Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has developed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where lovers would wager just N50-N200 on matches.
Slowly, with increased web access came virtual wagering, sports betting which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and sports betting is projected to almost double to $182.02 billion by 2030.
Regardless of economic challenges such as inflation, Nigeria's sports betting sector has prospered, drawing in millions, particularly amongst the youthful group facing high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates a projected annual revenue of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative measures like excise tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of difficulties in enforcement. Issues such as inadequate age verification and advertising guideline breaches show market regulative gaps.
Despite these challenges, sports betting wagering business continue to thrive through reliable company designs and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing vital functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually substantially contributed to Nigeria's $2 billion sports betting empire through their substantial audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans various functions in the gaming and show business, consisting of working at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, sports betting 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 sports betting 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 service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually since expanded its existence, sports betting accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated environment that combines pertinent sports betting material, sports betting engaging features, and a world-class sportsbook.
Considering that taking the helm prior to the pandemic, Sam has driven substantial development for LiveScore Group. The company's employee headcount has actually increased by 29%, and annual revenue has risen 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 industry's direction. LiveScoreBet has actually attained 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 previously worked as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online video gaming market because 2000, holding numerous successful roles, sports betting including General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market presence and enhance 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 distinguished herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her proficiency spans the gaming, real estate, and credit loaning markets, where he has established himself as a tactical and operational leader.
Damilare has actually been instrumental in NairaBET's success for sports betting over 14 years. Since June 2019, sports betting she has actually functioned as Managing Director and sports betting has 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 business'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 educational background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to launch a completely functional 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 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, consisting of Nigeria, where it is completely licensed.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of wagering alternatives and sports betting 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, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to develop 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, founded and introduced 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 wagering and entertainment business has rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing yearly. In the exact 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, majority shareholder, sports betting and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually given that become among the world's biggest online gaming companies.
By 2016, Bet365 created $2 billion in profits and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has gathered considerable user engagement, sports betting 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, sports betting a leading sports betting business in Nigeria, sports betting developed together with entrepreneur 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 business that produces investment returns and provides unique financial investment insights and solutions to both individual and sports betting institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, sports betting Bet9ja has actually ended up being a considerable player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the business's development through partnerships, organization method, and brand-new service development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer 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 numerous digital marketing functions at Laclic Services and sports betting Betty Bingo.
His career began at Jumia Group, where he worked in SEO, sports betting 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 gaming platform that offers sports betting, casino games, and 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 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 a global sports betting and sports betting real-money gaming operator sports betting known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has become a significant gamer in the industry, 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 advocate for the growing African web community. His financial investments show his commitment to cultivating development and development within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports betting industry.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage innovative innovation and a commitment to accountable gaming to change the sector.
Backed by the financial power of 4 popular African billionaires, sports betting Sunbet, sports betting which will release in the first quarter of 2025, aims to be the continent's largest and most ingenious sports betting wagering platform.
At a press briefing, the company's spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, sports betting has actually set the stage for Sunbet's ambitious entry. He added that the company's robust sponsorship and professional team will enable it to scale and control the market rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually started closing down sports betting wagering shops, which they say are running unlawfully.
"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Complaints from community leaders and parents prompted the crackdown, worried about the growing number of sports betting addicts, he said.
On the first day of raids, 30 shops were closed in one residential area alone, and sports betting their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen warned that now that the public knew 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 majority Muslim population and operates the Islamic legal system - Sharia - along with nonreligious law.
Bookmakers and bars tend to be enabled to operate in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the present crackdown is focused on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.
Sports betting stores can be discovered all over the city. The majority of have tv screens, sports betting and consumers see the result of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had actually 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 allowed to run video games centres, which they later on transformed to sports betting stores," he stated.
The sports betting wagering market has expanded significantly throughout West Africa in recent years. The area is roughly divided between a generally Muslim north and a predominantly Christian south.
Lots of people go to bookmakers to take pleasure in the friendship of other gamblers, sports betting though mobile apps are also popular for wagering on the outcome of events and groups.
Nigeria's debilitating economic crisis has also indicated individuals are willing to run the risk of a percentage in the hope of winning huge.
But this had actually led to widespread addiction, sports betting and moms and sports betting dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.
"These economic issues we are facing in Nigeria is God informing us to change our methods by stopping sins," he said.
The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those wagering shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would face - typically, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting gaming and the consumption of alcohol were prohibited.
