Innovation Amid Raids: Exploring Nigeria’s Dynamic Sports Betting Landscape
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.
Gambling has actually developed significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, sports betting where lovers would bet as little as N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels international patterns. The sports betting 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 actually thrived, attracting millions, sports betting especially amongst the youthful market dealing with high unemployment rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates an estimated annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative steps like import tax tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Problems such as inadequate age verification and advertising guideline breaches reveal industry regulatory spaces.
Regardless of these challenges, sports betting companies continue to flourish through effective business models and aggressive marketing methods, leveraging the creator influencer market.
These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing important roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have significantly added to Nigeria’s $2 billion sports betting empire through their comprehensive audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the gaming and entertainment industry, including working at among 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 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 sports betting and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, sports betting 2006, and has considering that broadened its existence, achieving 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 names and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven significant growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has achieved 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 previously worked as the company’s Marketing and Operations Director sports betting given that 2015. He joined Betway in 2013 and has remained in the online video gaming industry because 2000, holding different successful roles, consisting of General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman’s management, Betway has actually continued to grow its market existence and improve its offerings. The company’s app has gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her proficiency covers the gaming, realty, and credit loaning markets, where he has actually developed himself as a strategic and functional leader.
Damilare has contributed in NairaBET’s success for over 14 years. Given that June 2019, she has 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, critical in the business’s functional strategies and market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer instructional 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, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a totally functional site, setting a standard 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 global 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, consisting of Nigeria, where it is completely accredited.
Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting options and an easy to use 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, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to develop developmental policies targeted at empowering youths. In 2015, 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 brand name of Lake Ventures Ltd. This pan-African sports betting 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 jobs, the variety of which is increasing yearly. 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 founder, bulk shareholder, and sports betting joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually considering that become among the world’s biggest online gaming business.
By 2016, Bet365 generated $2 billion in revenues and sports betting helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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 business in Nigeria, sports betting developed alongside business person Kunle Soname, who likewise 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 investment returns and offers special financial investment insights and solutions 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, Bet9ja has become a considerable player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering market. He has been functioning as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the company’s growth through collaborations, organization technique, and brand-new company development.
Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he worked in SEO, sports betting CRM, and content management. Fikayo likewise worked 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 sports betting platform that uses sports betting wagering, gambling establishment games, and sports betting live dealership video games. It was launched in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, a business signed up 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 business he developed in 2013.
SportyBet is a worldwide sports betting wagering and sports betting real-money video gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial player 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 advocate for the growing African internet community. His financial investments reflect his dedication to cultivating innovation and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting industry.
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 yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm aims to leverage innovative innovation and a commitment to accountable sports betting to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, sports betting Sunbet, sports betting which will introduce in the first quarter of 2025, intends to be the continent’s largest and most innovative sports betting platform.
At a press briefing, the company’s spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep passion for sports betting, sports betting particularly football, has set the stage for Sunbet’s ambitious entry. He added that the company’s robust financial backing and expert team will enable it to scale and sports betting dominate the marketplace rapidly.
Islamic authorities raid betting stores in northern Nigeria
Islamic authorities in Nigeria’s northern city of Kano have actually started closing down sports betting shops, which they say are running illegally.
“As you understand, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Complaints from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of sports betting addicts, he stated.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a warning, the Sharia officer said.
But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.
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.
Bookies and sports betting bars tend to be enabled to operate in Kano’s Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is focused on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting stores can be discovered all over the city. A lot of have television screens, and customers watch the result of international football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretenses.
“They do not have licences to run as they were permitted to run computer game centres, which they later converted to wagering stores,” he said.
The sports betting market has broadened considerably throughout West Africa recently. The region is approximately divided between a generally Muslim north and a mainly Christian south.
Many individuals go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of events and groups.
Nigeria’s debilitating economic crisis has actually likewise suggested individuals are willing to run the risk of a percentage in the hope of winning big.
However this had actually resulted in extensive dependency, sports betting and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.
“These economic problems we are facing in Nigeria is God informing us to change our ways 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 sports betting stores to either shut down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen said.
It is unclear what punishment they would face – frequently, such violations carry a fine.
Sharia was presented in Kano in 2000 – as it was in 11 other Muslim-majority northern states – and prostitution, sports betting and the usage of alcohol were banned.
