Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
sports betting has actually evolved substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Regardless of economic difficulties such as inflation, sports betting Nigeria's sports betting sector has actually thrived, bring in millions, particularly among the younger market facing high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates a projected annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative measures like import tax duties and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of obstacles in enforcement. Issues such as inadequate age confirmation and marketing guideline breaches show industry regulative spaces.
In spite of these difficulties, sports betting business continue to thrive through effective business models and aggressive marketing methods, leveraging the creator influencer market.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually substantially added to Nigeria's $2 billion gaming empire through their comprehensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers numerous roles in the gaming and show business, consisting of operating at one of the United Kingdom's largest video gaming centres, The Palace Bingo Club, where he acted 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, running through online, mobile, sports betting and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has because expanded its existence, sports betting accomplishing 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 became the CEO of LiveScore Group, a completely integrated ecosystem that combines pertinent sports betting material, sports betting engaging functions, and a world-class sportsbook.
Considering that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The company's worker headcount has increased by 29%, and annual income has surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually propelled LiveScore Group's success and assisted shape the market's instructions. LiveScoreBet has accomplished major user engagement, sports betting 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 acted as the company's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online video gaming industry since 2000, holding various effective functions, including General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman's leadership, Betway has continued to grow its market presence and improve its offerings. The business's app has gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her know-how spans the video gaming, property, sports betting and credit loaning industries, where he has actually established himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Considering that June 2019, she has served as Managing Director sports betting and has actually supervised the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's functional techniques and market growth.
She founded DearDammy Women's Initiative (DDWIN), sports betting a non-profit company empowering women-owned companies. 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 creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a totally practical website, setting a benchmark in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company runs 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, offering a wide variety of sports betting choices and an easy to use 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually 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, sports betting founded and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting home entertainment business 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, developing over 100,000 jobs, the number of which is increasing annually. In the 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 released in 2001 as an online sports betting site and has actually given that turned into among the world's biggest online gaming business.
By 2016, sports betting Bet365 created $2 billion in incomes and helped with $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has garnered 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, established along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that creates investment returns and uses special investment insights and solutions to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a substantial player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has been serving as the Country Director for sports betting 22BET in Nigeria since June 2021. In this role, he has actually added to the business's growth through collaborations, company strategy, and brand-new service advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and 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 sports betting 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 gaming platform that uses sports betting, gambling establishment video games, and live dealer games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.
SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually become a considerable 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 mobile payments and a strong advocate for sports betting the growing African internet community. His financial investments show his commitment to fostering development and advancement within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced innovation and a commitment to responsible gaming to revolutionise the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims 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, sports betting mobile use, and the continent's deep enthusiasm for sports betting, especially football, has set the stage for Sunbet's ambitious entry. He added that the company's robust financial backing and specialist team will enable it to scale and sports betting control the market rapidly.
Islamic authorities raid betting stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually started shutting down sports betting shops, which they say are operating illegally.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Problems from community leaders and parents prompted the crackdown, fretted about the growing number of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting runs the Islamic legal system - Sharia - together with secular law.
Bookmakers and bars tend to be permitted to operate in Kano's Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and sports betting the financial center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. The majority of have television screens, and clients see the result of international 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 opened under false pretences.
"They don't have licences to run as they were permitted to run computer game centres, which they later transformed to sports betting stores," he stated.
The sports betting market has actually broadened significantly throughout West Africa in recent years. The area is roughly divided between a primarily Muslim north and a primarily Christian south.
Many people go to bookmakers to take pleasure in the friendship of other bettors, though mobile apps are also popular for wagering on the result of occasions and sports betting teams.
Nigeria's crippling economic crisis has actually likewise meant individuals are willing to risk a percentage in the hope of winning big.
However this had resulted in prevalent dependency, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.
"These financial issues we are facing in Nigeria is God telling us to change 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 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 deal with - often, such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and sports betting the intake of alcohol were prohibited.
