Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gaming has actually evolved substantially in Nigeria from conventional kinds 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 parks and kiosks, where lovers would wager as low as N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Despite financial obstacles such as inflation, Nigeria's sports betting sector has grown, drawing in millions, particularly amongst the youthful demographic dealing with high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting, sports betting driving a market that generates an estimated annual earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative measures like import tax 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 regardless of obstacles in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show market regulative gaps.
Regardless of these difficulties, sports betting wagering business continue to grow through reliable service designs and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, sports betting with CEOs playing essential roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have substantially added to Nigeria's $2 billion gaming empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers different functions in the 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 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 actually turned into a leading e-commerce business in the wagering and video gaming sector, operating through online, mobile, sports betting and retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and has considering that 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 wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that combines appropriate sports betting content, engaging features, and a world-class sportsbook.
Considering that taking the helm prior to the pandemic, Sam has driven considerable growth for LiveScore Group. The company's staff member headcount has increased by 29%, and annual income has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam's management and sports betting tactical vision have actually propelled LiveScore Group's success and helped form the industry's instructions. LiveScoreBet has actually attained major user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was appointed CEO of Betway in November 2017, having actually formerly worked as the company's Marketing and Operations Director given that 2015. He joined Betway in 2013 and sports betting has been in the online video gaming industry considering that 2000, holding different successful roles, consisting of General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman's management, Betway has actually continued to grow its market existence and enhance 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 distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her competence spans the gaming, property, and credit financing markets, where he has developed himself as a strategic and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Considering that June 2019, she has served as Managing Director and has supervised the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's operational methods and sports betting market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a totally practical website, 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 international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully licensed.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of wagering choices 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 collaborated with African socio-economic institutions and federal governments to create developmental policies focused on empowering young people. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has actually rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety 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, sports betting the founder, sports betting majority shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has given that turned into one of the world's largest online sports betting business.
By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in yearly 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 company in Nigeria, established together 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, an independent Nigerian possession management company that produces investment returns and uses special investment insights and solutions to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually become a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting market. He has actually been acting as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this role, sports betting he has added to the business's development through partnerships, company technique, and new service development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer experience, and Country Manager at 22BET, focusing on marketing technique and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also worked as a Human Resource Officer at SIFAX Group.
He holds a Bachelor sports betting 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 sports betting platform that provides sports betting wagering, casino games, and live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 business he established in 2013.
SportyBet is a global sports betting and real-money gaming operator sports betting known for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has become a significant 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 investor in fintech and mobile payments and a strong supporter for the growing African internet community. His financial investments show his commitment to fostering development and development within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering market.
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 growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced innovation and a commitment to accountable gaming to change the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting wagering platform.
At a press briefing, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, sports betting and the continent's deep passion for sports betting, sports betting specifically football, has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and expert team will enable it to scale and dominate the market rapidly.
Islamic authorities raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started closing down sports betting wagering shops, sports betting which they say are running illegally.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Complaints from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing variety of gambling addicts, he stated.
On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a caution, the Sharia officer said.
But Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gaming, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - alongside secular law.
Bookmakers and sports betting 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 current crackdown is concentrated on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. Many have tv screens, and consumers watch the outcome of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had had the ability to run under the radar as they had actually opened under false pretenses.
"They don't have licences to run as they were allowed to run video games centres, which they later converted to sports betting shops," he said.
The sports betting industry has broadened drastically across West Africa over the last few years. The area is roughly divided between a primarily Muslim north and a predominantly Christian south.
Many people go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are also popular for wagering on the outcome of events and teams.
Nigeria's debilitating recession has actually also indicated individuals want to risk a percentage in the hope of winning big.
However this had caused prevalent dependency, and moms and sports betting dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen said.
"These financial concerns we are facing in Nigeria is God telling us to alter 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 encouraging those running those sports betting shops to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would deal with - often, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting gaming and the consumption of alcohol were banned.
