Market Innovation Meets Moral Policing: Nigeria’s Sports Betting Industry at a Turning Point
Meet CEOs/MDs of business behind Nigeria’s $2 billion Sports wagering industry.
Gaming has actually evolved considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing 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 gain access to came virtual wagering, which parallels global trends. The 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 difficulties such as inflation, Nigeria’s sports betting sector has actually prospered, bring in millions, especially among the youthful group facing high joblessness rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, sports betting driving an industry that creates a projected annual profits of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative measures like excise responsibilities 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. Issues such as insufficient age verification and advertising guideline breaches show industry regulative gaps.
In spite of these challenges, sports betting wagering companies continue to grow through reliable service models and aggressive marketing methods, leveraging the creator influencer market.
These efforts have contributed to Nigeria’s robust $2 billion gambling sector, with CEOs playing vital functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually substantially added to Nigeria’s $2 billion sports betting empire through their comprehensive 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 career covers numerous roles in the video gaming and entertainment industry, including working at one of the United Kingdom’s biggest gaming centres, The Palace Bingo Club, sports betting 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 actually turned into a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was incorporated 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 wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated community that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and yearly income has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam’s management and sports betting strategic vision have actually moved LiveScore Group’s success and assisted shape the industry’s instructions. LiveScoreBet has actually attained 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 previously worked as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online gaming market given that 2000, holding different effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman’s leadership, Betway has continued to grow its market presence and improve its offerings. The company’s app has actually amassed considerable user engagement, sports betting 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 track record of changing start-ups into institutionalized companies. Her know-how spans the video gaming, realty, and credit loaning markets, where he has established himself as a tactical and operational leader.
Damilare has contributed in NairaBET’s success for over 14 years. Since June 2019, she has served as Managing Director sports betting and has actually managed the company’s growth and operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, critical in the company’s functional techniques and sports betting market expansion.
She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN supplies frHer educational background consists of 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 very first sports betting wagering platform in Nigeria, it was the first to launch a completely practical website, setting a standard in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually established itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully licensed.
Under Babalola’s management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a wide variety of sports betting alternatives and an easy to use 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 institutions and governments to design 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, established and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing every year. In the same year, MultiChoice broadcaster purchased 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 founder, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually given that turned into one of the world’s biggest online gaming business.
By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered substantial user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye – CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, sports betting a leading sports betting business in Nigeria, developed together with 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 property management company that creates investment returns and provides distinct financial investment insights and options to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has been acting as the Country Director for sports betting 22BET in Nigeria since June 2021. In this role, he has contributed to the company’s development through collaborations, business strategy, and brand-new service advancement.
Fikayo’s experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and customer experience, and Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His career began 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 sports betting 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 Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that offers sports betting wagering, casino video games, and live dealership video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a business registered in Cyprus and sports betting a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of casinos worldwide.
Sudeep Ramnani– CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed in 2013.
SportyBet is an international sports betting and real-money gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani’s leadership, 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, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web community. His investments reflect his commitment to fostering innovation 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 company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has stated it is concentrated on changing how countless 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, sports betting the firm aims to take advantage of cutting-edge innovation and a dedication to accountable gaming to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent’s biggest and most innovative sports betting wagering platform.
At a press instruction, the business’s representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent’s deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet’s ambitious entry. He included that the firm’s robust sponsorship and expert group will allow it to scale and dominate the market quickly.
Islamic cops raid wagering stores in northern Nigeria
Islamic cops in Nigeria’s northern city of Kano have actually started closing down sports betting wagering stores, which they say are running unlawfully.
“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, stressed over the growing number of gambling addicts, he stated.
On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer stated.
But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gambling, 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 – together with secular 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.
However, the current crackdown is concentrated on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
sports betting wagering shops can be discovered all over the city. A lot of have television screens, sports betting and consumers watch the outcome of worldwide football matches or sports betting 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 don’t have licences to run as they were permitted to run video games centres, which they later on transformed to sports betting shops,” he stated.
The sports betting industry has actually broadened considerably across West Africa in the last few years. The region is roughly divided in between a mainly Muslim north and a primarily Christian south.
Lots of people go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and sports betting teams.
Nigeria’s crippling economic crisis has also implied people want to risk a percentage in the hope of winning huge.
However this had led to prevalent addiction, and parents were even complaining that children were dropping out of school to gamble, sports betting Mr Aminudeen said.
“These economic problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins,” he stated.
The raids on Tuesday concentrated 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 unclear what penalty they would face – typically, such violations bring a fine.
Sharia was introduced in Kano in 2000 – as it remained in 11 other Muslim-majority northern states – and prostitution, gambling and the usage of alcohol were banned.
