Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gaming has developed significantly 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 common sight at motor sports betting parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, with increased internet access came virtual wagering, which parallels worldwide 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.
Despite economic difficulties such as inflation, Nigeria's sports betting sector has actually thrived, bring in millions, especially among the vibrant market dealing with high unemployment rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces a projected annual profits of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like excise tasks and sports betting VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of obstacles in enforcement. Issues such as inadequate age confirmation and marketing guideline breaches reveal industry regulatory spaces.
Despite these difficulties, sports betting wagering companies continue to grow through effective business designs and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing essential functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually substantially added to Nigeria's $2 billion sports betting 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 roles in the gaming and entertainment industry, sports betting 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 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 company in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually considering that broadened 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that integrates pertinent sports betting content, engaging features, and sports betting a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The business's staff member headcount has actually increased by 29%, sports betting and yearly income has surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually moved LiveScore Group's success and assisted shape the market's instructions. LiveScoreBet has 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 formerly served as the business's Marketing and Operations Director since 2015. He joined Betway in 2013 and sports betting has actually been in the online gaming industry given that 2000, holding numerous effective roles, consisting of General Manager of a data analytics group and Director sports betting of a digital marketing agency.
Under Werkman's leadership, Betway has continued to grow its market existence and boost its offerings. The business's app has actually gathered significant 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 transforming start-ups into institutionalized services. Her know-how spans the video gaming, realty, and credit lending markets, where he has actually developed himself as a strategic and sports betting operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Considering that June 2019, she has served as Managing Director and has actually supervised the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's operational strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer educational background includes 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 first sports betting wagering platform in Nigeria, it was the first to introduce a completely practical site, setting a benchmark 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, including Nigeria, sports betting where it is totally accredited.
Under Babalola's leadership, sports betting 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of sports betting options and 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 sports betting of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic institutions and federal governments to develop 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has quickly grown its presence 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, sports betting developing over 100,000 tasks, sports betting the variety of which is increasing each 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, the founder, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually considering that turned into one of the world's largest online sports betting companies.
By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered considerable 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 company in Nigeria, established together with businessman Kunle Soname, sports betting who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces investment returns and sports betting offers special financial investment insights and solutions to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually become a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the business's development through partnerships, company method, and brand-new service development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and sports betting client experience, and Country Manager at 22BET, focusing on marketing technique and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His profession 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 uses sports betting wagering, gambling establishment games, and live dealership video games. It was launched in 2017 and sports betting 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 sports betting CEO of SportyBet, a company he developed in 2013.
SportyBet is an international sports betting wagering and real-money video gaming operator known for sports betting providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has 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 investor in fintech and mobile payments and sports betting a strong advocate for the growing African internet community. His financial investments show his dedication to cultivating development and development within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering market.
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 yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize innovative technology and a commitment to accountable gambling to revolutionise the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting platform.
At a press instruction, the business's representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and sports betting the continent's deep passion for sports betting, especially football, has actually set the stage for sports betting Sunbet's ambitious entry. He included that the company's robust sponsorship and professional group will allow it to scale and dominate the market quickly.
Islamic police raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started closing down sports betting wagering stores, sports betting which they say are operating illegally.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, sports betting informed the BBC.
Complaints from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing number of gambling addicts, he stated.
On the first day of raids, 30 stores were closed in one residential area alone, sports betting and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - along with nonreligious law.
Bookmakers and bars tend to be permitted to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim locations of Kano, a vast city and sports betting the economic hub of northern Nigeria.
Sports betting shops can be found all over the city. A lot of have tv screens, and clients view the result of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had actually been able to run under the radar as they had actually opened under false pretences.
"They do not have licences to operate as they were allowed to run video games centres, which they later converted to wagering stores," he stated.
The sports betting industry has actually broadened dramatically across West Africa over the last few years. The region is approximately divided between a mainly Muslim north and a mainly Christian south.
Many individuals go to bookmakers to delight in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the outcome of occasions and sports betting teams.
Nigeria's debilitating recession has likewise suggested individuals are willing to run the risk of a small amount in the hope of winning huge.
But this had caused prevalent addiction, and moms and sports betting dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen said.
"These financial problems we are dealing with in Nigeria is God informing us to alter our ways by stopping sins," he said.
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 wagering stores to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what punishment they would deal with - frequently, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the usage of alcohol were banned.
