Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
sports betting has evolved substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and sports betting is projected to nearly double to $182.02 billion by 2030.
In spite of financial difficulties such as inflation, Nigeria's sports betting sector has actually flourished, drawing in millions, especially amongst the vibrant group dealing with high joblessness rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates an estimated yearly income of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory procedures like import tax duties 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 challenges in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches show industry regulatory spaces.
Regardless of these challenges, sports betting business continue to prosper through reliable service models and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have actually considerably contributed to Nigeria's $2 billion gambling 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 varied profession covers different functions in the video gaming and entertainment industry, including working at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, where he served 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 actually turned into a leading e-commerce organization in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually considering that expanded its existence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated community that integrates pertinent sports betting content, engaging functions, and sports betting a world-class sportsbook.
Because taking the helm prior sports betting to the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company's employee headcount has actually increased by 29%, and annual income has actually risen from roughly ₤ 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 instructions. LiveScoreBet has actually accomplished significant user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was appointed CEO of Betway in November 2017, sports betting having formerly functioned as the business's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually remained in the online gaming industry given that 2000, holding various successful roles, including General Manager of a data analytics group and Director sports betting of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market presence and boost its offerings. The company's app has garnered substantial 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 services. Her competence covers the video gaming, realty, and credit financing markets, where he has actually established himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Since June 2019, she has acted as Managing Director and sports betting has overseen 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 functional techniques and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN supplies frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a fully functional site, setting a benchmark in the market.
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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is totally licensed.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering options and an user-friendly 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated 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, founded and launched in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has 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 partnership with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, 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, bulk investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and sports betting has because become one of the world's largest online gaming business.
By 2016, Bet365 created $2 billion in earnings and assisted in $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 business in Nigeria, developed alongside business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management company that creates financial investment returns and offers special investment insights and sports betting solutions to both private 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 management, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the company's development through collaborations, sports betting business technique, and brand-new organization development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer experience, and Country Manager at 22BET, sports betting concentrating on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he worked in SEO, sports betting CRM, and content management. Fikayo also acted 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 sports betting a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, sports betting Benin Republic.
22Bet is an online gambling platform that offers sports betting, casino video games, and live dealer games. It was introduced in 2017 and is owned and run 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 a worldwide sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a substantial player in the industry, 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 advocate for sports betting the growing African internet ecosystem. His investments show his dedication to fostering innovation and development within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the company intends to utilize advanced innovation and a commitment to responsible sports betting to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent's largest and most ingenious sports betting wagering platform.
At a press instruction, the business's representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and specialist team will allow 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 begun closing down sports betting wagering stores, which they state are running illegally.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Complaints from neighborhood leaders and parents triggered the crackdown, fretted about the growing variety of gambling addicts, sports betting he said.
On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent home with a warning, the Sharia officer stated.
However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and sports betting runs the Islamic legal system - Sharia - alongside secular law.
Bookmakers 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.
However, sports betting the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.
sports betting wagering stores can be found all over the city. A lot of have tv screens, and consumers watch the outcome of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretenses.
"They don't have licences to operate as they were allowed to run computer game centres, which they later converted to sports betting shops," he said.
The sports betting wagering industry has actually broadened significantly throughout West Africa over the last few years. The region is approximately divided between a generally Muslim north and a primarily Christian south.
Many people go to bookmakers to enjoy the sociability of other bettors, though mobile apps are also popular for sports betting on the result of occasions and groups.
Nigeria's debilitating economic crisis has likewise indicated people want to run the risk of a small amount in the hope of winning big.
However this had actually resulted in widespread dependency, and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen stated.
"These financial problems we are facing in Nigeria is God informing us to change our methods 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 sports betting stores to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - frequently, sports betting such infringements bring a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the usage of alcohol were banned.
