Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
Gaming has evolved significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.
Gradually, sports betting 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.
In spite of financial obstacles such as inflation, Nigeria's sports betting sector has thrived, sports betting bring in millions, specifically among the younger group facing high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates an approximated yearly income of N730 billion. The federal government has not gone undetected by this development, sports betting which is thinking about regulative procedures like import tax duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of challenges in enforcement. Concerns such as inadequate age verification and advertising guideline breaches reveal market regulatory gaps.
In spite of these difficulties, sports betting business continue to grow through effective organization designs and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing important functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have substantially added to Nigeria's $2 billion sports betting empire through their substantial audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession covers numerous roles in the video gaming and show business, including working at one of the United Kingdom's largest 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, sports betting founded in August 2011, sports betting has actually grown into a leading e-commerce business 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 given that expanded 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 sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated ecosystem that integrates appropriate sports betting material, engaging features, and a world-class sportsbook.
Considering that taking the helm right before the pandemic, Sam has actually driven significant growth for LiveScore Group. The business's worker headcount has actually increased by 29%, and sports betting annual profits has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and sports betting strategic vision have moved LiveScore Group's success and helped shape the market's instructions. LiveScoreBet has actually accomplished significant user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was designated CEO of Betway in November 2017, having actually formerly served as the company's Marketing and sports betting Operations Director given that 2015. He joined Betway in 2013 and has actually been in the online gaming market because 2000, holding various successful functions, including General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market existence and boost its offerings. The company's app has actually amassed substantial 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 transforming start-ups into institutionalized organizations. Her expertise spans the video gaming, sports betting real estate, and credit financing industries, where he has actually established himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Because June 2019, she has actually acted as Managing Director and has actually overseen the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business's functional methods and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer educational background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, sports betting the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a totally functional website, setting a standard 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 international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, sports betting consisting of Nigeria, where it is completely accredited.
Under Babalola's management, sports betting 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of wagering alternatives 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 endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and federal governments to develop developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and sports betting launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment business has actually quickly grown its existence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing each 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, the creator, majority investor, sports betting and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and sports betting has actually considering that become among the world's largest online sports betting business.
By 2016, Bet365 created $2 billion in profits and helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 company in Nigeria, established together with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces financial investment returns and provides special investment insights and sports betting services to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually ended up being a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has been acting as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually contributed to the business's development through collaborations, business strategy, and new organization advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and Country Manager at 22BET, concentrating on marketing strategy and budget plan 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 career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned 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, sports betting Benin Republic.
22Bet is an online gambling platform that provides sports betting, casino video games, and live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 established in 2013.
SportyBet is a global sports betting and real-money gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually become a considerable gamer 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 advocate for the growing African web environment. His financial investments show his commitment to fostering development and advancement within the region.
On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is concentrated on changing how millions of 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 company aims to leverage cutting-edge innovation and a commitment to accountable sports betting to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, sports betting which will introduce in the very first quarter of 2025, aims to be the continent's largest and most innovative sports betting wagering platform.
At a press briefing, the business's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, has set the stage for sports betting Sunbet's ambitious entry. He included that the company's robust financial backing and specialist team will enable it to scale and control the market rapidly.
Islamic cops raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have started closing down sports betting wagering shops, which they state are running illegally.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Problems from community leaders and parents triggered the crackdown, stressed over the growing number of sports betting addicts, he said.
On the first day of raids, 30 stores were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer said.
However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and sports betting operates the Islamic legal system - Sharia - along with nonreligious law.
Bookies and bars tend to be permitted to operate in Kano's Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, a vast city and the economic center of northern Nigeria.
Sports betting shops can be discovered all over the city. Most have tv screens, and consumers view the result of international football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had actually 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 transformed to wagering stores," he said.
The sports betting industry has expanded significantly across West Africa over the last few years. The region is approximately divided between a mainly Muslim north and a predominantly Christian south.
Many people go to bookmakers to take pleasure in the sociability of other gamblers, sports betting though mobile apps are also popular for sports betting on the result of events and groups.
Nigeria's debilitating economic crisis has likewise implied individuals are willing to run the risk of a small amount in the hope of winning huge.
However this had actually led to extensive dependency, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.
"These financial concerns we are dealing with in Nigeria is God informing us to alter our methods by stopping sins," he said.
The raids on Tuesday focused 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 sports betting stores to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would deal with - often, such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and sports betting the consumption of alcohol were banned.
