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Nigeria’s $2 Billion Sports Betting Battle: Industry Leaders Face Islamic Clampdown as New Disruptor Surfaces
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.
Gambling has actually evolved considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.
Gradually, with increased web access came wagering, which parallels worldwide trends. 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 wagering sector has prospered, attracting millions, especially amongst the youthful market dealing with high unemployment rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates an approximated yearly revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative measures 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 guarantee reasonable operations despite challenges in enforcement. Issues such as inadequate age verification and advertising guideline breaches reveal industry regulatory spaces.
Regardless of these difficulties, sports betting wagering business continue to prosper through efficient company designs and aggressive marketing methods, leveraging the developer influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion sports betting sector, with CEOs playing crucial roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria’s $2 billion sports betting empire through their extensive audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers different functions in the gaming and show business, consisting of working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, sports betting where he served 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, sports betting has turned into a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and sports betting retail channels. The company was included in Nigeria on November 7, 2006, and has actually since broadened its existence, sports betting accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has more than 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 ecosystem that combines pertinent sports betting content, engaging features, and a first-rate sportsbook.
Since taking the helm prior to the pandemic, Sam has driven considerable growth for sports betting LiveScore Group. The business’s staff member headcount has actually increased by 29%, and annual revenue has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have propelled LiveScore Group’s success and assisted form the market’s direction. LiveScoreBet has actually accomplished significant 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 formerly worked as the company’s Marketing and sports betting Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online video gaming market given that 2000, holding numerous effective functions, including General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman’s management, Betway has continued to grow its market presence and enhance its offerings. The company’s app has amassed 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 transforming start-ups into institutionalized companies. Her know-how spans the gaming, realty, sports betting and credit financing industries, where he has actually developed himself as a tactical and sports betting operational leader.
Damilare has actually contributed in NairaBET’s success for over 14 years. Considering that June 2019, sports betting she has actually acted as Managing Director and has actually overseen the business’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company’s operational methods and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN supplies frHer instructional 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 company, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a totally functional site, setting a benchmark 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 developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, sports betting where it is totally certified.
Under Babalola’s leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a wide variety of sports betting 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its existence 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, developing over 100,000 tasks, the variety of which is increasing every year. In the exact 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, sports betting and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has since turned into among the world’s largest online sports betting business.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The business also holds a bulk 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, a leading sports betting company in Nigeria, developed along with business owner 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 possession management company that produces financial investment returns and uses special investment insights and solutions to both individual and institutional clients.
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, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has contributed to the company’s growth through partnerships, company technique, and brand-new service advancement.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and client experience, and Country Manager at 22BET, sports betting focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated 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 a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that provides sports betting, casino games, and live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company registered 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 business he developed in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani’s management, 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 investor in fintech and mobile payments and a strong advocate for the growing African internet community. His financial investments show his dedication to fostering development and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports wagering market.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of advanced innovation and a dedication to responsible sports betting to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, sports betting which will launch in the very first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.
At a press rundown, the business’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, sports betting and the continent’s deep passion for sports betting, sports betting especially football, has set the stage for Sunbet’s ambitious entry. He included that the company’s robust financial backing and specialist team will allow it to scale and dominate the market rapidly.
Islamic authorities raid betting shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have started shutting down sports betting stores, which they say are operating illegally.
«As you know, sports betting is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Problems from community leaders and moms and dads triggered the crackdown, sports betting worried about the growing number of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one residential area alone, sports betting and their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on sports betting, sports betting those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system – Sharia – together with nonreligious law.
Bookies and bars tend to be allowed to operate in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and sports betting the financial hub of northern Nigeria.
Sports betting shops can be discovered all over the city. A lot of have tv screens, and customers view the outcome of global football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had been able to run under the radar as they had opened under false pretences.
«They don’t have licences to operate as they were allowed to run video games centres, which they later on transformed to wagering shops,» he said.
The sports betting industry has actually broadened significantly across West Africa in the last few years. The area is approximately divided in between a generally Muslim north and a primarily Christian south.
Many individuals go to bookies to enjoy the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and sports betting groups.
Nigeria’s crippling recession has also implied people want to run the risk of a percentage in the hope of winning huge.
But this had caused extensive addiction, sports betting and parents were even complaining that children were leaving of school to bet, Mr Aminudeen stated.
«These economic problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,» he stated.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.
«I am advising those running those sports betting stores to either closed down or we’ll jail them and take them to [a Sharia] court,» Mr Aminudeen stated.
It is uncertain what penalty they would face – often, 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 consumption of alcohol were banned.