Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
sports betting has actually progressed significantly in Nigeria from traditional forms like pool staking and Baba Ijebu to a successful 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 just N50-N200 on matches.
Slowly, with increased internet access came virtual sports betting, which parallels international 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.
In spite of financial difficulties such as inflation, Nigeria's sports betting sector has actually thrived, bring in millions, specifically among the younger market dealing with high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates an approximated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this development, sports betting which is thinking about regulatory measures like excise duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations despite challenges in enforcement. Issues such as insufficient age verification and marketing guideline breaches show industry regulative spaces.
In spite of these obstacles, sports betting wagering companies continue to prosper through reliable service designs and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have added to Nigeria's robust $2 billion gambling sector, sports betting with CEOs playing essential functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have considerably contributed to Nigeria's $2 billion sports betting empire through their substantial audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans different functions in the gaming and entertainment industry, including operating at one of the United Kingdom's largest video gaming centres, sports betting 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 become a leading e-commerce service in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has because expanded its presence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated environment that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.
Given that taking the helm right before the pandemic, sports betting Sam has driven considerable growth for LiveScore Group. The business's worker headcount has actually increased by 29%, sports betting and yearly profits has surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have moved LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has actually attained 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 acted as the business's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online video gaming market since 2000, holding various effective roles, including General Manager of a data analytics group and Director sports betting of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market existence and improve its offerings. The company's app has amassed considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her proficiency spans the gaming, real estate, and credit financing markets, where he has actually established himself as a strategic and operational leader.
Damilare has actually been instrumental in NairaBET's success for sports betting over 14 years. Because June 2019, she has actually acted as Managing Director and has overseen 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 business's operational methods and sports betting market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN supplies frHer instructional 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, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a totally practical site, setting a criteria 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 actually developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully accredited.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a large range of sports betting options 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 ventures, Ukanwoke has teamed up with African socio-economic institutions and governments to develop developmental policies focused on empowering young people. 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 brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has 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 collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, sports betting 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has considering that grown into among the world's largest online gaming business.
By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered significant 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 wagering business in Nigeria, developed together with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates investment returns and offers unique investment insights and solutions to both specific and sports betting institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a significant gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, sports betting he has actually added to the company's development through partnerships, organization strategy, and new organization advancement.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, concentrating on marketing method and sports betting spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting 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 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 provides sports betting, casino video games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered 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 known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually become a substantial gamer in the market, 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 advocate for the growing African web environment. His financial investments reflect his commitment to promoting innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani purchased 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 stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, 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 advanced technology and a dedication to responsible sports betting to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will release 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 spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's ambitious entry. He added that the company's robust financial backing and professional team will enable it to scale and dominate the market rapidly.
Islamic cops raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have started closing down sports betting shops, which they state are operating unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting called the Hisbah, sports betting informed the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he stated.
On the first day of raids, 30 stores were closed in one suburb alone, sports betting and their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen alerted 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, which has a bulk Muslim population and runs the Islamic legal system - Sharia - together with nonreligious law.
Bookmakers and bars tend to be permitted to operate in Kano's Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. Many have television screens, and consumers watch the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers 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 market has actually broadened drastically across West Africa in the last few years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.
Many people go to bookmakers to enjoy the sociability of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and teams.
Nigeria's crippling recession has likewise meant individuals want to run the risk of a percentage in the hope of winning big.
But this had resulted in widespread dependency, and moms and dads were even complaining that children were dropping out of school to bet, Mr Aminudeen said.
"These financial concerns we are dealing with in Nigeria is God informing us to alter our methods by stopping sins," he said.
The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those wagering stores to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would face - 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, sports betting gaming and the consumption of alcohol were banned.
