Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gambling has progressed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Slowly, with increased web access came virtual wagering, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and sports betting is forecasted to nearly double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, Nigeria's sports betting wagering sector has prospered, bring in millions, especially amongst the younger demographic dealing with high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates an estimated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory measures like excise tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of obstacles in enforcement. Issues such as inadequate age verification and advertising rule breaches reveal market regulatory gaps.
In spite of these obstacles, sports betting wagering business continue to flourish through reliable business models and aggressive marketing methods, sports betting leveraging the developer influencer market.
These efforts have added to Nigeria's robust $2 billion gambling sector, sports betting with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually significantly contributed to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Sheriff 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 roles in the video gaming and entertainment industry, including working at one of the United Kingdom's largest 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 organization in the sports betting and sports betting video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has considering that broadened its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated community that integrates pertinent sports betting content, engaging features, sports betting and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has actually driven considerable development for LiveScore Group. The company's employee headcount has increased by 29%, and annual earnings has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually moved LiveScore Group's success and assisted shape the market's instructions. LiveScoreBet has achieved 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 served as the company's Marketing and Operations Director sports betting considering that 2015. He signed up with Betway in 2013 and has actually been in the online gaming market considering that 2000, holding numerous successful functions, including General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market presence and enhance its offerings. The business's app has amassed significant 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 transforming start-ups into institutionalized organizations. Her knowledge covers the video gaming, realty, and credit loaning industries, where he has developed himself as a strategic and functional leader.
Damilare has actually contributed in NairaBET's success for sports betting over 14 years. Considering that June 2019, she has actually served as Managing Director and has supervised the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's operational strategies and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN supplies frHer instructional background consists of 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 business, sports betting developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a fully functional website, setting a standard in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is completely certified.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of sports betting options and sports betting 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic institutions and federal governments to design 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, founded and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually 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 partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing yearly. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting 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 given that become among the world's biggest online gaming business.
By 2016, Bet365 produced $2 billion in incomes and sports betting helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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, developed along with entrepreneur Kunle Soname, who also 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 generates financial investment returns and provides 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 appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, sports betting Bet9ja has actually become a significant gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has been working as the Country Director for 22BET in Nigeria since June 2021. In this function, sports betting he has added to the company's development through partnerships, organization strategy, and brand-new organization development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing method 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 profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise served 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, gambling establishment video games, and live dealership 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 likewise 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 sports betting understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a considerable gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His 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 disrupt the sports betting market.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of innovative technology and a commitment to responsible gambling to change the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's largest and most ingenious sports betting platform.
At a press rundown, the business's spokesperson, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile usage, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust sponsorship and specialist team will allow it to scale and control the market quickly.
Islamic police raid wagering stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started shutting down sports betting wagering shops, which they state are operating illegally.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Problems from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of sports betting addicts, he stated.
On the very first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a caution, the Sharia officer stated.
But Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting runs the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be enabled to operate in Kano's Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
Sports betting shops can be discovered all over the city. Many have tv screens, sports betting and consumers view the outcome of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had had the ability to run under the radar as they had opened under false pretences.
"They don't have licences to run as they were permitted to run computer game centres, which they later on transformed to wagering shops," he said.
The sports betting industry has actually broadened considerably throughout West Africa recently. The region is roughly divided between a mainly Muslim north and a predominantly Christian south.
Lots of people go to bookmakers to enjoy the friendship of other bettors, though mobile apps are likewise popular for sports betting wagering on the outcome of events and teams.
Nigeria's debilitating recession has also implied people want to run the risk of a small amount in the hope of winning big.
However this had led to prevalent dependency, and moms and dads were even grumbling that children were leaving of school to gamble, Mr Aminudeen said.
"These economic concerns we are facing in Nigeria is God telling us to change our ways by stopping sins," he said.
The raids on Tuesday concentrated on Munjibir, sports betting considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those sports betting stores to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would deal with - typically, such infringements 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 usage of alcohol were prohibited.
