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Betting Industry Revolution: Innovation Meets Control in Nigeria’s Gaming Sector

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

Gaming has evolved substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

Gradually, with increased internet access came virtual wagering, sports betting which parallels worldwide trends. 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 financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually grown, sports betting bring in millions, especially amongst the youthful market facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates a projected annual profits of N730 billion. The federal government has not gone undetected by this development, sports betting which is considering regulatory procedures like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of difficulties in enforcement. Issues such as inadequate age confirmation and advertising rule breaches show industry regulative gaps.

Despite these challenges, sports betting business continue to thrive through reliable service designs and aggressive marketing methods, leveraging the developer influencer market.

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

Constable 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 career spans different functions in the gaming and show business, including operating at among the United Kingdom’s largest gaming centres, sports betting The Palace Bingo Club, where he acted 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 gaming sector, running through online, mobile, sports betting and retail channels. The company was included in Nigeria on November 7, 2006, and has given that expanded its presence, accomplishing 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, he ended up being the CEO of LiveScore Group, a fully incorporated environment that integrates pertinent sports betting material, engaging functions, and a world-class sportsbook.

Considering 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 income has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s management and tactical vision have actually moved LiveScore Group’s success and assisted form the market’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 designated CEO of Betway in November 2017, having formerly served as the company’s Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and sports betting has actually been in the online gaming market since 2000, sports betting holding various successful roles, sports betting consisting of General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and boost its offerings. The business’s app has amassed significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her knowledge covers the gaming, real estate, and credit lending industries, where he has developed himself as a tactical and operational leader.

Damilare has actually contributed in NairaBET’s success for 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 functional techniques and market expansion.

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

Akin Alabi, the creator of NairaBET.com, Nigeria’s pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a totally functional website, 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, sports betting consisting of Nigeria, where it is fully accredited.

Under Babalola’s leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a large range of sports betting alternatives 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to create developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category– World Entrepreneur of the Year.

BetKing, founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually rapidly grown its presence in Nigeria, with outlets in major sports betting 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 number of which is increasing each year. 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, sports betting the creator, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has given that grown into among the world’s biggest online sports betting companies.

By 2016, Bet365 generated $2 billion in incomes and helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered substantial 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, developed together with businessman 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 property management business that generates financial investment returns and uses special investment insights and solutions to both individual and sports betting 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 management, sports betting Bet9ja has actually ended up being a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, and Country Manager at 22BET, focusing on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and sports betting Betty Bingo.

His career started at Jumia Group, where he worked in SEO, CRM, and sports betting 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 a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that offers sports betting, casino games, and live dealership video games. It was released in 2017 and is owned and operated 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 sports betting a chain of gambling establishments worldwide.

Sudeep Ramnani– CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, sports betting a business he developed in 2013.

SportyBet is a global sports betting and real-money video gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani’s management, SportyBet has ended up being a considerable player in the industry, sports betting 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 web community. His investments show his dedication to cultivating development and advancement within the area.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.

The firm is set to interfere with the sports betting industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry 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 PwC, the firm aims to take advantage of cutting-edge innovation and a commitment to accountable sports betting to change the sector.

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

At a press instruction, the company’s spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent’s deep enthusiasm for sports betting, specifically football, sports betting has set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and specialist group will allow it to scale and dominate the market rapidly.

Islamic police raid betting stores in northern Nigeria

Islamic police in Nigeria’s northern city of Kano have begun shutting down sports betting wagering stores, which they state are operating illegally.

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

Grievances from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing number of gambling addicts, he said.

On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a warning, sports betting the Sharia officer said.

But Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.

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

Bookies and bars tend to be permitted to run in Kano’s Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.

However, the existing crackdown is concentrated on Muslim locations of Kano, sports betting a vast city and the financial hub of northern Nigeria.

sports betting wagering shops can be found all over the city. Many have television screens, and sports betting customers see the result of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookies had been able to operate 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 converted to wagering shops,” he said.

The sports betting market has broadened considerably throughout West Africa in recent years. The area is approximately divided between a generally Muslim north and a mainly Christian south.

Lots of people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and groups.

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

However this had actually resulted in widespread dependency, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.

“These economic concerns 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, considered a resort area in the northeast of the city– visitors flock there at weekends.

“I am encouraging those running those sports betting stores to either closed down or we’ll arrest them and take them to [a Sharia] court,” Mr Aminudeen said.

It is uncertain what punishment they would deal with – frequently, such violations carry a fine.

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