Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
Gambling has developed substantially in Nigeria from conventional forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels worldwide 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.
In spite of economic difficulties such as inflation, Nigeria's sports betting wagering sector has actually grown, attracting millions, particularly among the vibrant demographic dealing with high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an estimated annual earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative steps like import tax tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Concerns such as inadequate age verification and advertising guideline breaches reveal industry regulatory gaps.
Regardless of these difficulties, sports betting business continue to thrive through effective organization designs and aggressive marketing techniques, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually significantly 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 varied profession spans different functions in the video gaming and show business, consisting of operating 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 turned into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has given that broadened its presence, accomplishing 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 became the CEO of LiveScore Group, a totally integrated community that integrates appropriate sports betting material, engaging functions, and a first-rate sportsbook.
Given that taking the helm prior to the pandemic, Sam has driven significant development for LiveScore Group. The company's employee headcount has actually increased by 29%, and yearly revenue has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have 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 designated CEO of Betway in November 2017, having actually formerly functioned as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry given that 2000, holding numerous successful roles, consisting of General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market existence and improve 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 distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her competence covers the gaming, realty, and credit loaning industries, where he has actually developed himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Since June 2019, she has acted as Managing Director and has actually managed the company'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 techniques and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers 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 business, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed 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 accredited.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting alternatives 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, Ukanwoke has actually worked together with African socio-economic institutions and governments to design developmental policies focused on 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, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually rapidly 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 partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number 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, majority investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has given that turned into among the world's biggest online sports betting business.
By 2016, Bet365 created $2 billion in earnings and helped with $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, established along with business person 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 generates investment returns and uses unique financial investment insights and services to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually ended up being a considerable gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually added to the business's growth through collaborations, business technique, and new business development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, concentrating on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also acted 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 uses sports betting wagering, gambling establishment games, and live dealership video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business 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 CEO of SportyBet, a company he established in 2013.
SportyBet is a worldwide sports betting and real-money gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has ended up being a substantial 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 financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments reflect his commitment to fostering development and advancement within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless 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 company aims to leverage innovative technology and a commitment to responsible gaming to change the sector.
Backed by the financial 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 innovative sports betting wagering platform.
At a press rundown, the company's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He included that the firm's robust financial backing and specialist team will allow it to scale and dominate the marketplace quickly.
Islamic cops raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually begun closing down sports betting wagering shops, which they say are operating unlawfully.
"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Grievances from community leaders and parents prompted the crackdown, fretted about the growing variety of sports betting addicts, he said.
On the first day of raids, sports betting 30 shops were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer said.
However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on gambling, 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 - alongside secular law.
Bookmakers and bars tend to be enabled to run in Kano's Christian areas, though they too can face action if the Hisbah believes 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 wagering shops can be found all over the city. Most have tv screens, and consumers watch the outcome of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretences.
"They do not have licences to run as they were permitted to run video games centres, which they later on converted to sports betting stores," he said.
The sports betting industry has expanded dramatically across West Africa recently. The area is approximately divided between a primarily Muslim north and a primarily Christian south.
Many people go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for wagering on the result of occasions and teams.
Nigeria's debilitating recession has actually likewise suggested people want to run the risk of a percentage in the hope of winning big.
However this had actually led to prevalent dependency, and moms and dads were even complaining that children were dropping out of school to bet, Mr Aminudeen said.
"These economic problems we are dealing with in Nigeria is God informing us to alter 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 advising those running those sports betting shops to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - frequently, such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the usage of alcohol were banned.
