Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gambling has developed substantially in Nigeria from traditional types like pool staking and sports betting Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Gradually, sports betting with increased internet gain access to came virtual wagering, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Despite financial obstacles such as inflation, Nigeria's sports betting sector has prospered, drawing in millions, particularly among the youthful market facing high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces a projected yearly profits of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory procedures like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite difficulties in enforcement. Issues such as inadequate age verification and advertising rule breaches show industry regulatory spaces.
In spite of these difficulties, sports betting business continue to prosper through efficient organization designs and aggressive marketing techniques, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing vital roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually considerably 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 diverse career spans various functions in the gaming and sports betting entertainment industry, including working at one of the United Kingdom's largest video gaming centres, The Palace Bingo Club, sports betting where he acted 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 turned into a leading e-commerce organization in the wagering and video gaming sector, running through online, sports betting mobile, and sports betting retail channels. The business was integrated in Nigeria on November 7, sports betting 2006, and has actually given that expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a totally incorporated environment that combines appropriate sports betting content, engaging features, and a world-class sportsbook.
Since taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The company's staff member headcount has increased by 29%, and yearly profits has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have moved LiveScore Group's success and helped form the market's direction. LiveScoreBet has achieved 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 worked as the business's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry given that 2000, holding various successful functions, including General Manager of a data analytics group and sports betting Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market existence and improve its offerings. The business's app has gathered significant user engagement, sports betting with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her expertise spans the video gaming, sports betting property, and credit loaning markets, where he has developed 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 acted as Managing Director and has overseen the business's development 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 operational strategies and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer instructional 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, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a fully practical website, setting a benchmark 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 worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is fully certified.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a large range of sports betting 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 teamed up with African socio-economic organizations and governments to design developmental policies targeted at empowering young people. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, sports betting established and launched in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing each year. In the exact 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 investor, 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 site and has since grown into one of the world's largest online gambling companies.
By 2016, Bet365 created $2 billion in profits and facilitated $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered 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 company in Nigeria, developed alongside entrepreneur 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 asset management business that creates investment returns and uses special financial investment insights and options to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually become a considerable player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, sports betting he has added to the company's development through collaborations, sports betting organization method, and brand-new business development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, sports betting and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, sports betting 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that uses sports betting wagering, casino video games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting 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 a worldwide sports betting wagering 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 become a substantial gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web environment. His financial investments reflect his dedication to promoting development and sports betting development 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 disrupt the sports wagering industry.
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 yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize innovative innovation and a dedication to responsible gambling to revolutionise the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent's largest and most innovative sports betting wagering platform.
At a press rundown, sports betting the company's representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and sports betting the continent's deep passion for sports betting, sports betting specifically football, has set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and specialist group will enable it to scale and dominate the marketplace rapidly.
Islamic cops raid betting shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually started closing down sports betting wagering shops, which they say are running illegally.
"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents triggered the crackdown, fretted about the growing variety of sports betting addicts, he stated.
On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer stated.
But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - along with nonreligious law.
Bookmakers and bars tend to be enabled to run in Kano's Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have tv screens, and consumers see the outcome of international football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had been able to run under the radar as they had actually opened under false pretenses.
"They don't have licences to operate as they were allowed to run computer game centres, which they later transformed to sports betting shops," he stated.
The sports betting market has actually broadened considerably across West Africa in recent years. The region is approximately divided in between a generally Muslim north and a primarily Christian south.
Many people go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and teams.
Nigeria's crippling recession has actually also indicated individuals are willing to risk a percentage in the hope of winning huge.
But this had led to widespread dependency, and moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.
"These financial issues we are dealing with in Nigeria is God informing us to change 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 encouraging 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 uncertain what punishment 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, gambling and the consumption of alcohol were prohibited.
