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Big Stakes and Holy Laws: Nigeria’s Sports Betting Sector at a Turning Point

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

sports betting has actually progressed substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, 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 gain access to came virtual wagering, which parallels worldwide 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.

Despite financial obstacles such as inflation, Nigeria’s sports betting wagering sector has actually flourished, drawing in millions, particularly amongst the vibrant group facing high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates a projected annual revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative steps like excise responsibilities 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 fair operations in spite of challenges in enforcement. Problems such as insufficient age verification and advertising guideline breaches show market regulatory gaps.

In spite of these obstacles, sports betting business continue to grow through reliable organization designs and aggressive marketing methods, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion sports betting sector, sports betting with CEOs playing essential roles in broadening audience reach and sports betting 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 comprehensive audience reach.

Sheriff 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 spans different roles in the gaming and entertainment industry, including operating at one of the United Kingdom’s largest video gaming centres, 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, has turned into a leading e-commerce company in the sports betting and sports betting video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually since broadened its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated community that combines appropriate sports betting material, engaging functions, and a world-class sportsbook.

Given that taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The company’s staff member headcount has increased by 29%, and yearly earnings has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s management and strategic vision have moved LiveScore Group’s success and assisted form the industry’s instructions. LiveScoreBet has attained 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 worked as the business’s Marketing and sports betting Operations Director given that 2015. He joined Betway in 2013 and has actually been in the online video gaming market since 2000, holding different successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman’s leadership, Betway has continued to grow its market presence and boost its offerings. The business’s app has actually gathered considerable user engagement, 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 executive with a performance history of changing start-ups into institutionalized services. Her know-how spans the gaming, real estate, and credit lending markets, where he has actually developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has acted as Managing Director and has overseen 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 operational techniques and market growth.

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

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

Under Babalola’s management, sports betting 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting options 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 endeavors, Ukanwoke has teamed up with African socio-economic institutions and sports betting federal governments to design developmental policies targeted at empowering youths. In 2015, sports betting 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has rapidly grown its presence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing yearly. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates – CEO Bet 365

Denise Coates is a British billionaire businesswoman, the founder, bulk shareholder, 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 website and has given that turned into one of the world’s largest online sports betting business.

By 2016, Bet365 generated $2 billion in incomes 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 wagering business in Nigeria, established along with entrepreneur Kunle Soname, sports betting who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that produces financial investment returns and provides special financial investment insights and solutions to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually become a considerable gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the company’s development through collaborations, service technique, and brand-new service development.

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer experience, and Country Manager at 22BET, sports betting focusing on marketing method and budget 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 operated in SEO, CRM, and sports betting 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 sports betting a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides sports betting wagering, casino video games, and live dealer video games. It was introduced in 2017 and sports betting 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 sports betting a chain of casinos 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 and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s leadership, SportyBet has become a substantial gamer 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 sports betting a strong supporter for sports betting the growing African web environment. His financial investments show his commitment to fostering innovation and development within the area.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating 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 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 intends to take advantage of innovative technology and a commitment to responsible gaming to revolutionise the sector.

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

At a press instruction, sports betting the business’s representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, sports betting especially football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and expert team will enable it to scale and dominate the marketplace rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun shutting down sports betting stores, which they say are running unlawfully.

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

Grievances from neighborhood leaders and moms and sports betting dads triggered the crackdown, sports betting stressed over the growing variety of sports betting addicts, he stated.

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

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

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

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

However, the present 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. Most have television screens, and customers see the result of international football matches or sports betting horse races on which they have actually staked money.

Mr Aminudeen stated such bookmakers had had the ability to run under the radar as they had actually opened under .

“They do not have licences to run as they were permitted to run computer game centres, which they later on converted to wagering stores,” he stated.

The sports betting wagering market has expanded drastically across West Africa in recent years. The region is approximately divided in between a generally Muslim north and a predominantly Christian south.

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

Nigeria’s debilitating recession has actually also implied people want to run the risk of a percentage in the hope of winning big.

However this had actually led to prevalent dependency, sports betting and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.

“These economic concerns we are dealing with in Nigeria is God informing us to change our methods by stopping sins,” he stated.

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 recommending those running those wagering stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen stated.

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

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