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Betting Industry Shake-up: Disruption Meets Regulation in Nigeria’s Betting Space
Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports wagering market.
Gaming has actually developed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, sports betting 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 financial obstacles such as inflation, Nigeria’s sports betting sector has thrived, drawing in millions, particularly among the vibrant demographic facing high joblessness rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates an estimated annual income of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulatory procedures like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of obstacles in enforcement. Problems such as insufficient age verification and advertising guideline breaches reveal industry regulative gaps.
In spite of these difficulties, sports betting wagering business continue to grow through reliable company designs and aggressive marketing methods, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria’s robust $2 billion gaming sector, with CEOs playing important functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have significantly added to Nigeria’s $2 billion gaming empire through their extensive audience reach.
Constable Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers different roles in the gaming and entertainment industry, consisting of working at one of the United Kingdom’s largest 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 turned into a leading e-commerce company in the sports betting and video gaming sector, operating through online, mobile, and sports betting retail channels. The company was included in Nigeria on November 7, 2006, and has actually given that broadened its presence, 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 sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that combines appropriate sports betting content, engaging functions, and a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The company’s employee headcount has increased by 29%, and annual earnings has actually surged from roughly ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have actually propelled LiveScore Group’s success and helped form the market’s direction. LiveScoreBet has actually 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 previously functioned as the company’s Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online video gaming market because 2000, holding various effective roles, including General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has continued to grow its market existence and boost its offerings. The business’s app has garnered significant 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 companies. Her proficiency covers the video gaming, realty, and credit financing industries, where he has established himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET’s success for sports betting over 14 years. Since June 2019, she has actually functioned as Managing Director and has managed the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business’s operational strategies and market growth.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to introduce a completely practical site, sports betting 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, sports betting where it is fully licensed.
Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a vast array of sports betting choices 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic institutions and governments to develop 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, founded and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and sports betting Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has quickly 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 collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing annually. In the 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 creator, sports betting majority investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has because become one of the world’s largest online gaming companies.
By 2016, Bet365 produced $2 billion in revenues and facilitated $45 billion in annual bets. The company likewise holds a majority 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 wagering company in Nigeria, established alongside business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that generates investment returns and sports betting provides special financial investment and options to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually become a considerable player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the company’s development through partnerships, company method, and new business advancement.
Fikayo’s experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different 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 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 a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting wagering, gambling establishment games, and live dealer video games. It was released 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 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 established in 2013.
SportyBet is a worldwide sports betting and real-money gaming operator understood for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani’s leadership, SportyBet has actually become a significant player 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 a strong advocate for the growing African web ecosystem. His investments show his commitment 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 industry.
Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage cutting-edge innovation and a commitment to responsible sports betting to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent’s biggest and most ingenious sports betting wagering platform.
At a press instruction, the business’s spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent’s deep passion for sports betting, especially football, has actually set the stage for Sunbet’s enthusiastic entry. He included that the company’s robust financial backing and specialist team will allow it to scale and control the market quickly.
Islamic cops raid betting shops in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have begun closing down sports betting shops, which they state are operating illegally.
“As you know, sports betting is forbidden in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Grievances from community leaders and parents prompted the crackdown, stressed over the growing number of sports betting addicts, he stated.
On the very first day of raids, 30 shops were closed in one residential area alone, and their owners were sent home with a warning, the Sharia officer said.
But Mr Aminudeen warned that now that the public knew 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 bulk Muslim population and operates the Islamic legal system – Sharia – alongside nonreligious law.
Bookies and bars tend to be enabled to operate in Kano’s Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim locations of Kano, sports betting a vast city and the economic center of northern Nigeria.
sports betting wagering stores can be found all over the city. The majority of have television screens, and sports betting clients view the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had been able to run under the radar as they had opened under false pretences.
“They do not have licences to operate as they were allowed to run video games centres, which they later transformed to wagering shops,” he said.
The sports betting wagering market has actually expanded dramatically throughout West Africa in recent years. The region is roughly divided between a generally Muslim north and a primarily Christian south.
Many people go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are also popular for wagering on the result of events and groups.
Nigeria’s crippling economic crisis has actually also implied individuals want to run the risk of a small amount in the hope of winning huge.
But this had caused prevalent dependency, and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen said.
“These economic issues we are dealing with in Nigeria is God telling us to alter our ways by stopping sins,” he said.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city– visitors flock there at weekends.
“I am recommending those running those sports betting shops to either closed down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen said.
It is uncertain what punishment they would deal with – often, such infringements carry a fine.
Sharia was presented in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, sports betting and the intake of alcohol were banned.