Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has developed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Slowly, with increased web access came virtual wagering, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
In spite of economic difficulties such as inflation, sports betting Nigeria's sports betting wagering sector has actually flourished, sports betting bring in millions, particularly among the younger group dealing with high joblessness rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that generates an estimated annual revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulatory steps like excise duties and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of challenges in enforcement. Issues such as insufficient age confirmation and advertising rule breaches reveal market regulatory gaps.
Regardless of these difficulties, sports betting wagering business continue to thrive through effective business designs and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have actually added to Nigeria's robust $2 billion sports betting sector, 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 actually considerably contributed to Nigeria's $2 billion gambling 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 diverse profession covers different functions 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, sports betting has actually turned into a leading e-commerce business in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually since expanded its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated environment that integrates appropriate sports betting content, engaging features, and a world-class sportsbook.
Given that taking the helm prior to the pandemic, sports betting Sam has actually driven considerable growth for LiveScore Group. The company's staff member headcount has increased by 29%, and yearly profits has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and sports betting tactical vision have propelled LiveScore Group's success and assisted form the industry's direction. LiveScoreBet has actually accomplished 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 served as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually been in the online gaming market since 2000, holding various successful functions, including General Manager of an information analytics group and Director of a digital marketing agency.
Under Werkman's management, Betway has continued to grow its market existence and sports betting boost 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 identified herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her expertise spans the gaming, realty, and credit financing markets, where he has actually developed himself as a tactical and functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Given that June 2019, she has actually worked as Managing Director and has overseen the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's functional methods and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, sports betting Nigeria's pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a completely functional website, sports betting setting a benchmark in the market.
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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the largest bookmakers in Europe and sports betting the world. The company runs in more than 50 countries, consisting of Nigeria, where it is totally certified.
Under Babalola's leadership, sports betting 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide range 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and governments to design 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 launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually quickly grown its existence 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 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, sports betting bulk shareholder, and sports betting joint Chief Executive of Bet365, sports betting an online gaming business she established in 2000. Bet365.com was released in 2001 as an online wagering website and has given that turned into among the world's largest online gambling business.
By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered 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, sports betting established along with business owner 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 possession management business that generates investment returns and provides distinct financial investment insights and services to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a substantial player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the company's growth through partnerships, business technique, sports betting and new business development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and client experience, and sports betting Country Manager at 22BET, focusing on marketing technique and sports betting budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His career started 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 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 uses sports betting, casino games, sports betting and live dealer video games. It was launched in 2017 and sports betting is owned and sports betting 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, a business he developed in 2013.
SportyBet is an international sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, sports betting SportyBet has ended up being a substantial player in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and sports betting a strong supporter for the growing African internet community. His investments show his commitment to promoting innovation and development within the area.
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 wagering 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 firm aims to take advantage of innovative technology and a commitment to responsible sports betting to change the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting platform.
At a press briefing, the business's representative, Akin Babatunde, sports betting stated that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's enthusiastic entry. He added that the company's robust financial backing and specialist team will enable it to scale and sports betting dominate the market rapidly.
Islamic cops raid wagering shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started closing down sports betting shops, which they state are running illegally.
"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Grievances from community leaders and parents prompted the crackdown, stressed over the growing variety of sports betting addicts, he stated.
On the first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a warning, the Sharia officer stated.
However Mr Aminudeen alerted that now that the public knew 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 - along with nonreligious law.
Bookies and bars tend to be allowed to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
However, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. Many have television screens, and customers view the outcome of worldwide football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had had the ability to operate under the radar as they had opened under false pretenses.
"They do not have licences to operate as they were allowed to run computer game centres, which they later on converted to sports betting stores," he said.
The sports betting industry has broadened significantly throughout West Africa recently. The region is approximately divided between a primarily Muslim north and a predominantly Christian south.
Lots of people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and groups.
Nigeria's crippling economic crisis has actually also indicated individuals want to risk a small amount in the hope of winning big.
But this had actually caused widespread dependency, and parents were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.
"These financial problems we are facing in Nigeria is God telling us to alter our methods by stopping sins," he said.
The raids on Tuesday focused on Munjibir, sports betting considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those wagering stores to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what punishment they would deal with - typically, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and sports betting the consumption of alcohol were banned.
