Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
Gambling has actually evolved considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.
Slowly, with increased web access came virtual wagering, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Regardless of economic difficulties such as inflation, Nigeria's sports betting sector has thrived, attracting millions, specifically among the vibrant market facing high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates an estimated annual revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative measures like import tax tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations despite obstacles in enforcement. Issues such as insufficient age verification and advertising rule breaches reveal industry regulatory gaps.
Regardless of these obstacles, sports betting business continue to flourish through efficient organization designs and aggressive marketing techniques, leveraging the developer influencer market.
These efforts have contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing essential roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have substantially contributed to Nigeria's $2 billion gaming empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession covers various functions in the video gaming and entertainment industry, consisting of 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 actually grown into a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was incorporated 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 over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated community that combines pertinent sports betting material, engaging functions, and sports betting a world-class sportsbook.
Since taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The company's employee headcount has increased by 29%, and yearly earnings has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have propelled LiveScore Group's success and helped form the industry's direction. LiveScoreBet has accomplished major user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was designated CEO of Betway in November 2017, having actually previously acted as the business's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online gaming market since 2000, holding numerous effective roles, including 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 enhance its offerings. The business's app has actually amassed substantial 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 track record of transforming start-ups into institutionalized organizations. Her proficiency spans the video gaming, real estate, and credit financing industries, where he has established himself as a tactical and sports betting functional leader.
Damilare has actually been instrumental in NairaBET's success for sports betting over 14 years. Given that June 2019, she has actually served as Managing Director and has actually supervised the business's development and operations in Lagos, sports betting Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's operational strategies and sports betting market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer instructional 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 company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a completely practical site, 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, sports betting a franchise of the worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is completely accredited.
Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a wide range of sports betting choices 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, sports betting and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and federal governments to create developmental policies targeted at empowering youths. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing yearly. In the 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, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually given that become one of the world's largest online gambling business.
By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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, sports betting developed together with businessman 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 asset management company that generates investment returns and sports betting provides unique financial investment insights and services to both individual and institutional clients.
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 gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company's development through partnerships, company method, sports betting and new service advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and customer experience, sports betting and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he worked 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 sports betting 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 provides sports betting wagering, casino games, and sports betting live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and sports betting 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 company he established in 2013.
SportyBet is a worldwide sports betting and sports betting real-money video gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has ended up being a substantial 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 a strong advocate for sports betting the growing African web environment. His investments reflect his commitment to fostering innovation and advancement within the area.
On April 30, 2024, sports betting Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting 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 innovative innovation and a commitment to accountable gaming to revolutionise the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent's largest and most ingenious sports betting wagering platform.
At a press rundown, the company's representative, sports betting Akin Babatunde, said that the increase in Internet penetration, mobile usage, sports betting and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's enthusiastic entry. He included that the firm's robust sponsorship and professional team will enable it to scale and control the market quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started shutting down sports betting wagering shops, which they say are running illegally.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents triggered the crackdown, fretted about the growing variety 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 caution, the Sharia officer stated.
But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gambling, sports betting those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - alongside nonreligious law.
Bookmakers and bars tend to be enabled to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. A lot of have television screens, and clients enjoy the result of international football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookies had actually been able to operate under the radar as they had opened under false pretences.
"They don't have licences to run as they were allowed to run video games centres, which they later on transformed to wagering stores," he stated.
The sports betting industry has broadened significantly throughout West Africa recently. The area is roughly divided in between a generally Muslim north and sports betting a mainly Christian south.
Many people go to bookies to delight in the friendship of other bettors, though mobile apps are also popular for sports betting on the outcome of events and teams.
Nigeria's crippling economic crisis has likewise indicated people want to risk a percentage in the hope of winning big.
However this had actually caused prevalent addiction, and sports betting parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.
"These economic issues we are dealing with in Nigeria is God telling us to change our methods by stopping sins," he said.
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 wagering stores to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - typically, such violations carry a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and sports betting prostitution, gambling and the usage of alcohol were banned.
