Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
Gambling has evolved substantially in Nigeria from standard types like pool staking and sports betting Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor sports betting parks and kiosks, where lovers would wager just N50-N200 on matches.
Slowly, with increased internet access came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
In spite of economic obstacles such as inflation, sports betting Nigeria's sports betting sector has flourished, sports betting bring in millions, especially among the youthful market facing high joblessness rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that creates an estimated annual income of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory procedures like import tax responsibilities and sports betting VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations despite obstacles in enforcement. Concerns such as insufficient age verification and advertising rule breaches show industry regulative gaps.
Despite these difficulties, sports betting wagering business continue to flourish through reliable service models and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing important functions in expanding audience reach and sports betting driving market development. Here are the CEOs of leading sports betting business who have considerably added to Nigeria's $2 billion gaming empire through their comprehensive audience reach.
Constable 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 profession spans numerous roles in the gaming and sports betting show business, consisting of operating 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 become a leading e-commerce business in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has since expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated community that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.
Since taking the helm prior to the pandemic, Sam has driven significant development for LiveScore Group. The company's worker headcount has actually increased by 29%, and yearly revenue has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have propelled LiveScore Group's success and assisted shape the market's direction. 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 selected CEO of Betway in November 2017, having actually formerly served as the company's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online video gaming industry given that 2000, holding different successful functions, including General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market existence and improve its offerings. The business's app has amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually identified herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her proficiency covers the gaming, realty, and credit loaning markets, where he has established himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Considering that June 2019, sports betting she has functioned as Managing Director and has actually overseen the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's operational strategies and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer educational background consists of 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 company, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a totally functional site, 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 global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is completely certified.
Under Babalola's leadership, sports betting 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering alternatives and an user-friendly 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 worked together with African socio-economic institutions and federal governments to develop 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, founded and sports betting introduced in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark 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, creating over 100,000 jobs, the number of which is increasing yearly. In the 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 creator, majority investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has because grown into one of the world's biggest online sports betting companies.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The company 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, sports betting a leading sports betting business in Nigeria, developed together with business person 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 company that produces financial investment returns and uses distinct financial investment insights and services to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a substantial player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the business's growth through partnerships, service method, and sports betting brand-new company development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also acted 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that offers sports betting, gambling establishment games, and live dealer video games. It was released in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting 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 an international sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has become a considerable player 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 supporter for the growing African web ecosystem. His investments show his dedication to fostering innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, sports betting taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports betting industry.
Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast 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 dedication to responsible gambling to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, sports betting Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's biggest and most innovative sports betting wagering platform.
At a press rundown, the company's representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, especially football, has set the stage for Sunbet's enthusiastic entry. He included that the firm's robust sponsorship and professional team will enable it to scale and control the marketplace quickly.
Islamic cops raid betting stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun closing down sports betting wagering shops, which they say are operating unlawfully.
"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Grievances from community leaders and moms and dads prompted the crackdown, stressed over the growing number of gambling addicts, he said.
On the first day of raids, 30 shops were closed in one suburban area alone, and sports betting their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.
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 bars tend to be allowed to operate in Kano's Christian neighbourhoods, sports betting though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.
Sports betting shops can be found all over the city. Many have tv screens, and sports betting consumers enjoy the outcome of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookies had actually been able to run under the radar as they had opened under false pretences.
"They don't have licences to run as they were allowed to run computer game centres, which they later on converted to wagering shops," he said.
The sports betting industry has broadened dramatically across West Africa over the last few years. The region is approximately divided between a generally 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 likewise popular for sports betting on the result of events and groups.
Nigeria's debilitating recession has actually likewise suggested people want to run the risk of a small amount in the hope of winning big.
However this had actually resulted in widespread addiction, and moms and dads were even grumbling that kids were leaving of school to gamble, sports betting 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, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am encouraging those running those wagering shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - frequently, such violations bring 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.
