Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
Gambling has progressed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a common sight at motor sports betting parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Slowly, with increased web gain access to came virtual sports betting, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
In spite of economic obstacles such as inflation, Nigeria's sports betting wagering sector has actually grown, sports betting bring in millions, particularly amongst the youthful group dealing with high joblessness rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, sports betting driving a market that creates an estimated annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative measures like excise duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Concerns such as inadequate age verification and sports betting marketing rule breaches show industry regulative spaces.
In spite of these challenges, sports betting companies continue to flourish through effective service models and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing important functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have significantly contributed to Nigeria's $2 billion sports betting empire through their substantial 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 diverse career spans numerous roles in the video gaming and show business, including operating at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, where he acted 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 service in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, sports betting 2006, sports betting and has actually considering that expanded its existence, sports betting accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.
Since taking the helm right before the pandemic, Sam has driven substantial development for sports betting LiveScore Group. The company's worker headcount has actually increased by 29%, and yearly income has risen from around ₤ 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 major sports betting 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, sports betting having actually formerly worked as the business's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and sports betting has actually been in the online video gaming industry given that 2000, holding various effective functions, sports betting consisting of 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 presence and improve its offerings. The business's app has actually amassed considerable 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 changing start-ups into institutionalized services. Her competence covers the video gaming, realty, and credit financing industries, where he has actually developed himself as a strategic and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Since June 2019, she has actually served as Managing Director and has actually overseen the company's growth and operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's operational strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. 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, Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a totally functional website, setting a benchmark in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is fully licensed.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting choices and an easy to use platform. The 1XBET app has over 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 worked together with African socio-economic institutions and governments to develop developmental policies aimed at empowering youths. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and sports betting released 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 company has actually quickly grown its existence in Nigeria, 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, creating over 100,000 tasks, the number of which is increasing yearly. 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 gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually because grown into among the world's largest online gaming companies.
By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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 business in Nigeria, established together with business person 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 property management company that produces investment returns and provides unique financial investment insights and solutions to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the business's development through collaborations, service method, and new company advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled item development and client experience, and sports betting Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held numerous digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, sports betting where he operated in SEO, CRM, and sports betting 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that uses sports betting, casino games, sports betting and live dealer video games. It was introduced in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a business registered 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, sports betting a company he established in 2013.
SportyBet is a worldwide sports betting wagering and real-money gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually become a significant gamer in the market, 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 mobile payments and sports betting a strong supporter for the growing African web ecosystem. His investments show his commitment to fostering innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, sports betting participating 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 concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize advanced technology and a commitment to responsible gaming to change the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent's largest and most ingenious sports betting platform.
At a press rundown, the company's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and sports betting the continent's deep passion for sports betting, especially football, has set the stage for sports betting Sunbet's enthusiastic entry. He included that the firm's robust financial backing and specialist group will enable it to scale and control the marketplace rapidly.
Islamic cops raid betting shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have begun closing down sports betting wagering shops, which they say are operating unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police, called the Hisbah, informed the BBC.
Grievances from community leaders and moms and dads triggered the crackdown, worried about the growing number of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a caution, sports betting the Sharia officer said.
However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on 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 secular law.
Bookmakers and bars tend to be allowed to operate in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting stores can be found all over the city. The majority of have tv screens, and clients watch the outcome of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookies had been able to operate under the radar as they had opened under false pretences.
"They don't have licences to operate as they were permitted to run video games centres, which they later on transformed to wagering shops," he stated.
The sports betting wagering industry has actually broadened considerably throughout West Africa in recent years. The area is approximately divided between a mainly Muslim north and a mainly Christian south.
Lots of people go to bookmakers to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and teams.
Nigeria's debilitating economic crisis has also indicated people are willing to risk a percentage in the hope of winning huge.
However this had actually resulted in extensive addiction, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.
"These economic issues we are facing in Nigeria is God informing us to change our methods by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am encouraging those running those wagering shops to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would deal with - frequently, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and the usage of alcohol were prohibited.
