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Industry Changers: How Religious Raids and Digital Innovation are Reshaping Nigeria’s Betting Landscape

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

Gambling has actually evolved significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.

Gradually, with increased internet access came virtual wagering, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.

In spite of financial challenges such as inflation, Nigeria’s sports betting wagering sector has actually grown, drawing in millions, especially amongst the vibrant group facing high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces an approximated annual income of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory steps like excise tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of difficulties in enforcement. Concerns such as insufficient age verification and marketing guideline breaches reveal industry regulatory gaps.

In spite of these difficulties, sports betting wagering business continue to thrive through effective service models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have contributed to Nigeria’s robust $2 billion gaming sector, sports betting with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually substantially contributed to Nigeria’s $2 billion sports betting empire through their substantial audience reach.

Sheriff Olaniyan – CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans different functions in the video gaming and entertainment industry, consisting of working 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 organization in the sports betting and sports betting gaming sector, running through online, sports betting mobile, and retail channels. The business was integrated in Nigeria on November 7, sports betting 2006, and has actually since broadened its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi – CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated ecosystem that integrates appropriate sports betting material, engaging functions, and a first-rate sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven substantial growth for sports betting LiveScore Group. The company’s staff member headcount has actually increased by 29%, and yearly profits has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam’s leadership and strategic vision have actually moved LiveScore Group’s success and assisted form the market’s instructions. LiveScoreBet has accomplished 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 previously acted as the business’s Marketing and sports betting Operations Director because 2015. He joined Betway in 2013 and has been in the online gaming industry considering that 2000, holding different effective roles, sports betting including General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman’s management, Betway has continued to grow its market presence and boost 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 actually distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her knowledge covers the gaming, property, and credit lending industries, where he has established himself as a tactical and functional leader.

Damilare has actually been instrumental in NairaBET’s success for over 14 years. Considering that June 2019, sports betting she has actually acted as Managing Director and has actually 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, essential 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 supplies 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, sports betting Nigeria’s pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a totally functional website, setting a benchmark in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing of 1XBET Nigeria Limited, a franchise of the international sports betting wagering company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is totally accredited.

Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, sports betting offering a wide variety of sports betting 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 ventures, Ukanwoke has actually worked together with African socio-economic institutions and governments to create 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 introduced 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 home entertainment company has actually 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 collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, sports betting the number 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 founder, majority investor, sports betting and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually given that become one of the world’s largest online gambling business.

By 2016, Bet365 created $2 billion in incomes and assisted in $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered considerable user engagement, sports betting 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, sports betting a leading sports betting wagering company in Nigeria, established together with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates financial investment returns and offers special investment insights and services to both specific 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 actually become a considerable player in the Nigerian sports betting wagering market.

Fikayo Ogunfuye – Country Director 22bet

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

Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and client experience, and Country Manager at 22BET, concentrating on marketing technique 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 began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned 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, and sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting, casino video games, and live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business 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 company he established in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani’s management, SportyBet has actually become a significant gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and sports betting a strong supporter for sports betting the growing African web ecosystem. His financial investments reflect his commitment to promoting innovation and advancement within the area.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part 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 millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of advanced technology and a commitment to accountable gambling to revolutionise the sector.

Backed by the monetary power of 4 prominent African billionaires, sports betting Sunbet, which will launch in the very first quarter of 2025, aims to be the continent’s biggest and most ingenious sports betting platform.

At a press briefing, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, 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 firm’s robust sponsorship and expert team will allow it to scale and dominate the marketplace quickly.

Islamic police raid wagering stores in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have started shutting down sports betting shops, which they state are running illegally.

“As you understand, sports betting is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.

Problems from neighborhood leaders and parents triggered 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 suburban area alone, sports betting and their owners were sent out home with a caution, the Sharia officer stated.

However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.

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

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

However, the current crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

Sports betting stores can be discovered all over the city. The majority of have television screens, and consumers view the outcome of international football matches or horse races on which they have actually staked money.

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

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

The sports betting industry has expanded dramatically throughout West Africa recently. The area is roughly divided in between a mainly Muslim north and a predominantly Christian south.

Lots of people go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are also popular for sports betting on the result of occasions and teams.

Nigeria’s crippling recession has actually also meant people want to risk a percentage in the hope of winning huge.

However this had actually caused prevalent addiction, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

“These financial concerns we are facing in Nigeria is God informing us to alter our methods by stopping sins,” he said.

The raids on Tuesday concentrated 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 shops to either closed down or we’ll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what penalty they would deal with – typically, such violations 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 consumption of alcohol were prohibited.