Power Players and Prayer Police: The Fate of Sports Betting in Nigeria
Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
sports betting has developed significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
Gradually, with increased web access came virtual wagering, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
Regardless of financial challenges such as inflation, Nigeria's sports betting sector has actually thrived, sports betting attracting millions, especially amongst the youthful demographic dealing with high joblessness rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates an approximated yearly revenue of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative steps like import tax duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of obstacles in enforcement. Problems such as insufficient age confirmation and sports betting marketing guideline breaches show market regulative spaces.
In spite of these challenges, sports betting wagering companies continue to thrive through effective service designs and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, sports betting with CEOs playing crucial roles in broadening audience reach and sports betting driving industry growth. Here are the CEOs of leading sports betting companies who have actually significantly added to Nigeria's $2 billion gaming empire through their substantial 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 varied career spans various functions in the video gaming and entertainment industry, including working at one of the United Kingdom's largest 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 wagering and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually given that broadened its existence, sports betting attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated environment that integrates appropriate sports betting material, engaging functions, and sports betting a world-class sportsbook.
Since taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business's worker headcount has increased by 29%, sports betting and annual income has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and sports betting tactical vision have actually propelled LiveScore Group's success and helped 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 selected CEO of Betway in November 2017, having previously worked as the business's Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually been in the online video gaming market since 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market presence and boost its offerings. The company's app has actually amassed considerable user engagement, 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 organizations. Her expertise covers the gaming, sports betting property, and credit financing industries, sports betting where he has actually established himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET's success for sports betting over 14 years. Given that June 2019, she has served as Managing Director and has actually managed the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting critical in the company's functional techniques and market growth.
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, sports betting finished in 2005.
Akin Alabi, the founder 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 release a totally practical site, setting a standard 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, 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 accredited.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of wagering options 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic institutions and governments to design developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing each year. In the 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, the founder, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually since turned into among the world's largest online gaming business.
By 2016, Bet365 created $2 billion in profits and sports betting helped with $45 billion in yearly bets. The business likewise holds a majority 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, established along with business person 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 property management company that generates investment returns and offers distinct financial investment insights and services to both individual and institutional customers.
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 become a substantial player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the company's growth through partnerships, business method, and new organization development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he advancement and customer experience, and Country Manager at 22BET, focusing on marketing method and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, sports betting where he worked in SEO, CRM, and content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and sports betting Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that offers sports betting, casino video games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and 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 business he developed in 2013.
SportyBet is a global sports betting and real-money gaming operator sports betting understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually become a considerable player 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 sports betting development within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting market.
Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of innovative technology and a dedication to responsible gambling to change 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 ingenious sports betting wagering platform.
At a press instruction, the company's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and specialist group will allow it to scale and control the market quickly.
Islamic cops raid wagering stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually started closing down sports betting shops, which they state are operating illegally.
"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, sports betting known as the Hisbah, sports betting told the BBC.
Complaints from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing number of gambling addicts, he stated.
On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent out home with a caution, the Sharia officer stated.
However 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 majority Muslim population and runs the Islamic legal system - Sharia - alongside secular law.
Bookies and bars tend to be permitted to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting shops can be discovered all over the city. Many have tv screens, and clients enjoy the outcome of worldwide 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 don't have licences to run as they were allowed to run computer game centres, which they later converted to wagering stores," he said.
The sports betting industry has broadened significantly throughout West Africa in recent years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.
Lots of people go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are also popular for sports betting on the result of occasions and sports betting groups.
Nigeria's crippling recession has also implied individuals want to risk a small amount in the hope of winning huge.
However this had led to widespread dependency, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.
"These economic issues we are dealing with in Nigeria is God informing us to alter our ways by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, thought about 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 shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would face - typically, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and sports betting the usage of alcohol were banned.
