Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
sports betting has actually evolved substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Gradually, with increased web access came virtual sports betting, which parallels global 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.
In spite of economic challenges such as inflation, sports betting Nigeria's sports betting wagering sector has actually flourished, bring in millions, especially amongst the youthful demographic dealing with high joblessness rates.
Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an estimated annual income of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulative procedures like excise duties and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite obstacles in enforcement. Issues such as inadequate age confirmation and marketing guideline breaches reveal market regulative gaps.
Regardless of these difficulties, sports betting companies continue to thrive through effective service designs and aggressive marketing methods, leveraging the creator influencer market.
These efforts have added to Nigeria's robust $2 billion gaming sector, with CEOs playing crucial functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting betting companies who have substantially contributed to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers numerous functions in the video gaming and show business, consisting of working at among the United Kingdom's largest gaming centres, 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, Wales. Surebet247, founded in August 2011, has become a leading e-commerce service in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually considering that expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a fully incorporated environment that integrates relevant sports betting content, engaging features, and a world-class sportsbook.
Considering that taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The company's employee headcount has actually increased by 29%, and annual income has risen from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have moved LiveScore Group's success and helped form the industry's instructions. LiveScoreBet has actually accomplished significant 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 formerly served as the business's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has remained in the online gaming industry given that 2000, holding different successful functions, including General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman's management, sports betting Betway has actually continued to grow its market existence and enhance its offerings. The business's app has garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her competence spans the gaming, sports betting property, and credit lending industries, sports betting where he has developed himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET's success for sports betting over 14 years. Because June 2019, she has actually acted as Managing Director sports betting and has actually managed the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's functional techniques and market expansion.
She established DearDammy Women's Initiative (DDWIN), sports betting a non-profit organization empowering women-owned businesses. DDWIN provides frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, sports betting developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch 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 established itself as one of the largest bookmakers in Europe and sports betting the world. The business operates in more than 50 countries, consisting of Nigeria, where it is completely certified.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of wagering alternatives 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, sports betting Managing Director of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and governments to create developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has rapidly grown its presence 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 jobs, the variety of which is increasing each year. 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 creator, bulk investor, 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 website and has actually since become one of the world's biggest online gambling companies.
By 2016, Bet365 generated $2 billion in incomes and assisted in $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually 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, sports betting a leading sports betting business in Nigeria, established 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, an independent Nigerian possession management business that produces financial investment returns and offers special investment insights and solutions to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has ended up being a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this function, sports betting he has contributed to the company's growth through collaborations, business method, and new organization advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he worked 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 sports betting platform that uses sports betting, casino video games, and live dealer video games. It was introduced in 2017 and 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 gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.
SportyBet is a global sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has ended up being a considerable player in the market, 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 supporter for the growing African web ecosystem. His financial investments show his commitment to cultivating development and advancement within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to disrupt the sports wagering industry.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of 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 company intends to take advantage of cutting-edge innovation and a dedication to responsible gaming to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, sports betting Sunbet, sports betting which will introduce in the first quarter of 2025, aims to be the continent's largest and most ingenious sports betting platform.
At a press briefing, the company's representative, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and specialist group will enable it to scale and dominate the market quickly.
Islamic police raid betting shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started shutting down sports betting stores, which they say are operating illegally.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.
Grievances from community 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 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 alerted that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the rules would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - alongside secular law.
Bookies and sports betting bars tend to be allowed to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the current crackdown is concentrated on Muslim areas of Kano, a vast city and sports betting the economic center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. The majority of have tv screens, and clients enjoy the outcome of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had actually had the ability to operate under the radar as they had actually opened under false pretenses.
"They don't have licences to run as they were allowed to run video games centres, which they later transformed to sports betting stores," he stated.
The sports betting wagering market has expanded dramatically throughout West Africa in the last few years. The region is roughly divided in between a primarily Muslim north and sports betting a mainly Christian south.
Lots of people go to bookies to enjoy the sociability of other bettors, though mobile apps are also popular for sports betting on the result of occasions and groups.
Nigeria's crippling economic crisis has actually also suggested individuals want to risk a small amount in the hope of winning big.
But this had caused extensive addiction, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.
"These financial issues we are facing in Nigeria is God informing us to change our methods by stopping sins," he stated.
The raids on Tuesday focused on Munjibir, sports betting considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am encouraging those running those wagering shops to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - typically, sports betting such violations carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the usage of alcohol were prohibited.
