Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
Gaming has actually evolved significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, sports betting pool staking was a common sight at motor sports betting parks and sports betting kiosks, where lovers would wager as low as N50-N200 on matches.
Slowly, with increased web gain access to came virtual sports betting, which parallels global patterns. 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.
In spite of financial obstacles such as inflation, sports betting Nigeria's sports betting wagering sector has thrived, drawing in millions, especially amongst the vibrant market facing high joblessness rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an estimated annual earnings of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like import tax tasks and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Issues such as inadequate age verification and marketing rule breaches show market regulative gaps.
Regardless of these challenges, sports betting wagering companies continue to thrive through effective service models and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing vital functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have considerably added to Nigeria's $2 billion sports betting empire through their extensive 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 career spans different functions 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 Lead Engineer in a Bingo and Bowling Club.
Olaniyan holds a BSc in Geography from the University of Ilorin and sports betting 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 business in the wagering and video gaming sector, operating through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has since broadened its existence, 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 totally incorporated environment that combines relevant sports betting content, engaging features, and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has driven considerable development for LiveScore Group. The business's employee headcount has increased by 29%, and yearly revenue has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have actually moved LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has achieved significant user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was appointed CEO of Betway in November 2017, having formerly worked as the business's Marketing and Operations Director because 2015. He joined Betway in 2013 and sports betting has been in the online video gaming market given that 2000, holding numerous effective functions, sports betting including General Manager of a data analytics group and Director of a digital marketing agency.
Under Werkman's management, Betway has actually continued to grow its market presence and sports betting enhance its offerings. The company's app has actually gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her competence covers the video gaming, property, and credit lending industries, where he has established himself as a strategic and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Given that June 2019, she has acted as Managing Director and sports betting has actually managed the company's development and sports betting operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's functional strategies and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer academic background consists of 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 business, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the first to launch a completely practical site, 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 worldwide 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 runs in more than 50 nations, consisting of Nigeria, where it is totally certified.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, sports betting using a wide variety of sports betting 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 endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to create 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, founded and released in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing yearly. In the exact 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 introduced in 2001 as an online wagering website and has considering that become one of the world's largest online gaming companies.
By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has gathered substantial 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 business in Nigeria, developed together with entrepreneur Kunle Soname, sports betting who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that creates investment returns and offers unique financial investment insights and services to both private and sports betting institutional customers.
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 ended up being a significant gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the business's development through partnerships, organization method, sports betting and brand-new service advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, sports betting and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and sports betting Betty Bingo.
His career started at Jumia Group, where he operated in SEO, CRM, sports betting 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 uses sports betting, sports betting casino video games, and live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and 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, sports betting a business he established in 2013.
SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a substantial 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 investor in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His investments reflect his dedication 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 company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry 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 company aims to take advantage of cutting-edge technology and a dedication to responsible sports betting to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent's biggest and most innovative sports betting wagering platform.
At a press instruction, the company's spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, especially football, sports betting has actually set the stage for Sunbet's ambitious entry. He included that the company's robust sponsorship and specialist team will allow it to scale and dominate the marketplace quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have begun closing down sports betting stores, which they say are running unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, sports betting informed the BBC.
Complaints from community leaders and moms and dads triggered the crackdown, worried about the growing variety of sports betting addicts, he stated.
On the first day of raids, 30 shops were closed in one residential area alone, sports betting 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 gambling, sports betting those flouting the rules would be arrested.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and operates the Islamic legal system - Sharia - alongside nonreligious law.
Bookies and sports betting bars tend to be permitted to run in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
Sports betting shops can be found all over the city. A lot of have television screens, and consumers watch the result of global football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had actually opened under false pretences.
"They do not have licences to run as they were allowed to run computer game centres, which they later on transformed to sports betting stores," he stated.
The sports betting wagering market has expanded drastically across West Africa recently. The region is approximately divided in between a mainly Muslim north and a primarily Christian south.
Lots of people go to bookies to delight in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of events and teams.
Nigeria's debilitating recession has actually also meant people are willing to risk a percentage in the hope of winning huge.
But this had caused widespread addiction, sports betting and moms and dads were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen stated.
"These economic concerns we are facing in Nigeria is God telling us to change our ways by stopping sins," he said.
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 advising those running those wagering shops to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would face - often, 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 prohibited.
