Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering market.
Gambling has actually developed substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically tied to European football leagues, sports betting pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would bet as low as N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
In spite of financial difficulties such as inflation, Nigeria's sports betting wagering sector has thrived, attracting millions, sports betting specifically amongst the younger group dealing with high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part 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, which is thinking about regulatory procedures 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 ensure fair operations despite obstacles in enforcement. Issues such as insufficient age confirmation and marketing guideline breaches reveal market regulatory gaps.
Regardless of these difficulties, sports betting companies continue to flourish through reliable business designs and aggressive marketing methods, sports betting leveraging the developer influencer market.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria's $2 billion sports betting empire through their comprehensive 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 varied profession covers numerous functions in the video gaming and entertainment industry, sports betting consisting of operating 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, sports betting Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce company in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually considering that 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 sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated community that integrates relevant sports betting material, engaging functions, and a first-rate sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company's worker headcount has actually increased by 29%, and yearly earnings has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have moved LiveScore Group's success and assisted form the industry's instructions. LiveScoreBet has actually achieved significant 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 previously served as the business's Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online video gaming industry because 2000, holding different effective functions, consisting of General Manager of an information analytics group and sports betting Director 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 actually amassed 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 track record of changing start-ups into institutionalized organizations. Her expertise spans the gaming, realty, and credit lending industries, sports betting where he has established himself as a tactical and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has served as Managing Director and sports betting has supervised the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's operational techniques and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN supplies frHer educational background consists of 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 business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce 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 international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is totally licensed.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of wagering choices and 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 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, established 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 wagering and entertainment company has actually quickly grown its presence in Nigeria, with outlets in major 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, the number of which is increasing every year. In the 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, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually since turned into among the world's biggest online gambling companies.
By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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, established along with business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that creates financial investment returns and provides unique financial investment insights and options to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually ended up being a significant player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has actually been functioning as the Country Director sports betting for 22BET in Nigeria given that June 2021. In this function, he has actually added to the company's development through collaborations, business strategy, and brand-new business development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled item development and customer experience, sports betting and Country Manager at 22BET, concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that provides sports betting wagering, gambling establishment video games, and sports betting live dealership video games. It was launched 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 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 company he developed in 2013.
SportyBet is an international sports betting wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has become a substantial player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His investments show his commitment to promoting innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting industry.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage cutting-edge innovation and a commitment to responsible gambling to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting wagering platform.
At a press briefing, the company's representative, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's enthusiastic entry. He included that the firm's robust sponsorship and expert team will allow it to scale and control the market rapidly.
Islamic authorities raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun shutting down sports betting stores, which they say are running illegally.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.
Complaints from community leaders and parents prompted the crackdown, stressed over the growing number of sports betting addicts, he stated.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent home with a warning, the Sharia officer said.
But Mr Aminudeen cautioned that now that the public understood 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 bulk Muslim population and operates the Islamic legal system - Sharia - along with nonreligious law.
Bookmakers and bars tend to be allowed 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 areas of Kano, a sprawling city and the financial hub of northern Nigeria.
Sports betting shops can be found all over the city. The majority of have television screens, and customers watch the outcome of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookmakers had had the ability to run under the radar as they had opened under false pretences.
"They don't have licences to operate as they were allowed to run computer game centres, which they later on transformed to sports betting stores," he stated.
The sports betting industry has actually expanded drastically throughout West Africa recently. The area is approximately divided in between a generally Muslim north and a primarily Christian south.
Many individuals go to bookies to delight in the sociability of other bettors, sports betting though mobile apps are likewise popular for sports betting on the result of occasions and teams.
Nigeria's debilitating economic crisis has likewise indicated people want to risk a small amount in the hope of winning big.
However this had led to prevalent dependency, sports betting and moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.
"These financial problems 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 advising those running those wagering stores to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - frequently, such violations bring a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the intake of alcohol were banned.
