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Game Changers: How Religious Raids and Tech Innovation are Reshaping Nigeria’s Betting Scene

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

sports betting has actually evolved considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a growing 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 little as N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, Nigeria’s sports betting wagering sector has actually flourished, drawing in millions, specifically among the younger market dealing with high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces an estimated yearly revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative procedures like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite difficulties in enforcement. Issues such as inadequate age confirmation and advertising rule breaches reveal market regulative gaps.

In spite of these challenges, sports betting business continue to prosper through effective organization designs and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually added to Nigeria’s robust $2 billion gaming sector, with CEOs playing crucial functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually considerably contributed to Nigeria’s $2 billion sports betting empire through their extensive audience reach.

Sheriff 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 profession spans various functions in the gaming and entertainment industry, including operating at one of the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he worked 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 business in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, sports betting and has because broadened its presence, 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated environment that integrates relevant sports betting content, engaging features, and a world-class sportsbook.

Since taking the helm prior to the pandemic, Sam has actually driven substantial development for sports betting LiveScore Group. The company’s employee headcount has actually increased by 29%, and annual earnings has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted shape the industry’s direction. 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 designated CEO of Betway in November 2017, having actually formerly functioned as the company’s Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online gaming industry given that 2000, holding various effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has actually continued to grow its market presence and enhance its offerings. The company’s app has actually garnered significant 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 businesses. Her proficiency spans the gaming, real estate, and credit loaning industries, where he has established himself as a strategic and functional leader.

Damilare has been instrumental in NairaBET’s success for over 14 years. Since June 2019, she has acted as Managing Director and has managed the company’s growth and sports betting operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s functional methods and market expansion.

She established DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer academic background consists of a Bachelor’s degree in Geology/Earth Science from the of Ibadan, finished in 2005.

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

Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering options and an user-friendly 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 worked together with African socio-economic organizations and 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 released 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 sports betting home entertainment business has quickly grown its existence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, sports betting creating over 100,000 tasks, the variety of which is increasing yearly. In the very 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, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually because turned into one of the world’s largest online gambling companies.

By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered considerable 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, developed along with businessman 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 possession management company that produces financial investment returns and offers unique investment insights and services to both specific and institutional clients.

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

Fikayo Ogunfuye – Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has been serving as the Country Director sports betting for 22BET in Nigeria given that June 2021. In this role, he has contributed to the business’s growth through collaborations, business method, and new company development.

Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.

His profession started 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, casino games, and live dealership games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company 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 global sports betting wagering and real-money video gaming operator sports betting understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has ended up being a substantial player in the market, 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 supporter for the growing African internet community. His investments show his dedication to fostering development and development within the area.

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

The company is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of innovative innovation and sports betting a dedication to responsible gaming to change the sector.

Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent’s largest and most innovative sports betting wagering platform.

At a press rundown, the company’s spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent’s deep passion for sports betting, specifically football, has set the stage for Sunbet’s enthusiastic entry. He included that the firm’s robust sponsorship and expert team will enable it to scale and dominate the market rapidly.

Islamic authorities raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have started closing down sports betting wagering stores, which they say are operating illegally.

“As you know, wagering is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.

Problems from community leaders and moms and sports betting dads triggered the crackdown, worried about the growing number of gambling addicts, he stated.

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

But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on sports betting, sports betting those flouting the rules would be jailed.

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

Bookies and bars tend to be enabled to run in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

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

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

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

“They don’t have licences to operate as they were permitted to run video games centres, which they later on converted to wagering stores,” he stated.

The sports betting wagering industry has actually broadened considerably across West Africa in the last few years. The region is roughly divided between a generally Muslim north and a primarily Christian south.

Lots of people go to bookmakers to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for wagering on the outcome of events and groups.

Nigeria’s crippling economic crisis has likewise implied people want to risk a small amount in the hope of winning huge.

But this had resulted in prevalent addiction, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.

“These economic issues we are dealing with 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 advising those running those wagering shops to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is unclear what punishment they would face – typically, such violations bring a fine.

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