Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
sports betting has actually evolved considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, sports betting swimming pool staking was a common sight at motor parks and sports betting kiosks, sports betting where lovers would bet as little as N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, Nigeria's sports betting wagering sector has prospered, attracting millions, sports betting specifically amongst the youthful group dealing with high joblessness rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces a projected annual earnings of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative measures like excise tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Problems such as inadequate age confirmation and advertising rule breaches show market regulative spaces.
In spite of these difficulties, sports betting companies continue to grow through effective organization models and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have actually added to Nigeria's robust $2 billion gambling sector, sports betting with CEOs playing important roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have considerably added to Nigeria's $2 billion gaming empire through their comprehensive audience reach.
Constable Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career covers various 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, sports betting where he served as the Lead Engineer in a Bingo and sports betting 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 sports betting and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has because 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 sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a fully integrated environment that integrates appropriate sports betting material, engaging features, and a first-rate sportsbook.
Considering that taking the helm prior to the pandemic, Sam has actually driven substantial growth for sports betting LiveScore Group. The business's employee headcount has increased by 29%, and yearly earnings has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have propelled LiveScore Group's success and assisted form the market's instructions. LiveScoreBet has actually attained 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 functioned as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market given that 2000, holding different effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing agency.
Under Werkman's leadership, Betway has actually continued to grow its market existence and improve its offerings. The company'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 distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her expertise covers the gaming, sports betting realty, and credit lending industries, where he has established 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 served as Managing Director and has managed the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's operational strategies and market expansion.
She founded DearDammy Women's Initiative (DDWIN), sports betting a non-profit company empowering women-owned organizations. DDWIN offers frHer instructional 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 the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a completely functional site, setting a standard in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is fully accredited.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a wide range of wagering 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, sports betting Managing Director of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and federal governments to design developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, sports betting founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its presence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing annually. In the exact 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, sports betting the creator, bulk investor, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has actually considering that become among the world's largest online sports betting companies.
By 2016, Bet365 generated $2 billion in profits and sports betting facilitated $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered significant 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, developed together with businessman Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian property management business that produces investment returns and uses unique investment insights and options to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually 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 player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has contributed to the company's development through collaborations, organization strategy, and brand-new business development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and consumer experience, and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also worked 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 sports betting platform that offers sports betting, casino games, and sports betting live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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, a company he established in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a significant gamer in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong advocate for the growing African internet environment. His financial investments reflect his dedication to cultivating 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 wagering industry.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage cutting-edge technology and a commitment to accountable sports betting to revolutionise the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's biggest and sports betting most ingenious sports betting platform.
At a press instruction, the business's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, sports betting has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust financial backing and expert team will allow it to scale and control the marketplace quickly.
Islamic cops raid betting stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually begun closing down sports betting stores, which they say are operating unlawfully.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, sports betting referred to as the Hisbah, informed the BBC.
Complaints from community leaders and parents triggered the crackdown, stressed over the growing variety of gambling addicts, he said.
On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a warning, the Sharia officer stated.
However Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - together with secular law.
Bookies and sports betting bars tend to be enabled to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is concentrated on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
Sports betting shops can be found all over the city. Most have tv screens, and customers view the outcome of global football matches or horse races on which they have staked money.
Mr Aminudeen said such bookmakers had been able to operate under the radar as they had actually opened under false pretences.
"They don't have licences to run as they were permitted to run video games centres, which they later converted to wagering shops," he stated.
The sports betting industry has expanded drastically across West Africa in recent years. The region is approximately divided between a mainly Muslim north and sports betting a predominantly Christian south.
Many individuals go to bookies to delight in the sociability of other bettors, though mobile apps are likewise popular for wagering on the outcome of occasions and groups.
Nigeria's crippling economic crisis has likewise implied individuals are willing to risk a small amount in the hope of winning big.
But this had actually resulted in extensive dependency, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.
"These economic concerns we are facing in Nigeria is God informing us to change our ways by stopping sins," he stated.
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 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 infringements 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 prohibited.
