Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering market.
Gaming has actually evolved considerably in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Slowly, with increased web access came virtual wagering, 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.
Despite financial obstacles such as inflation, Nigeria's sports betting sector has actually thrived, bring in millions, particularly among the younger group dealing with high joblessness rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that produces an approximated annual profits of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative procedures like excise tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Problems such as insufficient age confirmation and advertising guideline breaches reveal industry regulatory gaps.
Regardless of these obstacles, sports betting wagering business continue to thrive through efficient business designs and aggressive marketing strategies, leveraging the developer influencer industry.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing important roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have considerably contributed to Nigeria's $2 billion sports betting empire through their substantial 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 profession covers different functions in the gaming and show business, consisting of working at among the United Kingdom's largest video 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 become a leading e-commerce company in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually considering that expanded its presence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that combines relevant sports betting content, engaging features, and a first-rate sportsbook.
Considering that taking the helm prior to the pandemic, Sam has driven substantial development for LiveScore Group. The business's staff member headcount has actually increased by 29%, and annual profits has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually moved LiveScore Group's success and assisted shape the market's instructions. LiveScoreBet has actually achieved major 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 formerly served as the business's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online gaming market because 2000, holding different successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market presence and boost its offerings. The company's app has garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her knowledge covers the video gaming, real estate, and credit loaning markets, where he has actually developed himself as a strategic and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has actually worked as Managing Director and has managed the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's functional techniques and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a completely functional website, setting a standard 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is fully certified.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of sports betting alternatives and an easy to use 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to create 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 released 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 wagering and home entertainment company has actually quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in 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 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 gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually because turned into one of the world's biggest online gambling business.
By 2016, Bet365 created $2 billion in incomes and helped with $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 business in Nigeria, established along with business person Kunle Soname, who likewise 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 investment returns and uses unique financial investment insights and options to both specific and institutional clients.
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 professional in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the business's growth through collaborations, company technique, and new service 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, focusing on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His career began 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 sports betting platform that uses sports betting, casino games, and live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company 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 company he established in 2013.
SportyBet is an international sports betting and real-money video gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually ended up being a considerable player 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 community. His financial investments show his dedication to promoting development and development within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating 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 a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize innovative innovation and a dedication to responsible gambling to revolutionise the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, intends to be the continent's largest and most innovative sports betting platform.
At a press briefing, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and sports betting the continent's deep passion for sports betting, especially football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust financial backing and expert team will allow it to scale and dominate the market rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started closing down sports betting wagering stores, which they state are running unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, fretted about the growing number of sports betting addicts, he said.
On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer said.
However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gaming, those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - along with secular law.
Bookies and bars tend to be enabled to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.
sports betting wagering shops can be found all over the city. The majority of have tv screens, and clients watch the result of worldwide football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had had the ability to run under the radar as they had opened under false pretences.
"They do not have licences to run as they were allowed to run video games centres, which they later transformed to sports betting shops," he stated.
The sports betting wagering industry has actually expanded drastically throughout West Africa recently. The area is approximately divided between a mainly Muslim north and a mainly Christian south.
Many individuals go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.
Nigeria's debilitating recession has likewise indicated people want to risk a percentage in the hope of winning big.
However this had actually caused extensive dependency, and moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.
"These economic concerns we are dealing with in Nigeria is God informing us to change our ways by stopping sins," he said.
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 wagering shops to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what penalty they would face - frequently, 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 usage of alcohol were banned.
