Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering market.
Gaming has progressed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting industry. Historically tied to European football leagues, pool staking was a typical sight at motor sports betting parks and kiosks, sports betting where enthusiasts would bet as little as N50-N200 on matches.
Slowly, with increased internet gain access to came virtual sports betting, which parallels international patterns. 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 economic difficulties such as inflation, sports betting Nigeria's sports betting wagering sector has actually grown, sports betting drawing in millions, especially amongst the youthful group dealing with high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates an approximated yearly revenue of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory measures like excise tasks and VAT boosts 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 difficulties in enforcement. Problems such as inadequate age verification and marketing guideline breaches reveal industry regulative spaces.
In spite of these obstacles, sports betting business continue to prosper through effective organization designs and aggressive marketing methods, leveraging the creator influencer market.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have significantly added to Nigeria's $2 billion gaming empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers various roles in the video gaming and show business, including working at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, where he functioned as the Lead Engineer in a Bingo and Bowling Club.
Olaniyan holds a BSc in Geography from the University of Ilorin and sports betting a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce company in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually since broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated environment that combines pertinent sports betting material, engaging functions, and a first-rate sportsbook.
Given that taking the helm prior to the pandemic, sports betting Sam has actually driven significant growth for LiveScore Group. The company's employee headcount has increased by 29%, and annual revenue has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually moved LiveScore Group's success and helped form the market's direction. LiveScoreBet has 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 designated CEO of Betway in November 2017, having actually formerly acted as the company's Marketing and sports betting Operations Director considering that 2015. He joined Betway in 2013 and has remained in the online gaming industry because 2000, holding various successful functions, consisting of General Manager of a data analytics team and sports betting 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 significant 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 sports betting executive with a track record of changing start-ups into institutionalized services. Her competence spans the gaming, property, and credit financing industries, where he has established himself as a tactical and operational leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has actually served as Managing Director and has actually overseen the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting pivotal in the company's functional strategies and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer academic background includes 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 company, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a totally practical website, sports betting setting a benchmark 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 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 business runs in more than 50 countries, consisting of Nigeria, where it is totally accredited.
Under Babalola's management, sports betting 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of sports betting alternatives and 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has actually worked together with African socio-economic institutions and governments to design developmental policies targeted at empowering youths. 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, 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 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, producing over 100,000 jobs, the number of which is increasing annually. In the same year, sports betting 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 founder, bulk shareholder, sports betting and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online wagering website and has since turned into one of the world's biggest online gambling business.
By 2016, sports betting Bet365 generated $2 billion in earnings and sports betting helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered significant 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 businessman Kunle Soname, sports betting who likewise 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 creates investment returns and uses unique investment insights and solutions to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a significant gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the company's growth through collaborations, organization strategy, and new organization advancement.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, and sports betting Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise worked 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that provides sports betting wagering, casino games, and sports betting live dealer games. It was introduced 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 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 company he developed in 2013.
SportyBet is an international sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a substantial player in the market, sports betting 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 supporter for the growing African internet environment. His investments show his dedication to promoting innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of advanced technology and a commitment to accountable gambling to change the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, sports betting which will introduce 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 company's representative, Akin Babatunde, said 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 enthusiastic entry. He included that the firm's robust financial backing and expert team will enable it to scale and sports betting control the market rapidly.
Islamic cops raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually begun shutting down sports betting wagering stores, which they state are running unlawfully.
"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting known as the Hisbah, informed the BBC.
Problems from neighborhood leaders and parents prompted the crackdown, stressed over the growing variety of sports betting addicts, he stated.
On the first day of raids, sports betting 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer stated.
However 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 arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - alongside secular law.
Bookies and bars tend to be allowed to run in Kano's Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the economic center of northern Nigeria.
sports betting wagering stores can be found all over the city. A lot of 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 bookies 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 stated.
The sports betting industry has expanded significantly across West Africa recently. The area is approximately divided in between a primarily Muslim north and a predominantly Christian south.
Lots of people go to bookies to take pleasure in the friendship of other bettors, though mobile apps are also popular for wagering on the outcome of events and teams.
Nigeria's crippling recession has actually also indicated individuals want to risk a small amount in the hope of winning huge.
But this had caused extensive addiction, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.
"These financial concerns we are dealing with in Nigeria is God telling us to alter our methods 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 encouraging those running those sports betting shops to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - often, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and sports betting prostitution, gaming and the consumption of alcohol were prohibited.
