The $2 Billion Sports Betting War: CEOs Face Religious Clampdown as Fresh Challenger Surfaces
Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
sports betting has actually developed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Gradually, with increased web access came virtual wagering, which parallels international patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is forecasted to almost double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria's sports betting sector has prospered, bring in millions, particularly among the vibrant market dealing with high joblessness rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that produces an estimated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative measures like import tax duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite obstacles in enforcement. Problems such as insufficient age verification and advertising rule breaches reveal industry regulative spaces.
Despite these obstacles, sports betting wagering business continue to grow through effective organization designs and aggressive marketing techniques, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually considerably 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 business he co-founded with Badmos Olasupo in 2011. His diverse profession covers numerous roles in the gaming and entertainment industry, including operating at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, sports betting 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 actually turned into a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually since expanded its existence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that integrates relevant sports betting content, sports betting engaging features, and a first-rate sportsbook.
Given that taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The business's employee headcount has actually increased by 29%, and annual revenue has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually moved LiveScore Group's success and sports betting helped form the market's direction. 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 actually previously acted as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online gaming market considering that 2000, holding various successful functions, sports betting consisting of General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman's leadership, Betway has continued to grow its market existence and improve its offerings. The business's app has actually amassed substantial 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 track record of transforming start-ups into institutionalized organizations. Her competence covers the video gaming, real estate, and credit loaning industries, sports betting where he has actually developed himself as a tactical and functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Considering that June 2019, she has actually served as Managing Director and has actually overseen the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the business's operational strategies and sports betting market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, sports betting Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to introduce a fully practical website, setting a criteria 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 wagering 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 company operates in more than 50 nations, consisting of Nigeria, where it is fully licensed.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering choices and an user-friendly 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 ventures, Ukanwoke has actually collaborated with African socio-economic institutions and federal governments to create 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 sports betting 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 and entertainment company has 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, producing over 100,000 jobs, the number of which is increasing annually. In the 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, sports betting the founder, sports betting bulk shareholder, sports betting and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has because grown into among the world's biggest online sports betting companies.
By 2016, Bet365 generated $2 billion in profits and sports betting assisted in $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered considerable user engagement, sports betting 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, sports betting developed alongside entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that generates investment returns and sports betting uses distinct investment insights and services to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the company's growth through partnerships, service method, and new business development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, concentrating on marketing strategy and spending 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 also functioned 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, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting wagering, gambling establishment games, and live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting a chain of gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, sports betting SportyBet has actually become a considerable player in the industry, 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 sports betting mobile payments and a strong advocate for the growing African web environment. His financial investments show his commitment to fostering 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 interrupt the sports wagering market.
Sunbet Sporting International Limited has said it is concentrated 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 PwC, the firm intends to take advantage of advanced innovation and a dedication to responsible gaming to revolutionise the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent's largest and sports betting most innovative sports betting platform.
At a press briefing, the company's representative, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile use, and the continent's deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust financial backing and expert group will enable it to scale and dominate the market rapidly.
Islamic authorities raid wagering shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually started shutting down sports betting stores, which they say are operating illegally.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.
Complaints from neighborhood leaders and parents prompted the crackdown, worried about the growing number of sports betting addicts, he stated.
On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on gaming, those flouting the rules 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 nonreligious law.
Bookmakers and bars tend to be allowed to operate in Kano's Christian areas, though they too can face 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 financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. Most have television screens, and customers see the result of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookies had had the ability to run under the radar as they had opened under false pretences.
"They do not have licences to run as they were permitted to run computer game centres, which they later on transformed to sports betting shops," he said.
The sports betting market has actually expanded dramatically throughout West Africa recently. The area is roughly divided between a generally Muslim north and a predominantly Christian south.
Many people go to bookies to enjoy the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and groups.
Nigeria's crippling recession has likewise implied people are willing to run the risk of a small amount in the hope of winning big.
However this had resulted in widespread dependency, and parents were even complaining that children 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 ways by stopping sins," he stated.
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 sports betting stores to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what penalty they would face - often, sports betting such violations carry 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 prohibited.
