Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has evolved significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Despite financial obstacles such as inflation, Nigeria's sports betting wagering sector has actually thrived, attracting millions, particularly amongst the younger demographic dealing with high joblessness rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that produces an estimated annual earnings of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory measures like excise responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Issues such as inadequate age confirmation and advertising guideline breaches show market regulative spaces.
Despite these obstacles, sports betting wagering business continue to flourish through effective company models and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing vital roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually significantly added to Nigeria's $2 billion gaming 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 spans numerous roles in the gaming and entertainment industry, consisting of working at among the United Kingdom's biggest video gaming centres, sports betting The Palace Bingo Club, where he worked 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, sports betting Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce company in the sports betting and sports betting video gaming sector, running through online, mobile, sports betting and retail channels. The business was incorporated in Nigeria on November 7, sports betting 2006, and has actually because broadened 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 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 material, sports betting engaging features, sports betting and sports betting a first-rate sportsbook.
Because taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The company's employee headcount has actually increased by 29%, and annual profits has risen from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have propelled LiveScore Group's success and assisted form the market's instructions. LiveScoreBet has attained 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, having actually previously acted as the company's Marketing and Operations Director sports betting considering that 2015. He joined Betway in 2013 and has been in the online gaming market given that 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market existence and improve its offerings. The business's app has actually garnered 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 competence covers the gaming, property, and credit lending markets, where he has developed himself as a strategic and functional leader.
Damilare has contributed in NairaBET's success for sports betting over 14 years. Given that June 2019, she has worked as Managing Director and has actually managed the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's operational strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer academic 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 company, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the very first to introduce a totally functional website, 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is totally accredited.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering alternatives 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 ventures, sports betting Ukanwoke has worked together with African socio-economic institutions and federal governments to design developmental policies targeted at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, sports betting founded and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its presence 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, developing over 100,000 tasks, 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, sports betting the creator, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and sports betting has since grown into one of the world's largest online sports betting companies.
By 2016, Bet365 created $2 billion in profits and assisted in $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 company in Nigeria, developed alongside entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian asset management company that generates investment returns and uses unique investment insights and sports betting solutions to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, sports betting Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, he has added to the business's development through collaborations, business method, and sports betting brand-new company development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and consumer experience, and sports betting Country Manager at 22BET, focusing 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 Betty Bingo.
His profession began at Jumia Group, sports betting where he operated in SEO, CRM, and content management. Fikayo likewise 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 gambling platform that offers sports betting, sports betting gambling establishment games, sports betting and live dealership video games. It was introduced in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company signed up 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 business he developed in 2013.
SportyBet is an international sports betting and real-money gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has become a considerable gamer in the industry, sports betting 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 a strong supporter for the growing African web environment. His financial investments show his dedication to promoting development and advancement within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting market.
Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage advanced innovation and a commitment to accountable sports betting to change the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting platform.
At a press instruction, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's enthusiastic entry. He added that the company's robust financial backing and specialist group will allow it to scale and dominate the marketplace quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started closing down sports betting wagering stores, which they say are running illegally.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Problems from community leaders and moms and dads triggered the crackdown, fretted about the growing number of gambling addicts, he stated.
On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a caution, the Sharia officer said.
But Mr Aminudeen alerted 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 bulk Muslim population and runs the Islamic legal system - Sharia - together with nonreligious law.
Bookies 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, sports betting the current crackdown is focused on Muslim locations of Kano, sports betting a vast city and the financial hub of northern Nigeria.
sports betting wagering shops can be found all over the city. Most have tv screens, sports betting and customers enjoy 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 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 shops," he said.
The sports betting wagering market has expanded drastically across West Africa in recent years. The area is roughly divided in between a primarily Muslim north and a mainly Christian south.
Many individuals go to bookies to take pleasure in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and teams.
Nigeria's debilitating economic crisis has actually likewise meant individuals want to run the risk of a percentage in the hope of winning huge.
However this had resulted in widespread dependency, and moms and sports betting dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.
"These financial concerns we are facing in Nigeria is God telling us to alter 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 recommending those running those sports betting shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would deal with - frequently, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the usage of alcohol were banned.
