Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gambling has actually evolved significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor sports betting parks and kiosks, where lovers would wager as little as N50-N200 on matches.
Slowly, with increased web access came virtual wagering, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Despite financial challenges such as inflation, Nigeria's sports betting sector has flourished, attracting millions, specifically among the youthful market facing high unemployment rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an estimated yearly income of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory steps like excise responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Issues such as inadequate age verification and advertising rule breaches show market regulatory gaps.
In spite of these obstacles, sports betting companies continue to flourish through reliable service models and aggressive marketing methods, leveraging the developer influencer market.
These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing vital functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually significantly added to Nigeria's $2 billion gaming 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 varied career covers various roles in the gaming and entertainment industry, including working at one of 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, sports betting has actually grown into a leading e-commerce business in the sports betting and sports betting video gaming sector, sports betting operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually given that expanded its existence, achieving 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 fully integrated community that combines appropriate sports betting material, engaging features, and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has driven significant growth for sports betting LiveScore Group. The business's worker headcount has actually increased by 29%, and sports betting annual income has actually risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually moved LiveScore Group's success and helped form the industry's instructions. 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 formerly served as the business's Marketing and sports betting Operations Director since 2015. He signed up with Betway in 2013 and has been in the online video gaming market because 2000, holding different successful functions, including General Manager of an information analytics team and Director of a digital marketing agency.
Under Werkman's management, Betway has continued to grow its market presence and sports betting enhance its offerings. The business's app has actually amassed significant user engagement, 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 services. Her proficiency covers the video gaming, property, and credit financing industries, sports betting where he has developed himself as a tactical and sports betting operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has actually functioned as Managing Director and has actually managed the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the business's operational strategies and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, sports betting completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the first to introduce a totally functional site, sports betting 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is completely accredited.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering options and an user-friendly platform. The 1XBET app has over 500,000 downloads on the Play Store.
Gossy Ukanwoke - CEO of Betking Nigeria
Gossy Ukanwoke is the CEO of BetKing, Managing Director sports betting of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic organizations and governments to develop 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, sports betting founded and introduced 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 and home entertainment business has quickly grown its existence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing annually. In the exact same year, sports betting 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, bulk shareholder, and joint Chief Executive of Bet365, sports betting an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually since grown into one of the world's biggest online gambling companies.
By 2016, Bet365 created $2 billion in earnings and helped with $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 company in Nigeria, established alongside business owner 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 company that generates financial investment returns and offers distinct financial investment insights and solutions to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a significant player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the company's development through collaborations, business technique, and new company development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and client experience, sports betting and Country Manager at 22BET, focusing on marketing technique and sports betting budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he worked 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 provides sports betting wagering, casino video games, and live dealership video games. It was launched in 2017 and is owned and operated 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 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 video gaming operator sports betting understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has ended up being a significant gamer in the market, sports betting 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 investments show his commitment to promoting development and development within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of advanced technology and a dedication to responsible gambling to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent's largest and most innovative sports betting platform.
At a press rundown, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, sports betting mobile usage, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and specialist team will enable it to scale and control the market quickly.
Islamic police raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have begun shutting down sports betting wagering stores, which they say are running unlawfully.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Complaints from community leaders and parents prompted the crackdown, sports betting fretted about the growing number of gambling addicts, he stated.
On the very first day of raids, 30 shops were closed in one suburb alone, and sports betting their owners were sent home with a caution, the Sharia officer stated.
However Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, sports betting which has a bulk Muslim population and runs the Islamic legal system - Sharia - alongside secular law.
Bookies and sports betting bars tend to be enabled to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
sports betting wagering stores can be discovered all over the city. Most have television screens, and clients enjoy the outcome of worldwide football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookmakers had actually been able to run under the radar as they had actually opened under false pretences.
"They do not have licences to run as they were allowed to run video games centres, which they later on converted to wagering shops," he stated.
The sports betting wagering industry has actually broadened dramatically throughout West Africa in the last few years. The area is roughly divided between a mainly Muslim north and a predominantly Christian south.
Lots of people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are also popular for wagering on the outcome of occasions and groups.
Nigeria's debilitating recession has likewise meant people are willing to run the risk of a small amount in the hope of winning huge.
However this had actually resulted in widespread dependency, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.
"These financial problems we are dealing with in Nigeria is God telling us to change 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 sports betting shops to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would face - often, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the usage of alcohol were prohibited.
