Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gaming has actually progressed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Gradually, sports betting with increased web access came virtual wagering, which parallels international patterns. 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 sector has thrived, attracting millions, particularly among the vibrant market facing high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an estimated yearly earnings of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like excise tasks 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 difficulties in enforcement. Issues such as insufficient age confirmation and marketing rule breaches reveal industry regulatory spaces.
Regardless of these obstacles, sports betting business continue to prosper through efficient business designs and sports betting aggressive marketing strategies, leveraging the creator influencer market.
These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing essential functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have substantially added to Nigeria's $2 billion gambling empire through their extensive 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 profession covers various roles in the video gaming and show business, sports betting consisting of working at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, 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 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 business in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has considering that broadened its presence, attaining 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, a completely incorporated environment that integrates relevant sports betting content, engaging features, and a world-class sportsbook.
Since taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The company's staff member headcount has increased by 29%, sports betting and yearly earnings has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually moved LiveScore Group's success and helped shape the market's direction. LiveScoreBet has 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 worked as the business's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online gaming market because 2000, holding various successful functions, consisting of General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman's management, Betway has actually continued to grow its market existence and improve its offerings. The business's app has actually garnered significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her knowledge covers the gaming, realty, and credit lending industries, where he has developed himself as a strategic and functional leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Because June 2019, she has actually served as Managing Director and has managed the business's growth and sports betting operations in Lagos, sports betting Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, essential in the business's functional strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), sports betting a non-profit organization empowering women-owned companies. DDWIN offers 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, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a completely 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 international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is fully accredited.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array 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 endeavors, Ukanwoke has collaborated with African socio-economic organizations and federal governments to develop developmental policies focused on empowering youths. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and released 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 wagering and home entertainment business has quickly 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 collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing each year. In the very same year, MultiChoice broadcaster bought 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, majority investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually because turned into one of the world's biggest online gambling business.
By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered substantial 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 business in Nigeria, established along with business owner 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 property management business that produces investment returns and uses distinct financial investment insights and solutions to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, sports betting Bet9ja has actually ended up being a significant gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually added to the business's development through collaborations, company technique, and brand-new business development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled item advancement and sports betting customer experience, and Country Manager at 22BET, sports betting focusing on marketing method 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 career 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 Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that offers sports betting wagering, casino games, sports betting and live dealership video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a company registered 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 business he established in 2013.
SportyBet is an international sports betting wagering and real-money gaming operator understood for sports betting providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has ended up being a considerable player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web community. His financial investments reflect his dedication to cultivating innovation and advancement within the area.
On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, sports betting with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage advanced technology and a commitment to accountable gaming to change the sector.
Backed by the monetary power of 4 popular African billionaires, sports betting Sunbet, sports betting which will release in the very first quarter of 2025, sports betting aims to be the continent's largest and most ingenious sports betting platform.
At a press briefing, the company's spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust sponsorship and sports betting expert team will allow it to scale and sports betting control the marketplace quickly.
Islamic cops raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started shutting down sports betting wagering stores, which they state are operating illegally.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting called the Hisbah, told the BBC.
Grievances from neighborhood leaders and moms and dads prompted the crackdown, sports betting worried about the growing variety of sports betting addicts, he said.
On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a warning, sports betting the Sharia officer said.
However Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on gaming, sports betting those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting operates the Islamic legal system - Sharia - along with secular law.
Bookies and bars tend to be allowed to operate 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 focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have television screens, sports betting and consumers watch the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had actually been able to operate under the radar as they had opened under false pretenses.
"They do not have licences to run as they were permitted to run computer game centres, which they later transformed to wagering shops," he stated.
The sports betting wagering industry has actually broadened considerably throughout West Africa recently. The area is roughly divided between a primarily Muslim north and a mainly Christian south.
Many individuals go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the result of occasions and groups.
Nigeria's debilitating economic crisis has likewise suggested people are willing to risk a small amount in the hope of winning huge.
But this had caused extensive addiction, and moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.
"These economic problems we are dealing with in Nigeria is God telling us to alter our ways by stopping sins," he said.
The raids on Tuesday concentrated on Munjibir, sports betting 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 stated.
It is uncertain what punishment they would face - often, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the usage of alcohol were prohibited.
