Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
Gambling has developed significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, sports betting where lovers would wager just N50-N200 on matches.
Slowly, with increased internet gain access to came virtual sports betting, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
In spite of financial challenges such as inflation, Nigeria's sports betting wagering sector sports betting has actually grown, attracting millions, particularly amongst the younger market facing high joblessness rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that creates a projected yearly profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory procedures like import tax tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Problems such as inadequate age confirmation and sports betting marketing rule breaches show industry regulatory gaps.
Regardless of these difficulties, sports betting business continue to thrive through reliable business designs and aggressive marketing strategies, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing important roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have substantially added to Nigeria's $2 billion sports betting empire through their extensive 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 covers different roles in the video gaming and entertainment industry, including working at among the United Kingdom's biggest gaming centres, The Palace Bingo Club, sports betting 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, sports betting Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce business in the sports betting and video gaming sector, running through online, mobile, sports betting and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually because broadened its existence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated community that integrates relevant sports betting material, sports betting engaging features, sports betting and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has driven considerable growth for LiveScore Group. The business's worker headcount has actually increased by 29%, and annual profits has risen from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have propelled LiveScore Group's success and helped form the market's direction. LiveScoreBet has 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 previously acted as the business's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and sports betting has actually remained in the online gaming market since 2000, holding various effective functions, including General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market presence and enhance its offerings. The business's app has amassed considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually identified herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her expertise spans the video gaming, realty, and credit lending markets, where he has actually established himself as a strategic and functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Because June 2019, she has actually worked as Managing Director and has managed the company'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 techniques and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN offers frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, sports betting developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a fully functional site, setting a criteria 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 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 bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is totally certified.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering options 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 endeavors, Ukanwoke has collaborated with African socio-economic organizations and federal governments to design developmental policies focused on empowering young people. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually rapidly 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 jobs, the number of which is increasing every year. In the very 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, sports betting the creator, majority investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually because become one of the world's largest online sports betting companies.
By 2016, Bet365 generated $2 billion in profits and sports betting helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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, a leading sports betting wagering business in Nigeria, developed together with business person Kunle Soname, who also 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 creates financial investment returns and uses distinct financial investment insights and services to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has ended up being a substantial player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the business's development through collaborations, service strategy, and brand-new business development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, CRM, and 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 gambling platform that offers sports betting wagering, gambling establishment games, and live dealer video games. It was released in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, a business signed up 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 CEO of SportyBet, a company he established in 2013.
SportyBet is an international sports betting and real-money gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has actually become a significant player in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments reflect his dedication to promoting innovation and advancement within the region.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting market.
Sunbet Sporting International Limited has stated 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 growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced innovation and a dedication to accountable gambling to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent's largest and most innovative sports betting wagering platform.
At a press briefing, the business's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and sports betting the continent's deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and specialist team will enable it to scale and control the market rapidly.
Islamic cops raid betting stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually begun closing down sports betting wagering stores, which they state are operating illegally.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, sports betting informed the BBC.
Problems from community leaders and sports betting moms and dads triggered the crackdown, stressed over the growing number of gambling addicts, he said.
On the very first day of raids, 30 shops were closed in one suburb alone, and their owners were sent home with a warning, the Sharia officer said.
But Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - along with secular law.
Bookmakers and sports betting bars tend to be allowed to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.
sports betting wagering stores can be discovered all over the city. A lot of have tv screens, and consumers see the result of international football matches or sports betting horse races on which they have staked money.
Mr Aminudeen said such bookmakers had actually been able to run 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 transformed to wagering shops," he stated.
The sports betting wagering industry has actually broadened significantly throughout West Africa recently. The region is approximately divided in between a generally Muslim north and a primarily Christian south.
Many people go to bookmakers to take pleasure in the sociability of other gamblers, though mobile apps are likewise popular for sports betting wagering on the result of events and groups.
Nigeria's debilitating economic crisis has also indicated people want to run the risk of a small amount in the hope of winning huge.
However this had caused widespread addiction, and sports betting parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.
"These economic concerns we are facing in Nigeria is God telling us to alter our methods by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those sports betting shops to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would deal with - typically, sports betting 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.
