Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
sports betting has evolved substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, with increased internet gain access to came virtual wagering, 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.
Regardless of economic obstacles such as inflation, Nigeria's sports betting wagering sector has flourished, bring in millions, specifically among the younger market facing high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that generates a projected yearly revenue of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative measures like excise duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches show market regulative spaces.
In spite of these obstacles, sports betting wagering companies continue to grow through effective business models and aggressive marketing techniques, leveraging the developer influencer industry.
These efforts have added to Nigeria's robust $2 billion gambling sector, with CEOs playing important functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria's $2 billion gambling 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 profession covers various roles in the gaming and show business, including working at among the United Kingdom's biggest video 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 sports betting and video gaming sector, running through online, mobile, and sports betting retail channels. The business was included in Nigeria on November 7, 2006, and has considering that expanded its presence, achieving 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 incorporated environment that integrates relevant sports betting material, engaging functions, and a first-rate sportsbook.
Because taking the helm prior to the pandemic, Sam has driven substantial growth for LiveScore Group. The company's worker headcount has increased by 29%, and yearly earnings has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually moved LiveScore Group's success and helped shape the market's instructions. LiveScoreBet has actually accomplished major user engagement, 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 previously served as the business's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market given that 2000, holding different successful functions, including General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market presence and improve its offerings. The business's app has actually amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually identified herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her competence spans the gaming, real estate, and credit loaning markets, where he has actually established himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has actually worked as Managing Director and has managed the business'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 strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer academic background consists of 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 company, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a completely 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 global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is completely accredited.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a vast array of wagering alternatives and 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 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 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 trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in 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 purchased 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 shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has because turned into one of the world's largest online gaming companies.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 together with entrepreneur 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 possession management company that creates financial investment returns and provides unique investment insights and options to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, sports betting Bet9ja has actually become a significant gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the company's development through partnerships, business strategy, and new service advancement.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and client 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 roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he worked in SEO, CRM, sports betting 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that uses sports betting, casino video games, and live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 CEO of SportyBet, a business he developed in 2013.
SportyBet is a worldwide sports betting wagering and real-money gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually ended up being a considerable player in the industry, 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 internet environment. His investments show his commitment to fostering innovation 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 firm is set to interfere with the sports wagering market.
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, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize cutting-edge innovation and a commitment to responsible gaming 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, intends to be the continent's largest and most ingenious sports betting platform.
At a press rundown, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and professional group will enable it to scale and dominate the marketplace rapidly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually begun closing down sports betting wagering shops, which they state are running unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents triggered the crackdown, stressed over the growing variety of gambling addicts, he stated.
On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a warning, the Sharia officer said.
But Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on sports betting, 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 - along with nonreligious law.
Bookies and sports betting bars tend to be permitted 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 vast city and the economic hub of northern Nigeria.
Sports betting shops can be found all over the city. Most have television screens, and customers see the result of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookmakers had actually had the ability to run under the radar as they had opened under false pretenses.
"They do not have licences to run as they were allowed to run video games centres, which they later on converted to wagering shops," he said.
The sports betting wagering industry has actually expanded significantly throughout West Africa over the last few years. The area is approximately divided between a generally Muslim north and a predominantly Christian south.
Lots of people go to bookies to enjoy the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and groups.
Nigeria's debilitating economic crisis has likewise meant individuals are willing to risk a percentage in the hope of winning big.
However this had actually resulted in extensive addiction, and parents were even grumbling that kids were dropping out of school to bet, Mr Aminudeen said.
"These economic issues we are facing in Nigeria is God informing us to change our ways by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those wagering stores to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would face - frequently, such violations 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.
