Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has developed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
Slowly, sports betting with increased internet access came virtual sports betting, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Despite economic obstacles such as inflation, Nigeria's sports betting wagering sector has actually thrived, bring in millions, particularly among the youthful demographic facing high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces a projected annual income of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative steps like import tax tasks and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Concerns such as inadequate age confirmation and sports betting marketing guideline breaches reveal industry regulative spaces.
Despite these difficulties, sports betting business continue to thrive through effective service models and aggressive marketing techniques, sports betting leveraging the developer influencer market.
These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing important roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Constable 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 profession covers different functions in the video gaming and show business, sports betting consisting of working at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, where he functioned 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 actually turned into a leading e-commerce company in the wagering and gaming sector, running through online, sports betting mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has actually because broadened its existence, 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 ended up being the CEO of LiveScore Group, a fully integrated environment that integrates appropriate sports betting material, engaging features, and a first-rate sportsbook.
Since taking the helm right before the pandemic, Sam has actually driven substantial growth for sports betting LiveScore Group. The business's employee headcount has actually increased by 29%, and yearly profits has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually 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 selected CEO of Betway in November 2017, having actually previously served as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually been in the online gaming industry because 2000, holding numerous effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market existence and sports betting boost its offerings. The business's app has actually amassed considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her expertise covers the gaming, real estate, and credit lending markets, where he has actually established himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has actually served as Managing Director and has overseen the business's development and sports betting operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, sports betting pivotal in the company's functional methods and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN supplies frHer instructional background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, sports betting established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a fully practical site, 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 worldwide sports betting wagering business 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 runs in more than 50 nations, including Nigeria, where it is fully accredited.
Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of sports betting alternatives 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 actually teamed up 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, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing annually. In the exact 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 investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has because turned into among the world's biggest online gaming business.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 wagering company in Nigeria, developed alongside entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that creates financial investment returns and uses distinct investment insights and solutions to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually become a considerable gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has contributed to the company's growth through collaborations, service method, and new service advancement.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various 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 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 uses sports betting wagering, gambling establishment video games, sports betting and live dealership video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered 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 developed in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has ended up being a substantial gamer in the market, sports betting 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 supporter for sports betting the growing African web ecosystem. His investments show his dedication to fostering development and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, sports betting taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has stated 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 company intends to utilize cutting-edge innovation and a commitment to accountable gaming to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting wagering platform.
At a press instruction, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and professional group will enable it to scale and sports betting control the marketplace rapidly.
Islamic cops raid wagering shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started closing down sports betting wagering stores, which they say are operating unlawfully.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Grievances from community leaders and parents triggered the crackdown, fretted about the growing number of gambling addicts, he said.
On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer stated.
But Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - together with secular law.
Bookmakers and bars tend to be allowed to operate in Kano's Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and sports betting the economic center of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have television screens, and customers see the result of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretenses.
"They do not have licences to run as they were allowed to run computer game centres, which they later converted to sports betting shops," he said.
The sports betting market has actually broadened considerably across West Africa recently. The region is roughly divided in between a mainly Muslim north and a predominantly Christian south.
Many people go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for sports betting wagering on the result of occasions and groups.
Nigeria's crippling recession has also meant people want to run the risk of a small amount in the hope of winning huge.
However this had actually led to prevalent addiction, and sports betting parents were even complaining that kids were dropping out of school to bet, sports betting Mr Aminudeen stated.
"These financial concerns we are dealing with in Nigeria is God informing us to change our ways 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 stores to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - typically, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the consumption of alcohol were banned.
