Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
Gambling has evolved significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Gradually, with increased web access came virtual sports betting, which parallels global trends. 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.
In spite of financial obstacles such as inflation, Nigeria's sports betting wagering sector has prospered, drawing in millions, especially amongst the youthful group facing high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an estimated annual profits of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory steps like import tax responsibilities and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of difficulties in enforcement. Concerns such as inadequate age verification and marketing rule breaches show industry regulatory spaces.
In spite of these difficulties, sports betting companies continue to thrive through effective company models and aggressive marketing techniques, leveraging the developer influencer market.
These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing crucial functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have significantly 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, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers various roles in the video gaming and show business, including operating at one of 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 actually grown into a leading e-commerce service in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually considering that broadened 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.
Considering that taking the helm right before the pandemic, sports betting Sam has actually driven considerable development for LiveScore Group. The business's worker headcount has increased by 29%, and yearly revenue has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually moved LiveScore Group's success and assisted form the industry's direction. 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 formerly worked as the company's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually remained in the online gaming market because 2000, holding various effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market presence and boost its offerings. The company's app has gathered 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 distinguished herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her expertise spans the gaming, property, and credit loaning industries, where he has established himself as a strategic and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Since June 2019, she has worked 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, pivotal in the company's operational strategies and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers frHer instructional background consists of 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 the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a fully practical website, setting a criteria 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 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 company operates in more than 50 countries, sports betting consisting of Nigeria, where it is fully accredited.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting choices 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 of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic institutions and governments to develop developmental policies targeted 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 and entertainment company has actually quickly grown its presence 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 every year. In the very same year, sports betting 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, sports betting bulk investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has considering that turned into among the world's largest online gaming companies.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The company 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 company in Nigeria, developed alongside business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that generates financial investment returns and provides special investment insights and services to both specific 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 become a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually contributed to the business's growth through collaborations, business method, and sports betting new business development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and consumer experience, and Country Manager at 22BET, sports betting concentrating on marketing technique and spending 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 started at Jumia Group, where he operated 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 gaming platform that uses sports betting, casino games, and live dealership video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a company signed up 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 an international sports betting and real-money video gaming operator known for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has ended up being a substantial 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 financier in fintech and mobile payments and a strong supporter for sports betting the growing African web environment. His investments reflect his commitment to cultivating development and development within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting industry.
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 yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage cutting-edge technology and a commitment to responsible sports betting to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting wagering platform.
At a press rundown, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and professional group will allow it to scale and dominate the marketplace quickly.
Islamic police raid wagering shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually begun closing down sports betting wagering shops, which they say are running illegally.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, worried about the growing variety of sports betting addicts, he said.
On the first day of raids, sports betting 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer stated.
But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - together with secular law.
Bookies and sports betting bars tend to be allowed to run in Kano's Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.
sports betting wagering stores can be discovered all over the city. The majority of have tv screens, and consumers see the outcome of global football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookmakers had been able to operate under the radar as they had opened under false pretences.
"They don't have licences to run as they were allowed to run video games centres, which they later transformed to wagering shops," he stated.
The sports betting wagering industry has actually broadened significantly across West Africa in the last few years. The area is approximately divided between a generally Muslim north and a mainly Christian south.
Lots of people go to bookmakers to delight in the friendship of other bettors, though mobile apps are also popular for wagering on the result of events and teams.
Nigeria's debilitating recession has also indicated people want to run the risk of a small amount in the hope of winning big.
However this had actually led to widespread dependency, and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.
"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 focused on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those wagering stores to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - typically, such infringements bring a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the consumption of alcohol were prohibited.
