Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gambling has actually developed significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Slowly, with increased internet access came virtual wagering, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Regardless of financial obstacles such as inflation, Nigeria's sports betting sector has actually flourished, sports betting drawing in millions, specifically among the youthful group facing high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces a projected yearly profits of N730 billion. The federal government has not gone undetected by this growth, which is considering regulative procedures like excise responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Concerns such as inadequate age verification and marketing guideline breaches reveal industry regulatory spaces.
In spite of these difficulties, sports betting wagering business continue to flourish through reliable organization models and sports betting aggressive marketing techniques, sports betting leveraging the developer influencer market.
These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have substantially added to Nigeria's $2 billion gambling empire through their comprehensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous roles 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 served 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 become a leading e-commerce service in the wagering and video gaming sector, operating through online, mobile, and sports betting retail channels. The company was incorporated in Nigeria on November 7, 2006, sports betting and sports betting has since expanded its presence, attaining 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 ended up being the CEO of LiveScore Group, a completely integrated environment that integrates pertinent sports betting content, engaging features, and a world-class sportsbook.
Because taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company's worker headcount has actually increased by 29%, and annual earnings has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually propelled LiveScore Group's success and assisted form the market's instructions. 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 selected CEO of Betway in November 2017, having actually formerly acted as the company's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online video gaming industry since 2000, holding different effective functions, consisting of General Manager of an information analytics group and sports betting Director of a digital marketing company.
Under Werkman's leadership, Betway has actually continued to grow its market presence and boost its offerings. The business's app has actually amassed significant user engagement, sports betting with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her knowledge spans the video gaming, property, and sports betting credit loaning markets, where he has actually developed himself as a strategic and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has served as Managing Director and has actually 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 methods and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, sports betting 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 fully functional 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is totally licensed.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a wide variety of sports betting 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 actually teamed up with African socio-economic institutions and governments to create 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 launched 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 wagering and entertainment company 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 participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, sports betting the variety of which is increasing every 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 founder, bulk 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 grown into one of the world's biggest online gambling business.
By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in annual 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 wagering company 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 asset management business that produces financial investment returns and offers distinct investment insights and solutions 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 management, Bet9ja has actually become a substantial gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the company's development through collaborations, organization technique, and new company development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, sports betting and sports betting Country Manager at 22BET, focusing on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, sports betting where he operated in SEO, CRM, and content management. Fikayo likewise 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, Benin Republic.
22Bet is an online gambling platform that offers sports betting wagering, gambling establishment games, and live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, 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 developed in 2013.
SportyBet is a worldwide sports betting wagering and real-money gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a considerable player in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web environment. His investments show his commitment to cultivating development and advancement within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting market.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize cutting-edge technology and a dedication to accountable gambling to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent's biggest and most innovative sports betting wagering platform.
At a press instruction, the business's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He added that the company's robust sponsorship and expert group will allow it to scale and control the market quickly.
Islamic authorities raid betting stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have started closing down sports betting wagering shops, which they state are operating unlawfully.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting referred to as the Hisbah, told the BBC.
Complaints from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing number of sports betting addicts, he stated.
On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and runs the Islamic legal system - Sharia - along with nonreligious law.
Bookmakers and bars tend to be allowed to run in Kano's Christian areas, sports betting though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.
sports betting wagering shops can be discovered all over the city. Most have tv screens, and clients see the outcome of international football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookies had actually been able to operate under the radar as they had opened under false pretenses.
"They do not have licences to operate as they were allowed to run video games centres, which they later on converted to wagering shops," he said.
The sports betting market has expanded considerably across West Africa over the last few years. The region is roughly divided between a primarily Muslim north and a primarily Christian south.
Lots of people go to bookmakers to delight in the sociability of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and teams.
Nigeria's crippling recession has actually likewise indicated individuals want to run the risk of a small amount in the hope of winning huge.
But this had actually led to prevalent addiction, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.
"These economic problems we are facing in Nigeria is God telling us to alter our methods by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those sports betting shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what penalty they would face - typically, 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 and the intake of alcohol were banned.
