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Power Players and Religious Police: The Fate of Sports Betting in Nigeria
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports betting market.
Gaming has actually evolved substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
Regardless of financial obstacles such as inflation, Nigeria’s sports betting sector has prospered, drawing in millions, especially amongst the younger demographic dealing with high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an estimated annual income of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative steps like excise responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite obstacles in enforcement. Issues such as inadequate age verification and marketing rule breaches reveal market regulatory gaps.
Regardless of these obstacles, sports betting companies continue to prosper through efficient service models and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have added to Nigeria’s robust $2 billion gaming sector, with CEOs playing essential functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have significantly contributed to Nigeria’s $2 billion gaming empire through their substantial audience reach.
Constable Olaniyan – CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers various roles in the gaming and show business, consisting of operating 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, founded in August 2011, has actually become a leading e-commerce service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has given that expanded 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 brand sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated ecosystem that combines pertinent sports betting material, engaging features, and a world-class sportsbook.
Since taking the helm prior to the pandemic, Sam has actually driven significant development for sports betting LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly income has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has actually 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 previously served as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding numerous effective functions, including General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman’s management, Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has amassed 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 services. Her knowledge spans the video gaming, property, and credit lending industries, where he has developed himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Because June 2019, sports betting she has actually worked as Managing Director and has overseen the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s functional methods and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN provides frHer educational background consists of 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, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a completely functional website, setting a criteria in the industry.
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 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 operates in more than 50 nations, consisting of Nigeria, where it is fully accredited.
Under Babalola’s management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering choices and 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 actually worked together with African socio-economic institutions and federal governments to create developmental policies focused on 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 wagering and home entertainment company 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 entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing annually. In the very 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, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has since grown into one of the world’s biggest online gambling companies.
By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 company in Nigeria, developed along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that produces financial investment returns and provides special financial investment insights and options to both private and institutional clients.
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, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the company’s growth through collaborations, method, and new business advancement.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and sports betting client experience, and Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different 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 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, sports betting Benin Republic.
22Bet is an online gambling platform that uses sports betting wagering, gambling establishment video games, and live dealer games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up 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 company he developed in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, sports betting SportyBet has actually become a significant player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments show his commitment to promoting development and advancement within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced innovation and a commitment to responsible gaming to change the sector.
Backed by the monetary 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 wagering platform.
At a press briefing, 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 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 control the marketplace rapidly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have begun shutting down sports betting stores, 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.
Problems from community leaders and moms and dads triggered the crackdown, stressed over the growing variety of sports betting addicts, sports betting he said.
On the first day of raids, sports betting 30 stores were closed in one suburb alone, and their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen alerted that now that the public understood 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 bulk Muslim population and operates the Islamic legal system – Sharia – together with secular law.
Bookies and bars tend to be allowed to operate in Kano’s Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.
However, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have tv screens, and consumers watch the outcome of worldwide football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had actually been able to run under the radar as they had opened under false pretenses.
“They don’t have licences to run as they were allowed to run video games centres, which they later on transformed to sports betting stores,” he stated.
The sports betting wagering market has broadened significantly across West Africa in recent years. The area is roughly divided in between a generally Muslim north and a primarily Christian south.
Many people go to bookmakers to take pleasure in the camaraderie of other gamblers, sports betting though mobile apps are likewise popular for wagering on the outcome of events and teams.
Nigeria’s debilitating economic crisis has also indicated individuals are willing to risk a percentage in the hope of winning huge.
But this had actually caused prevalent dependency, and sports betting parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.
“These economic issues we are facing in Nigeria is God telling us to alter our ways 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 advising those running those wagering stores to either closed down or we’ll detain them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what penalty they would deal with – frequently, such violations carry a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, sports betting and the consumption of alcohol were prohibited.