Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
Gaming has actually progressed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and sports betting kiosks, sports betting where lovers would bet as low as N50-N200 on matches.
Gradually, with increased web gain access to came virtual sports betting, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is forecasted to nearly double to $182.02 billion by 2030.
Despite financial difficulties such as inflation, Nigeria's sports betting wagering sector has actually prospered, attracting millions, especially among the vibrant market dealing with high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting, 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 regulative measures like excise tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of challenges in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show industry regulatory spaces.
Regardless of these difficulties, sports betting wagering business continue to flourish through effective company models and aggressive marketing methods, leveraging the developer influencer market.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing essential functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have significantly added 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 varied profession covers different functions in the video gaming and show business, sports betting including operating at among the United Kingdom's biggest 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, has 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 sports betting has actually since expanded its existence, 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 fully integrated community that integrates appropriate sports betting material, engaging functions, and a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The business's employee headcount has actually increased by 29%, and yearly earnings has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have actually moved LiveScore Group's success and assisted form the industry'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 designated CEO of Betway in November 2017, sports betting having actually formerly worked as the business's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry considering that 2000, holding different effective roles, including General Manager of an information analytics team and Director of a digital marketing agency.
Under Werkman's management, Betway has continued to grow its market existence and sports betting enhance its offerings. The company's app has gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her know-how spans the video gaming, sports betting real estate, and credit loaning industries, where he has actually developed himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Since June 2019, sports betting she has actually worked as Managing Director and has managed the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's functional strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN supplies frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, sports betting 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 first to release a totally functional website, setting a standard in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is completely accredited.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide range of wagering choices and sports betting 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 collaborated with African socio-economic institutions and governments to develop 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, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its existence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, 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, majority investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has considering that turned into among the world's largest online gambling business.
By 2016, Bet365 created $2 billion in profits and helped with $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, developed together with business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates financial investment returns and uses unique financial investment insights and services to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has become a considerable player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has actually been serving as the Country Director for sports betting 22BET in Nigeria since June 2021. In this role, he has actually added to the company's growth through collaborations, sports betting organization technique, and new business advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and sports betting client experience, and Country Manager at 22BET, focusing on marketing strategy and spending 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 began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise 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 gambling platform that provides sports betting, gambling establishment video games, sports betting and live dealer games. It was launched in 2017 and is owned and run 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 business he developed in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually ended up being a considerable gamer 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 sports betting mobile payments and a strong advocate for the growing African internet ecosystem. His investments show his commitment to fostering innovation and development within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to disrupt the sports wagering market.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless 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 sports betting PwC, the company aims to leverage innovative innovation and sports betting a commitment to responsible sports betting to change the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's largest and most innovative sports betting wagering platform.
At a press instruction, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, sports betting mobile use, and the continent's deep enthusiasm for sports betting, specifically football, sports betting has actually set the stage for sports betting Sunbet's enthusiastic entry. He added that the company's robust financial backing and specialist group will enable it to scale and dominate the marketplace quickly.
Islamic cops raid betting stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually begun shutting down sports betting wagering stores, which they state are operating unlawfully.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, sports betting told the BBC.
Complaints from neighborhood leaders and parents prompted the crackdown, stressed over the growing number of gambling addicts, he stated.
On the very first day of raids, 30 stores were closed in one residential area alone, sports betting and their owners were sent out home with a caution, the Sharia officer stated.
However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gambling, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - alongside nonreligious law.
Bookies and bars tend to be enabled to operate in Kano's Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.
Sports betting stores can be found all over the city. The majority of have television screens, and customers enjoy the result of international football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookies had actually been able to operate under the radar as they had actually opened under false pretences.
"They do not have licences to run as they were allowed to run video games centres, which they later converted to sports betting shops," he said.
The sports betting market has broadened considerably throughout West Africa in recent years. The region is roughly divided in between a generally Muslim north and sports betting a primarily Christian south.
Lots of people go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and groups.
Nigeria's crippling recession has actually also suggested individuals want to run the risk of a small amount in the hope of winning big.
But this had caused extensive addiction, and moms and dads were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen stated.
"These economic issues we are dealing with in Nigeria is God telling us to change our ways 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 sports betting stores to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what punishment they would face - frequently, such violations bring a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the intake of alcohol were banned.
