Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
sports betting has actually progressed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Slowly, sports betting with increased web gain access to came virtual wagering, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria's sports betting wagering sector has actually flourished, bring in millions, specifically amongst the vibrant group dealing with high joblessness rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that creates an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulatory measures like excise tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations despite obstacles in enforcement. Concerns such as inadequate age verification and advertising rule breaches show market regulatory gaps.
In spite of these challenges, sports betting companies continue to prosper through reliable business models and sports betting aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have added to Nigeria's robust $2 billion gambling sector, with CEOs playing crucial roles in expanding audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting business who have considerably added to Nigeria's $2 billion gambling empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession covers numerous roles in the video gaming and sports betting show business, including operating at one of the United Kingdom's biggest 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 actually turned into a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, sports betting and has because 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 environment that integrates relevant sports betting material, engaging features, and a world-class sportsbook.
Since taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business's employee headcount has actually increased by 29%, sports betting and annual income has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually moved LiveScore Group's success and assisted form the market's direction. LiveScoreBet has actually attained major user engagement, sports betting with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was selected CEO of Betway in November 2017, having actually formerly served as the business's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has been in the online video gaming industry because 2000, sports betting holding numerous successful functions, consisting of General Manager of a data analytics group and sports betting Director of a digital marketing company.
Under Werkman's leadership, sports betting Betway has continued to grow its market existence and improve its offerings. The company'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 performance history of transforming start-ups into institutionalized organizations. Her competence spans the gaming, realty, and credit financing markets, where he has actually developed himself as a strategic and operational leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has actually served as Managing Director and has overseen the company's development and sports betting operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's operational techniques and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a fully practical site, setting a criteria in the market.
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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is fully licensed.
Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering options and sports betting 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated 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, founded and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly grown its existence 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, developing over 100,000 jobs, sports betting the number of which is increasing every year. In the same year, MultiChoice broadcaster purchased 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, sports betting and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually because grown into one of the world's biggest online sports betting business.
By 2016, Bet365 generated $2 billion in profits and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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, a leading sports betting business in Nigeria, developed alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that produces financial investment returns and uses distinct financial investment insights and sports betting services to both specific 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 industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this function, sports betting he has actually added to the business's development through partnerships, service strategy, and brand-new service development.
Fikayo's experience includes functions 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 technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he worked 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 sports betting platform that offers sports betting wagering, gambling establishment games, sports betting and sports betting live dealer video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and sports betting 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 worldwide sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, sports betting SportyBet has actually 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 investor in fintech and sports betting mobile payments and a strong supporter for the growing African internet community. His investments show his commitment to promoting development and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize innovative technology and sports betting a dedication to responsible gambling to change the sector.
Backed by the monetary power of 4 popular African billionaires, sports betting Sunbet, 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 instruction, the business's representative, sports betting Akin Babatunde, said that the rise in Internet penetration, mobile use, and sports betting the continent's deep enthusiasm for sports betting, especially football, has actually set the stage for sports betting Sunbet's ambitious entry. He included that the company's robust sponsorship and expert team will enable it to scale and dominate the marketplace quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually begun shutting down sports betting stores, which they state are running illegally.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Grievances from community leaders and moms and sports betting dads triggered the crackdown, worried about the growing number of gambling addicts, he said.
On the first day of raids, sports betting 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be permitted to operate in Kano's Christian areas, sports betting though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, sports betting the current crackdown is focused on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting stores can be found all over the city. A lot of have tv screens, and sports betting customers enjoy the result of international football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookies had been able to operate under the radar as they had actually opened under false pretenses.
"They do not have licences to run as they were permitted to run computer game centres, which they later transformed to sports betting stores," he said.
The sports betting wagering industry has actually expanded dramatically across West Africa in recent years. The region is roughly divided in between a mainly Muslim north and a predominantly Christian south.
Many people go to bookmakers to take pleasure in the sociability of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and groups.
Nigeria's crippling economic crisis has also meant people are willing to run the risk of a small amount in the hope of winning huge.
But this had led to widespread addiction, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen said.
"These financial problems we are facing in Nigeria is God informing us to alter our ways by stopping sins," he said.
The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those wagering shops to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - typically, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and the consumption of alcohol were banned.
