Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
sports betting has evolved considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.
Slowly, with increased internet access came virtual wagering, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Despite financial difficulties such as inflation, Nigeria's sports betting sector has prospered, attracting millions, specifically amongst the vibrant group dealing with high unemployment rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that creates an approximated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative steps like import tax responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of difficulties in enforcement. Problems such as inadequate age confirmation and advertising guideline breaches reveal market regulatory spaces.
In spite of these challenges, sports betting business continue to prosper through efficient company designs and sports betting aggressive marketing techniques, leveraging the creator sports betting influencer industry.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing important roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have significantly contributed to Nigeria's $2 billion gambling empire through their comprehensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans numerous roles in the video gaming and show business, including working at one of the United Kingdom's largest video gaming centres, The Palace Bingo Club, where he functioned 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 organization in the wagering and gaming sector, sports betting operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has because broadened 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated community that integrates pertinent sports betting content, engaging features, and a first-rate sportsbook.
Because taking the helm prior to the pandemic, Sam has actually driven substantial development for LiveScore Group. The business's staff member headcount has actually increased by 29%, and sports betting annual revenue has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually propelled LiveScore Group's success and helped form the market'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 designated CEO of Betway in November 2017, having actually formerly worked as the business's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry because 2000, holding numerous successful functions, including General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman's leadership, Betway has actually continued to grow its market presence and enhance its offerings. The company'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 distinguished herself as a senior executive with a track record of changing start-ups into institutionalized organizations. Her knowledge spans the gaming, property, and credit loaning industries, where he has actually developed himself as a strategic and functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Considering that June 2019, she has worked as Managing Director and has overseen the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's operational methods and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. 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 business, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a fully functional website, 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 global sports betting wagering 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 business runs in more than 50 nations, consisting of Nigeria, where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a vast array 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 ventures, Ukanwoke has worked together with African socio-economic institutions and sports betting governments to design developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment business has actually rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing every year. In the same year, sports betting 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 investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has considering that become one of the world's largest online gambling companies.
By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 wagering company in Nigeria, established alongside entrepreneur 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 generates investment returns and offers unique financial investment insights and solutions to both specific and 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 become a substantial gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has actually been serving as the Country Director sports betting for 22BET in Nigeria because June 2021. In this role, he has actually contributed to the business's growth through collaborations, service method, and brand-new company development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and customer experience, and Country Manager at 22BET, focusing on marketing method and 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 profession started at Jumia Group, where he operated 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 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 gaming platform that offers sports betting wagering, casino games, and live dealership games. It was released 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 casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has ended up being a considerable 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 financier in fintech and mobile payments and a strong supporter for sports betting the growing African web environment. His financial investments reflect his commitment to promoting development and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market 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 innovative technology and a dedication to accountable gaming to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, sports betting Sunbet, which will introduce in the first quarter of 2025, intends to be the continent's largest and most ingenious sports betting platform.
At a press briefing, the company's spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, sports betting specifically football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust financial backing and professional team will enable it to scale and dominate the marketplace rapidly.
Islamic police raid wagering shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started shutting down sports betting wagering shops, which they say are running unlawfully.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Complaints from community leaders and moms and sports betting dads triggered the crackdown, worried about the growing variety of gambling 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 caution, the Sharia officer stated.
However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting operates the Islamic legal system - Sharia - together with nonreligious law.
Bookmakers and bars tend to be allowed 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 focused on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have television screens, and clients enjoy the outcome of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had actually 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 allowed to run computer game centres, which they later transformed to sports betting shops," he stated.
The sports betting market has broadened significantly across West Africa over the last few years. The region is roughly divided between a primarily Muslim north and a mainly Christian south.
Many people go to bookies to delight in the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the result of occasions and groups.
Nigeria's crippling recession has also suggested individuals are willing to run the risk of a percentage in the hope of winning huge.
However this had led to extensive dependency, and moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen stated.
"These economic problems we are dealing with in Nigeria is God telling 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 recommending those running those wagering stores to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what punishment they would face - typically, such violations bring a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the consumption of alcohol were banned.
