Nigeria s N2 Billion Sports Betting War: Industry Leaders Face Religious Clampdown As Fresh Challenger Emerges
Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting market.
sports betting has actually developed substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a successful sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as little as 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 almost double to $182.02 billion by 2030.
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Regardless of economic obstacles such as inflation, Nigeria's sports betting wagering sector has grown, drawing in millions, specifically among the younger demographic facing high unemployment rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates an approximated yearly earnings of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative procedures like excise duties and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite challenges in enforcement. Concerns such as insufficient age verification and advertising guideline breaches show market regulative spaces.
In spite of these obstacles, sports betting business continue to flourish through reliable business designs and aggressive marketing methods, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing vital roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have significantly added to Nigeria's $2 billion gaming empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans different roles in the video gaming and entertainment industry, consisting of working at one of the United Kingdom's largest 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 grown 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 considering that broadened its presence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated environment that integrates appropriate sports betting content, engaging features, and a world-class sportsbook.
Since taking the helm right before the pandemic, Sam has driven substantial development for LiveScore Group. The company's worker headcount has actually increased by 29%, and annual profits has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually propelled LiveScore Group's success and helped shape the market's direction. LiveScoreBet has 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 acted as the company's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online video gaming market given that 2000, holding various effective roles, including General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman's leadership, Betway has continued to grow its market presence and enhance its offerings. The business's app has garnered 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 performance history of transforming start-ups into institutionalized companies. Her proficiency spans the video gaming, real estate, and credit lending industries, where he has developed himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Given that June 2019, she has functioned as Managing Director and has actually supervised the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's operational methods and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer educational background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished 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 wagering platform in Nigeria, it was the very first to release a totally practical website, setting a benchmark 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 global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is fully licensed.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a large range of sports betting alternatives 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic institutions and federal governments to design developmental policies aimed at 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, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually 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 collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing every 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 creator, majority investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually considering that grown into one of the world's biggest online gambling companies.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 business in Nigeria, established together with business person Kunle Soname, who also 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 creates investment returns and provides unique financial investment insights and options to both specific 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 become a substantial gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually added to the business's development through partnerships, business method, and brand-new business development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, concentrating on marketing method 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 career started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise functioned 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting, 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 casinos 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 and real-money gaming operator known for delivering an omni-channel home entertainment experience in managed 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 function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web community. His investments show his commitment to promoting innovation and development within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting industry.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of innovative innovation and a commitment to accountable sports betting to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent's biggest and most innovative sports betting platform.
At a press briefing, the business's representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and specialist group will allow it to scale and dominate the market quickly.
Islamic police raid wagering shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started shutting down sports betting wagering shops, which they say are running illegally.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Complaints from neighborhood leaders and moms and dads triggered the crackdown, stressed over the growing number 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 out home with a caution, the Sharia officer said.
But Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be allowed to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.
Sports betting shops can be found all over the city. A lot of have television screens, and clients enjoy the result of global football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookmakers had actually been able to run under the radar as they had opened under false pretences.
"They do not have licences to operate as they were permitted to run computer game centres, which they later on transformed to sports betting shops," he said.
The sports betting wagering industry has broadened drastically throughout West Africa recently. The region is roughly divided in between a generally Muslim north and a predominantly Christian south.
Many individuals go to bookmakers to enjoy the friendship of other bettors, though mobile apps are also popular for wagering on the result of events and groups.
Nigeria's debilitating recession has also indicated people are willing to run the risk of a percentage in the hope of winning big.
But this had actually caused prevalent dependency, and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.
"These financial issues we are dealing with in Nigeria is God telling us to alter 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 advising those running those wagering shops to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - frequently, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the consumption of alcohol were banned.
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