Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has actually developed significantly in Nigeria from traditional forms like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor sports betting parks and sports betting kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Slowly, with increased web access came virtual wagering, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
Regardless of financial difficulties such as inflation, Nigeria's sports betting sector has prospered, attracting millions, specifically among the vibrant group dealing with high unemployment rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates an estimated yearly profits of N730 billion. The federal government has not gone undetected by this development, sports betting which is considering regulative steps like excise responsibilities and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of obstacles in enforcement. Issues such as inadequate age confirmation and marketing guideline breaches show market regulatory spaces.
Despite these obstacles, sports betting business continue to flourish through effective service designs and sports betting aggressive marketing methods, sports betting leveraging the developer influencer market.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually significantly contributed to Nigeria's $2 billion sports betting 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 spans different roles in the video gaming and sports betting entertainment industry, including working at among 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 a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, sports betting has actually become a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has since broadened its existence, 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 environment that integrates appropriate sports betting content, engaging features, and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The business's worker headcount has increased by 29%, and yearly earnings has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have moved LiveScore Group's success and sports betting helped shape the industry's direction. LiveScoreBet has actually attained significant 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 previously functioned as the company's Marketing and Operations Director sports betting given that 2015. He signed up with Betway in 2013 and sports betting 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 Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market presence and boost its offerings. The business's app has 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 performance history of changing start-ups into institutionalized services. Her know-how covers the gaming, real estate, and credit lending markets, sports betting where he has developed himself as a tactical and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Given that June 2019, sports betting she has actually worked as Managing Director and has overseen the business's growth and operations in Lagos, sports betting Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's functional methods and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer educational background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, sports betting the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a totally practical site, sports betting 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 global sports betting company 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 runs in more than 50 countries, consisting of Nigeria, where it is totally licensed.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of sports betting options 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 sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and governments to create developmental policies aimed at empowering young people. 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, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually 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 collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing each year. In the very 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, the creator, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that become among the world's biggest online gambling business.
By 2016, Bet365 generated $2 billion in incomes and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 wagering business in Nigeria, established together with 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 possession management business that produces financial investment returns and uses unique investment insights and solutions to both specific and institutional customers.
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 become a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has actually been serving as the Country Director sports betting for 22BET in Nigeria given that June 2021. In this role, he has actually added to the business's growth through partnerships, company technique, and new company advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and client experience, and Country Manager at 22BET, concentrating on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and sports betting Betty Bingo.
His profession began at Jumia Group, where he worked 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 sports betting platform that provides sports betting wagering, casino games, and live dealer video games. It was launched 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 a chain of gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.
SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, sports betting SportyBet has ended up being a substantial gamer 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 sports betting the growing African web ecosystem. His financial investments show his commitment to fostering innovation and development within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering industry.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of innovative innovation and a commitment to accountable gaming to change the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent's largest and sports betting most ingenious sports betting platform.
At a press briefing, the company's spokesperson, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, especially football, has actually set the stage for sports betting Sunbet's enthusiastic entry. He added that the company's robust financial backing and professional group will enable it to scale and control the marketplace rapidly.
Islamic police raid wagering shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started closing down sports betting wagering shops, which they state are running unlawfully.
"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Complaints from neighborhood leaders and parents prompted the crackdown, fretted about the growing number of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburban area alone, sports betting and their owners were sent home with a warning, sports betting the Sharia officer stated.
However Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the rules would be detained.
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.
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 present crackdown is focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
sports betting wagering shops can be found all over the city. A lot of have tv screens, and consumers watch the outcome of global football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookmakers had been able to operate under the radar as they had actually opened under false pretenses.
"They do not have licences to run as they were permitted to run video games centres, which they later transformed to sports betting shops," he said.
The sports betting industry has broadened considerably across West Africa in recent years. The area is approximately divided in between a mainly Muslim north and a mainly Christian south.
Many individuals go to bookmakers to enjoy the camaraderie of other bettors, sports betting though mobile apps are also popular for wagering on the outcome of occasions and groups.
Nigeria's debilitating economic crisis has actually likewise suggested individuals are willing to risk a percentage in the hope of winning big.
However this had actually caused extensive addiction, and moms and dads were even grumbling that children were dropping out of school to gamble, 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 focused on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those wagering stores to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - typically, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the intake of alcohol were banned.
