betting intends to be the continent’s biggest and most innovative sports betting wagering platform.
At a press briefing, the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s enthusiastic entry. He added that the company’s robust financial backing and professional team will enable it to scale and control the market quickly.
Islamic cops raid betting stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have begun shutting down sports betting wagering stores, which they state are running unlawfully.
“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Grievances from community leaders and parents triggered the crackdown, stressed over the growing variety of sports betting addicts, sports betting he stated.
On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – along with secular law.
Bookmakers and bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
sports betting wagering shops can be discovered all over the city. A lot of have television screens, and customers view the result of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretences.
“They do not have licences to run as they were allowed to run computer game centres, which they later transformed to sports betting stores,” he stated.
The sports betting market has actually broadened significantly throughout West Africa in the last few years. The region is roughly divided between a generally Muslim north and a mainly Christian south.
Many individuals go to bookmakers to delight in the sociability of other gamblers, though mobile apps are likewise popular for wagering on the result of occasions and teams.
Nigeria’s crippling economic crisis has likewise suggested individuals want to run the risk of a percentage in the hope of winning big.
But this had caused prevalent dependency, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.
“These economic problems we are dealing with in Nigeria is God informing us to change our methods 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 closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what penalty they would deal with – frequently, such violations bring a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, sports betting gaming and the intake of alcohol were prohibited.