Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
sports betting has actually progressed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
Regardless of economic challenges such as inflation, Nigeria's sports betting sector sports betting has thrived, sports betting bring in millions, specifically amongst the vibrant demographic dealing with high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces an estimated yearly revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulatory steps like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of difficulties in enforcement. Problems such as inadequate age verification and advertising rule breaches reveal industry regulative spaces.
Despite these obstacles, sports betting business continue to thrive through effective business models and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have substantially added 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 company he co-founded with Badmos Olasupo in 2011. His varied career covers numerous functions in the gaming and show business, including operating at one of the United Kingdom's largest video gaming centres, The Palace Bingo Club, sports betting 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 become a leading e-commerce company in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has since expanded its presence, attaining 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 ended up being the CEO of LiveScore Group, a totally integrated ecosystem that integrates appropriate sports betting material, engaging functions, and a world-class sportsbook.
Considering that taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company's employee headcount has actually increased by 29%, sports betting and sports betting yearly income has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and sports betting tactical vision have actually propelled LiveScore Group's success and helped form the industry's direction. LiveScoreBet has actually attained 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 previously worked as the business's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and sports betting has been in the online gaming market because 2000, holding different successful roles, including General Manager of a data analytics team and Director of a digital marketing agency.
Under Werkman's management, Betway has actually continued to grow its market existence and sports betting boost its offerings. The company's app has actually amassed 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 track record of transforming start-ups into institutionalized companies. Her expertise spans the video gaming, real estate, and credit loaning industries, where he has developed himself as a tactical and sports betting functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Considering that June 2019, sports betting she has actually functioned as Managing Director 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, critical in the company's operational techniques and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.
Akin Alabi, the creator 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 first to launch a totally functional site, setting a standard 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 wagering company 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 operates in more than 50 nations, including Nigeria, sports betting where it is totally accredited.
Under Babalola's leadership, sports betting 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, sports betting using a wide range 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 endeavors, Ukanwoke has teamed up with African socio-economic organizations and sports betting governments to develop 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 released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its existence in Nigeria, sports betting 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, creating over 100,000 tasks, the number of which is increasing every year. In the exact 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, sports betting bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has given that become among the world's biggest online gambling companies.
By 2016, Bet365 generated $2 billion in profits and helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually 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 business in Nigeria, established together with business person 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 property management business that creates investment returns and uses distinct investment insights and options to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a significant player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering industry. He has been functioning as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this role, sports betting he has actually added to the company's development through partnerships, business strategy, and new business development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development 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 various digital marketing functions at Laclic Services and Betty Bingo.
His profession 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 sports betting 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 video games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up 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 developed 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 become a substantial gamer in the market, 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 supporter for the growing African web ecosystem. His investments show his commitment to promoting development and development 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 interfere with the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, sports betting the firm aims to take advantage of innovative technology and a commitment to responsible gaming to revolutionise the sector.
Backed by the monetary power of 4 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 briefing, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, specifically football, sports betting has set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and expert team will allow it to scale and control the market quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually started closing down sports betting wagering stores, which they state are running unlawfully.
"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.
Problems from community leaders and parents triggered the crackdown, worried about the growing variety of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer said.
However Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the rules would be detained.
Kano city is the capital of Kano state, sports betting which has a bulk Muslim population and runs the Islamic legal system - Sharia - together with secular law.
Bookmakers and bars tend to be allowed to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting shops can be found all over the city. Most have television screens, and consumers enjoy the outcome of global football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookies had actually been able to run under the radar as they had opened under false pretences.
"They don't have licences to run as they were allowed to run computer game centres, which they later on converted to sports betting shops," he said.
The sports betting wagering industry has actually expanded dramatically across West Africa over the last few years. The area is approximately divided in between a generally Muslim north and a primarily Christian south.
Many people go to bookies to enjoy the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of events and sports betting groups.
Nigeria's debilitating economic crisis has actually also suggested individuals are willing to risk a small amount in the hope of winning huge.
However this had actually caused extensive addiction, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.
"These financial problems we are facing in Nigeria is God telling us to alter our methods by stopping sins," he said.
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 unclear what punishment they would deal with - often, such infringements bring 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.
