Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
Gaming has actually progressed substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
In spite of financial difficulties such as inflation, Nigeria's sports betting wagering sector has prospered, bring in millions, specifically amongst the vibrant demographic facing high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that creates an approximated annual income of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory measures like import tax tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of challenges in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show industry regulatory gaps.
In spite of these difficulties, sports betting companies continue to grow through effective service designs and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have actually significantly contributed to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers various roles in the gaming and show business, including operating at among the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and sports betting 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 grown into a leading e-commerce company in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually considering that expanded its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated community that combines relevant sports betting material, engaging features, and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has driven substantial development for LiveScore Group. The business's staff member headcount has actually increased by 29%, and yearly earnings has surged from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have moved LiveScore Group's success and assisted shape the industry's direction. LiveScoreBet has accomplished significant user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was designated CEO of Betway in November 2017, having previously functioned as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has been in the online video gaming market considering that 2000, holding different effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing agency.
Under Werkman's management, Betway has actually continued to grow its market existence and improve its offerings. The business's app has actually amassed significant 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 performance history of changing start-ups into institutionalized services. Her know-how covers the gaming, property, and credit lending industries, where he has actually established himself as a tactical and sports betting functional leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Because June 2019, she has acted as Managing Director and has actually managed the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business's functional strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, sports betting the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a totally functional 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 worldwide sports betting company 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 runs in more than 50 countries, including Nigeria, where it is totally certified.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a large range of wagering options and an easy to use 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 organizations and sports betting 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, founded and sports betting introduced 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 business has actually rapidly grown its presence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing every year. In the exact 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, the creator, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has because become among the world's largest online gambling business.
By 2016, Bet365 created $2 billion in incomes and helped with $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has gathered significant user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye - CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, sports betting established along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that produces financial investment returns and provides special financial investment insights and services to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually added to the business's development through collaborations, business method, and brand-new organization advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing strategy and sports betting budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also served 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, Benin Republic.
22Bet is an online sports betting platform that provides sports betting, casino video games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a company he established in 2013.
SportyBet is an international sports betting and real-money gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has 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 investor sports betting in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His investments reflect his dedication to promoting innovation and development within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to disrupt the sports betting industry.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage advanced technology and a commitment to responsible sports betting 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, intends to be the continent's largest and sports betting most innovative sports betting platform.
At a press briefing, the company's spokesperson, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile use, sports betting and the continent's deep passion for sports betting, particularly football, has set the stage for sports betting Sunbet's enthusiastic entry. He included that the firm's robust financial backing and expert group will enable it to scale and dominate the marketplace rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started closing down sports betting shops, which they say are running unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.
Complaints from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing variety of sports betting addicts, he said.
On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a caution, the Sharia officer said.
However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gambling, sports betting those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - alongside nonreligious law.
Bookmakers and bars tend to be permitted to operate in Kano's Christian neighbourhoods, sports betting though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, sports betting the existing crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
Sports betting shops can be discovered all over the city. The majority of have tv screens, and sports betting customers see the result of worldwide football matches or sports betting horse races on which they have staked money.
Mr Aminudeen said such bookies had had the ability 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 converted to sports betting shops," he said.
The sports betting wagering industry has actually expanded significantly throughout West Africa in the last few years. The region is roughly divided in between a generally Muslim north and a predominantly Christian south.
Many individuals go to bookmakers to take pleasure in the sociability of other gamblers, though mobile apps are also popular for wagering on the result of occasions and teams.
Nigeria's crippling recession has actually also meant individuals want to risk a percentage in the hope of winning big.
However this had actually caused prevalent addiction, and moms and dads were even complaining that children were leaving of school to gamble, Mr Aminudeen said.
"These financial issues we are facing in Nigeria is God telling us to alter our ways by stopping sins," he stated.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those sports betting stores to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what penalty they would face - typically, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and the usage of alcohol were banned.
