Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gambling has actually evolved considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, sports betting where enthusiasts would bet as little as N50-N200 on matches.
Gradually, with increased web access came virtual wagering, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
Regardless of financial challenges such as inflation, Nigeria's sports betting wagering sector sports betting has grown, drawing in millions, specifically among the youthful market dealing with high unemployment rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates a projected annual revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative steps like excise duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite difficulties in enforcement. Concerns such as inadequate age confirmation and marketing rule breaches show market regulative spaces.
Despite these difficulties, sports betting business continue to prosper through effective service models and aggressive marketing strategies, sports betting leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing crucial functions 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 sports betting empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans various functions in the video gaming and show business, including working at one of the United Kingdom's biggest 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 grown into a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has considering that broadened its presence, 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 totally incorporated environment that combines pertinent sports betting content, engaging features, and a first-rate sportsbook.
Because taking the helm prior to the pandemic, sports betting Sam has actually driven significant development for LiveScore Group. The company's staff member headcount has actually increased by 29%, and annual income has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually propelled LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has actually accomplished major 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 formerly functioned as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry because 2000, holding different effective functions, including General Manager of an information analytics group and Director sports betting of a digital marketing company.
Under Werkman's leadership, Betway has continued to grow its market existence and boost its offerings. The company'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 identified herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her competence covers the gaming, sports betting property, sports betting and credit loaning industries, where he has developed himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET's success for sports betting over 14 years. Because June 2019, sports betting she has functioned as Managing Director and has actually supervised the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's operational methods and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN supplies frHer instructional background includes 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 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 criteria 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 global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully certified.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a vast array of wagering options 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has actually worked together with African socio-economic organizations and federal governments to create 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, established and sports betting released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering 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 entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing each year. In the very 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 founder, bulk shareholder, and sports betting joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually given that grown into one of the world's biggest online sports betting companies.
By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 wagering company in Nigeria, developed along with business owner Kunle Soname, who also 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 offers unique investment insights and solutions to both specific and sports betting institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, sports betting Bet9ja has become a substantial player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the company's development through partnerships, service method, and brand-new organization development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer 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 numerous digital marketing roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that provides sports betting wagering, gambling establishment games, and sports betting live dealer 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 likewise the owners of Betwinner and a chain of gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a company he established in 2013.
SportyBet is a global sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has ended up being a considerable player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and sports betting a strong supporter for sports betting the growing African web community. His investments show his dedication to cultivating innovation and advancement 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 disrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize cutting-edge innovation and a dedication to accountable gaming to change the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, sports betting aims to be the continent's largest and most innovative sports betting wagering platform.
At a press rundown, the business's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's enthusiastic entry. He added that the company's robust financial backing and expert team will allow it to scale and dominate the marketplace quickly.
Islamic authorities raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun shutting down sports betting wagering stores, which they state are operating illegally.
"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Grievances from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing variety of gambling addicts, he said.
On the 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 said.
However Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, sports betting those flouting the rules would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be permitted to run in Kano's Christian neighbourhoods, sports betting though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.
Sports betting stores can be found all over the city. The majority of have television screens, and customers enjoy the result of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had had the ability to operate under the radar as they had opened under false pretences.
"They do not have licences to operate as they were permitted to run computer game centres, which they later on transformed to wagering stores," he stated.
The sports betting industry has broadened dramatically throughout West Africa in the last few years. The region is approximately divided between a primarily Muslim north and a predominantly Christian south.
Many people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and groups.
Nigeria's crippling recession has likewise implied individuals are willing to run the risk of a percentage in the hope of winning huge.
But this had actually resulted in widespread dependency, and moms and dads were even grumbling that kids were leaving of school to gamble, Mr Aminudeen stated.
"These economic problems we are dealing with in Nigeria is God telling us to alter our ways by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, sports betting thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those sports betting shops to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would deal with - often, such violations 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 consumption of alcohol were banned.
