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

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

Gambling has evolved substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a successful sports betting market. Historically tied 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 web gain access to came virtual sports betting, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.

Regardless of financial difficulties such as inflation, Nigeria’s sports betting wagering sector sports betting has actually flourished, bring in millions, especially among the younger group facing high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an estimated annual profits of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative measures like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of challenges in enforcement. Problems such as insufficient age verification and advertising rule breaches reveal industry regulatory gaps.

In spite of these difficulties, sports betting wagering companies continue to prosper through reliable service designs and aggressive marketing methods, leveraging the creator influencer market.

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

Constable 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 numerous roles in the gaming and sports betting show business, consisting of working at among the United Kingdom’s biggest video gaming centres, The Palace Bingo Club, where he served 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 become a leading e-commerce company in the wagering and gaming sector, sports betting running through online, mobile, and sports betting retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually since 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 brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a fully integrated community that combines appropriate sports betting material, engaging functions, and a first-rate sportsbook.

Considering that taking the helm right before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company’s worker headcount has actually increased by 29%, and annual earnings has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam’s leadership and tactical vision have propelled LiveScore Group’s success and assisted form the industry’s direction. 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 formerly acted as the company’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has remained in the online gaming industry because 2000, holding numerous effective functions, including General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman’s leadership, Betway has continued to grow its market existence and boost its offerings. The business’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 identified herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her know-how covers the gaming, property, and credit financing industries, where he has actually 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 actually acted as and has actually supervised the business’s development and operations in Lagos, Nigeria.

Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, sports betting pivotal in the company’s functional strategies and market expansion.

She founded DearDammy Women’s Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer educational background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed 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 platform in Nigeria, it was the first to introduce a completely practical 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is fully certified.

Under Babalola’s leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting using a wide range of wagering choices 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic organizations and sports betting federal 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, by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering 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 partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing every year. In the exact 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, majority investor, sports betting and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually because turned into one of the world’s biggest online gambling companies.

By 2016, Bet365 created $2 billion in revenues and facilitated $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 wagering business in Nigeria, developed along with entrepreneur 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 asset management business that produces financial investment returns and uses distinct financial investment insights and options to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye’s leadership, Bet9ja has actually ended up being a significant player in the Nigerian sports betting market.

Fikayo Ogunfuye – Country Director 22bet

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

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

His career began at Jumia Group, where he worked in SEO, CRM, sports betting 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, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting, sports betting casino games, and live dealership games. It was launched in 2017 and sports betting is owned and run by Marikit Holdings Ltd, 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 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 global sports betting wagering and sports betting real-money gaming operator known for delivering an omni-channel 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 function 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 dedication to cultivating innovation and development within the area.

On April 30, 2024, sports betting 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 said it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of advanced innovation and a dedication to accountable gaming to revolutionise the sector.

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

At a press briefing, sports betting 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 sports betting Sunbet’s enthusiastic entry. He included that the firm’s robust financial backing and sports betting expert group will enable it to scale and control the market rapidly.

Islamic police raid betting shops in northern Nigeria

Islamic cops in Nigeria’s northern city of Kano have actually begun shutting down sports betting shops, which they say are operating unlawfully.

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

Problems from neighborhood leaders and parents prompted the crackdown, fretted 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 caution, the Sharia officer said.

However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

Kano city is the capital of Kano state, sports betting which has a bulk Muslim population and operates the Islamic legal system – Sharia – alongside secular law.

Bookmakers and bars tend to be allowed 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 focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering shops can be found all over the city. A lot of have television screens, and consumers watch the outcome of international football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had had the ability to operate under the radar as they had opened under false pretenses.

“They do not have licences to run as they were permitted to run video games centres, which they later on converted to sports betting stores,” he said.

The sports betting market has actually broadened significantly throughout West Africa in the last few years. The region is approximately divided in between a generally Muslim north and a mainly Christian south.

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

Nigeria’s debilitating economic crisis has also implied individuals are willing to risk a small amount in the hope of winning big.

However this had caused extensive addiction, and moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.

“These financial problems we are dealing with in Nigeria is God telling us to change 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 encouraging those running those wagering shops to either shut down or we’ll jail them and take them to [a Sharia] court,” Mr Aminudeen stated.

It is uncertain what punishment they would deal with – typically, such infringements bring a fine.

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