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Big Stakes and Holy Laws: Nigeria’s Sports Betting Industry at a Crossroads

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

Gambling has progressed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.

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

Regardless of financial obstacles such as inflation, Nigeria’s sports betting sector has grown, attracting millions, especially amongst the younger group dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates an approximated yearly income of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory measures like excise duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite challenges in enforcement. Issues such as inadequate age confirmation and marketing rule breaches reveal market regulatory gaps.

Despite these difficulties, sports betting companies continue to flourish through effective business designs and aggressive marketing methods, leveraging the creator influencer market.

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

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession covers numerous roles in the video gaming and show business, including working at one of the United Kingdom’s largest 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 sports betting a Master’s in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce company 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 because expanded its presence, accomplishing 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 totally incorporated environment that combines relevant sports betting material, engaging functions, and a first-rate sportsbook.

Considering that taking the helm right before the pandemic, sports betting Sam has actually driven considerable development for LiveScore Group. The business’s staff member headcount has increased by 29%, and yearly earnings has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam’s management and sports betting strategic vision have actually propelled LiveScore Group’s success and helped shape the market’s instructions. LiveScoreBet has actually attained 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 actually previously functioned as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming market given that 2000, holding various effective 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 enhance its offerings. The company’s app has garnered considerable 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 companies. Her competence covers the video gaming, realty, and credit lending industries, where he has actually developed himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET’s success for over 14 years. Since June 2019, she has actually acted as Managing Director sports betting 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, pivotal in the company’s functional strategies and market growth.

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, finished in 2005.

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

Under Babalola’s management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a vast array of wagering options 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and governments to design 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 released in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually 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 partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, 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, majority investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually considering that become among the world’s biggest online gambling companies.

By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 wagering business in Nigeria, developed together with business person 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 produces financial investment returns and offers special investment insights and options to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, sports betting Bet9ja has become a significant player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business’s growth through collaborations, business method, and brand-new service advancement.

Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product 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 various digital marketing roles at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, sports betting CRM, and content management. Fikayo also 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 sports betting platform that uses sports betting, casino video games, and live dealer video games. It was introduced in 2017 and sports betting is owned and run by Marikit Holdings Ltd, sports betting 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 company he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator sports betting understood for sports betting delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a considerable player in the market, sports betting 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 sports betting a strong advocate for sports betting the growing African web community. His investments show his dedication to promoting development and advancement within the area.

On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.

The firm is set to disrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of innovative technology and a dedication to responsible gaming to revolutionise the sector.

Backed by the financial power of 4 prominent African billionaires, sports betting Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting wagering 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 set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and expert group will allow it to scale and dominate the marketplace rapidly.

Islamic authorities raid wagering stores in northern Nigeria

Islamic authorities in Nigeria’s northern city of Kano have started shutting down sports betting wagering shops, which they say are running unlawfully.

“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.

Complaints from community leaders and moms and dads triggered the crackdown, stressed over the growing number of gambling addicts, he said.

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

But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gambling, 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 – together with nonreligious law.

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

Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

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

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

“They don’t have licences to run as they were allowed to run computer game centres, which they later transformed to wagering shops,” he stated.

The sports betting industry has broadened drastically across West Africa in the last few years. The region is approximately divided in between a generally Muslim north and a predominantly Christian south.

Many people go to bookies to delight in the friendship of other bettors, though mobile apps are also popular for wagering on the result of events and sports betting teams.

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

But this had caused widespread dependency, and parents were even complaining that kids were dropping out of school to bet, Mr Aminudeen stated.

“These economic problems we are facing in Nigeria is God telling us to alter our methods 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 encouraging those running those sports betting stores to either shut 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 – typically, such violations bring a fine.

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