Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has evolved considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.
Gradually, with increased web access came virtual wagering, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Regardless of financial difficulties such as inflation, Nigeria's sports betting wagering sector has actually thrived, attracting millions, specifically amongst the vibrant market dealing with high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an estimated annual profits of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory measures like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of obstacles in enforcement. Problems such as insufficient age confirmation and advertising rule breaches show market regulatory gaps.
In spite of these challenges, sports betting companies continue to thrive through effective organization models and aggressive marketing methods, leveraging the developer influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, sports betting with CEOs playing important functions in broadening audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting business who have substantially contributed to Nigeria's $2 billion gambling empire through their extensive audience reach.
Sheriff 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 profession spans different functions in the video gaming and show business, consisting of working at among the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he functioned 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 become a leading e-commerce service in the wagering and gaming sector, sports betting running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has since expanded 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 fully integrated environment that integrates relevant sports betting material, engaging functions, and a first-rate sportsbook.
Because taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The business's employee headcount has increased by 29%, and yearly profits has surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and sports betting strategic vision have actually propelled LiveScore Group's success and helped shape the industry's instructions. LiveScoreBet has actually achieved major 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, having previously functioned as the business's Marketing and Operations Director sports betting considering that 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry since 2000, holding various successful roles, consisting of General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market presence and improve its offerings. The business's app has actually garnered significant 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 performance history of transforming start-ups into institutionalized businesses. Her know-how spans the video gaming, real estate, and sports betting credit loaning industries, where he has established himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Given that June 2019, she has functioned as Managing Director and has overseen the company's growth and operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's functional methods and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, sports betting the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a fully practical website, setting a criteria 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is fully certified.
Under Babalola's management, sports betting 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of wagering options and sports betting an user-friendly 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 actually teamed up with African socio-economic organizations and sports betting federal governments to design 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, 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 wagering and home entertainment company has actually rapidly 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, creating over 100,000 tasks, the number of which is increasing annually. In the exact same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.
Denise Coates - CEO Bet 365
Denise Coates is a British billionaire businesswoman, the founder, majority investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and sports betting has actually considering that turned into one of the world's largest online gambling companies.
By 2016, Bet365 generated $2 billion in revenues and facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has amassed 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 company in Nigeria, sports betting established alongside business person Kunle Soname, sports betting who likewise 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 produces financial investment returns and uses distinct investment insights and sports betting options to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a substantial player in the Nigerian sports betting market.
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 given that June 2021. In this function, he has added to the company's development through partnerships, organization method, and brand-new business development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and sports betting customer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and sports betting Betty Bingo.
His profession started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 sports betting platform that offers sports betting wagering, gambling establishment video games, and live dealership games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are also 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 developed in 2013.
SportyBet is an international sports betting wagering and real-money video gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has become a significant player in the market, 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 internet environment. His financial investments reflect his commitment to cultivating innovation and development within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering industry.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market 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 company intends to utilize advanced innovation and a commitment to accountable gaming to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, sports betting which will release in the very first quarter of 2025, intends to be the continent's biggest and most innovative sports betting wagering platform.
At a press instruction, the business's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and professional group will allow it to scale and control the marketplace rapidly.
Islamic authorities raid wagering shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started closing down sports betting wagering stores, sports betting which they state are running unlawfully.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Grievances from community leaders and parents prompted the crackdown, stressed over the growing number of gambling addicts, sports betting he said.
On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on sports betting, those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - alongside nonreligious law.
Bookies and sports betting bars tend to be permitted to run in Kano's Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, the current crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
Sports betting stores can be found all over the city. Many have tv screens, and consumers see the result of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had had the ability to run under the radar as they had opened under false pretenses.
"They don't have licences to run as they were allowed to run computer game centres, which they later converted to sports betting shops," he stated.
The sports betting wagering industry has broadened drastically throughout West Africa in recent years. The region is approximately divided between a generally Muslim north and sports betting a primarily Christian south.
Lots of people go to bookmakers to take pleasure in the sociability of other bettors, sports betting though mobile apps are likewise popular for wagering on the outcome of events and teams.
Nigeria's debilitating recession has actually likewise suggested individuals are willing to risk a small amount in the hope of winning huge.
However this had caused prevalent dependency, sports betting and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.
"These economic concerns we are dealing with in Nigeria is God telling us to alter our methods 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 advising those running those wagering shops to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would deal with - frequently, such violations bring a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and sports betting the intake of alcohol were banned.
