Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
Gaming has actually progressed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, which parallels international trends. 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.
Despite economic obstacles such as inflation, Nigeria's sports betting wagering sector has flourished, bring in millions, sports betting specifically among the youthful group facing high joblessness rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an approximated annual income of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory steps like import tax responsibilities and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite obstacles in enforcement. Issues such as inadequate age confirmation and advertising guideline breaches reveal market regulatory gaps.
Despite these challenges, sports betting business continue to flourish through reliable company models and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria's $2 billion gaming empire through their substantial 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 career covers different functions in the gaming and entertainment industry, consisting of working at among 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 sports betting a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce company in the wagering and gaming sector, running through online, mobile, and sports betting retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has actually since expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated community that combines relevant sports betting material, engaging features, and a first-rate sportsbook.
Since taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company's worker headcount has actually increased by 29%, and annual revenue has actually surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have moved LiveScore Group's success and assisted form the market's instructions. 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 selected CEO of Betway in November 2017, having formerly functioned as the business's Marketing and Operations Director given that 2015. He joined Betway in 2013 and sports betting has actually been in the online video gaming industry considering that 2000, holding numerous effective roles, including General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman's management, Betway has actually continued to grow its market existence and boost its offerings. The company's app has actually garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually differentiated herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her proficiency covers the gaming, property, and credit lending markets, where he has actually developed himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Because June 2019, she has served as Managing Director and sports betting has 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 techniques and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN supplies 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 company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a completely practical website, setting a criteria in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is fully licensed.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, sports betting offering a wide variety of sports betting alternatives 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, sports betting Managing Director of KingMakers, and sports betting 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 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company 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 collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing each 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was released in 2001 as an online wagering website and has actually given that turned into one of the world's biggest online gambling business.
By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in yearly bets. The company likewise holds a bulk 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 company in Nigeria, established along with businessman 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 business that creates financial investment returns and uses unique investment insights and solutions to both specific and institutional customers.
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 actually ended up being a significant gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually contributed to the company's growth through partnerships, service strategy, and new service development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, focusing on marketing method and spending 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, sports betting 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that uses sports betting wagering, gambling establishment video games, and live dealer video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise 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 a worldwide sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has ended up being a significant gamer in the industry, sports betting 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 sports betting mobile payments and a strong supporter for the growing African web ecosystem. His investments reflect his commitment to promoting development and advancement within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development 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 responsible gaming to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent's biggest and most innovative sports betting platform.
At a press briefing, the company's representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, sports betting and sports betting the continent's deep passion for sports betting, especially football, has 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 quickly.
Islamic police raid betting stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started shutting down sports betting shops, which they state are operating unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents 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 cautioned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - along with secular law.
Bookmakers and bars tend to be enabled to run in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.
Sports betting shops can be found all over the city. A lot of have tv screens, sports betting and customers view the outcome of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had actually been able to run under the radar as they had actually opened under false pretenses.
"They don't have licences to operate as they were permitted to run video games centres, which they later on transformed to sports betting shops," he said.
The sports betting wagering industry has actually expanded considerably across West Africa over the last few years. The area is approximately divided between a generally Muslim north and a primarily Christian south.
Many 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 occasions and groups.
Nigeria's debilitating recession has actually also indicated individuals want to risk a small amount in the hope of winning big.
But this had caused widespread dependency, and sports betting parents were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.
"These financial issues we are dealing with in Nigeria is God informing us to alter our methods by stopping sins," he said.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am encouraging those running those sports betting shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain 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, gambling and the consumption of alcohol were prohibited.
