North Raids South Innovation: Nigeria s Sports Betting Industry In Transformation

bet9ja.comMeet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.


Gambling has progressed considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.


Slowly, with increased web gain access to came virtual sports betting, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.


Despite financial challenges such as inflation, Nigeria's sports betting sector has actually thrived, drawing in millions, sports betting specifically among the younger market dealing with high joblessness rates.


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


The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of challenges in enforcement. Issues such as inadequate age confirmation and sports betting advertising rule breaches show market regulatory spaces.


Regardless of these challenges, sports betting wagering companies continue to grow through efficient organization designs and aggressive marketing techniques, sports betting leveraging the developer influencer industry.


These efforts have actually added to Nigeria's robust $2 billion gaming sector, sports betting with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have significantly added to Nigeria's $2 billion gaming empire through their substantial audience reach.


Sheriff Olaniyan - CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans numerous roles in the gaming and sports betting show business, consisting of operating at among the United Kingdom's largest gaming centres, The Palace Bingo Club, where he worked as the 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 service in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually because broadened 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that combines pertinent sports betting content, engaging functions, and a first-rate sportsbook.


Given that taking the helm right before the pandemic, Sam has driven considerable development for LiveScore Group. The business's worker headcount has actually increased by 29%, and sports betting annual income has surged from approximately ₤ 10 million to over ₤ 80 million.


Sam's leadership and strategic vision have actually moved LiveScore Group's success and helped form the market'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, sports betting having actually formerly worked as the business's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry since 2000, holding various successful functions, including General Manager of a data analytics team and Director sports betting of a digital marketing firm.


Under Werkman's management, Betway has continued to grow its market existence and enhance its offerings. The company's app has amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her competence spans the video gaming, property, and sports betting credit lending markets, where he has established himself as a tactical and operational leader.


Damilare has actually been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has served as Managing Director and has actually managed the business'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 methods and market growth.


She established DearDammy Women's Initiative (DDWIN), sports betting a non-profit organization empowering women-owned services. DDWIN offers frHer instructional background consists of 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, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a fully practical website, setting a criteria 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 international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting 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 licensed.


Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting alternatives 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic organizations and governments to develop developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.


BetKing, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business 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 participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety 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, the founder, bulk investor, and joint Chief Executive of Bet365, sports betting an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has given that grown into among the world's largest online gaming business.


By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has garnered significant 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, sports betting a leading sports betting wagering company in Nigeria, developed alongside businessman 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 business that produces financial investment returns and uses distinct investment insights and options to both private and institutional clients.


Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a considerable gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the company's growth through collaborations, company technique, sports betting and brand-new service development.


Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and sports betting held various 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 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 sports betting a Master of Science (MS) in Business Administration, sports betting Management, and Operations from ESTG University in Cotonou, sports betting Benin Republic.


22Bet is an online gambling platform that uses 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, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 developed in 2013.


SportyBet is a worldwide sports betting wagering and real-money gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has actually become a substantial player 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 sports betting the growing African web ecosystem. His financial investments show his dedication to fostering innovation and development within the region.


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

The firm is set to interfere with the sports wagering market.


Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm intends to take advantage of cutting-edge technology and a commitment to accountable gambling to change the sector.


Backed by the financial power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent's biggest and most innovative sports betting platform.


At a press rundown, the company's spokesperson, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile use, and the continent's deep enthusiasm for sports betting, especially football, has set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and expert team will allow it to scale and control the marketplace quickly.




Islamic police raid wagering shops in northern Nigeria


Islamic police in Nigeria's northern city of Kano have actually begun closing down sports betting shops, which they state are operating illegally.


"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.


Grievances from community leaders and parents triggered the crackdown, fretted about the growing variety of sports betting addicts, he stated.


On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer said.


However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, sports betting those flouting the rules would be arrested.


Kano city is the capital of Kano state, which has a majority Muslim population and sports betting operates the Islamic legal system - Sharia - along with nonreligious law.


Bookmakers and bars tend to be allowed to run in Kano's Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.


Nevertheless, the present crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.


Sports betting stores can be found all over the city. A lot of have television screens, and clients see the result of global football matches or horse races on which they have actually staked money.


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


"They don't have licences to run as they were allowed to run video games centres, which they later on transformed to wagering shops," he stated.


The sports betting wagering industry has actually expanded dramatically across West Africa recently. The region is approximately divided between a generally Muslim north and sports betting a mainly Christian south.


Many individuals go to bookies to enjoy the sociability 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 indicated individuals want to risk a small amount in the hope of winning big.


However this had caused extensive addiction, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.


"These economic concerns we are dealing with in Nigeria is God informing us to change 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 detain them and take them to [a Sharia] court," Mr Aminudeen stated.


It is unclear what punishment they would face - typically, such infringements bring a fine.


Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the usage of alcohol were banned.
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